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JM Smucker Adds Peanut Butter to Its Jam

Jam company JM Smucker (SJM) signed a pact with Procter & Gamble (PG) in which P&G will spin off its Jif peanut butter and Crisco oil businesses to Smucker in a stock deal valued at $1 billion. The company expects its sales to roughly double, to $1.3 billion.

Avanti Immunotherapeutics (AVAN) announces license of exclusive rights to certain components of its vaccine technology to DynPort Vaccine Co., a developer of vaccines for the U.S. Dept. of Defense.

Nanogen (NGEN) received a $1.5M grant from the U.S. Army to continue developing electronic devices to isolate and detect bio-warfare and infectious disease agents from human blood samples.

Capstone Turbine (CPST) sees a $0.16-$0.18 Q3 loss per share on $3.2M-$3.4M in revenues. Adams Harkness and Salomon SB downgraded the shares; Wedbush Morgan cut EPS and sales estimates.

Soap maker Dial Corp. (DL) said it sees third-quarter EPS from continuing operations at $0.26 compared with analysts' $0.19 to $0.21 estimate. S&P maintains its hold rating.

Banc of America upgraded shares of El Paso Corp (EPG) to buy from market perform after a decision from the FERC judge regarding El Paso's California capacity.

Mobile phone maker Motorola (MOT) posted a third-quarter loss of $0.64 excluding pro forma adjustments compared with earnings per share of $0.23 last year, on 22% lower sales.

The European Commission may seek a "massive fine" from software giant Microsoft (MSFT) and demand that it drop some features from Windows, according to news reports. However, the EC says it is "premature" to talk about a fine.

Insurance giant American International Group Inc. (AIG) sees net pre-tax losses from the September 11 terrorist attacks to total about $800 million.

Nordstrom (JWN) sees third-quarter earnings per share in the rang eof $0.03 to $0.06 compared with previous expecations of EPS of $0.17 to $0.20. The high-end retailer blames the lower guidance on a challenging retail environment and uncertain consumer demand after September 11.

Motorbike specialist Harley Davidson (HDI) posted earnings per share of $0.36 compared with $0.27 for the third quarter on a 19% increase in sales.

Goldman Sachs cuts estimates on IBM Corp. (IBM).

The Limited (LTD) posted 10% lower September same-store sales and 6% lower total sales. Robertson Stephens cuts estimates.

Intimate Brands (IBI) posted 13% lower September same-store sales and 8.4% lower total sales. Robertson Stephens cuts estimates.

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