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A New Chapter for Enron: Eleven

Enron (ENE) filed voluntary petitions for Chapter 11 bankruptcy reorganization. The energy merchant also filed suit against Dynegy (DYN) alleging breach of contract in connection with Dynegy's termination of its merger pact with Enron. For its part, Dynegy said Enron's lawsuit against it has no merit, and that Dynegy intends to pursue action for damages that Enron caused the company. Gerard Klauer downgraded Dynegy to neutral from buy.

OSI Systems (OSIS) announced that its RapiTec unit received additional $2.38M above recently announced $11M sub-contract for production of components for Apache simulation system.

Keith Cos. (TKCI) said it acquired Universal Energy Inc. As a result, the company raised its 2002 guidance to $0.80- $0.92 EPS on $82M-$88M net revenues. Wedbush Morgan reiterates buy.

Ford Motor (F) will suspend company-matching contributions to 401(k) plans in the U.S. and will eliminate the second shift at its Edison (N.J.) assembly plant. Ford will also eliminate some merit increases for top-level managers globally for '02.

MedImmune Inc. (MEDI) agreed to acquire Aviron (AVIR) in a deal valued at about $1.5B in cash. Terms: 1.075 MedImmune share for each Aviron share, which currently values Aviron at $47.41 per share. Meanwhile, MedImmune sees $0.65-$0.70 2002 EPS (excluding transaction expenses) on $900M in revenue, and 2003 EPS of $1.15-$1.20 on $1.1B-$1.25B in revenue.

Advanta Corp. (ADVNA) sees $1.70 2002 operating EPS from continuing segments, an increase of 20% as compared to the $1.41 expected for 2001. Corp. (CCBL) says that due to increased demand in the first two months of the quarter, expects Q2 sales to be about 10% higher than previous $52M guidance; it now sees a $0.04-$0.06 Q2 loss from operations (pro forma).

Drexler Technology (DRXR) sees 8M-10M fiscal 2003 shipments of its LaserCard vs. previous estimate of 7M-9M. Drexler expects fiscal 2003 total product revenues to be 45% higher than those of fiscal 2002.

Ballard Power's (BLDP) transportation unit signed a three-year agreement will Ford Motor to supply fuel cell engines. The agreement is valued at US$43.9M.

UBS Warburg reportedly downgraded Immunex Corp. (IMNX) and Gilead Sciences (GILD) to hold from buy.

Goldman reportedly removed Morgan Stanley (MWD) from its recommended list and now rates the stock market perform. (FWHT) raised Q4 revenue guidance to $7M vs. previous $6.25M guidance; it now sees $19.5M 2001 revenue. The company cites a rise in the number of click-throughs on advertisers' listings.

CS First Boston downgraded Tyson Foods (TSN) to hold from buy.

Morgan Stanley upgraded Convergys (CVG) to strong buy from outperform


On Technology (ONTC) says its ON Command CCM technology was selected by Home Depot to manage its worldwide network of 150,000-plus retail workstations in over 1,300 store locations.

Valentis Inc. (VLTS) says final analysis of database from Phase IIb clinical trial of its IL-2 GeneMedicine product did not confirm positive results seen in earlier interim analysis.

Davita Inc. (DVA) sets a $200 million stock buyback.

Agrium Inc. (AGU) sees a $0.30 Q4 loss per share vs. the consensus estimate of a $0.04 loss. The company cites extremely weak pricing for nitrogen and phosphate from Q3. In 2002, Agrium expects lower nitrogen production costs as result of lower natural gas costs.

Standard Micro (SMSC) sees $35M in Q3 revenues, excluding a paymnet to Intel, exceeding prior guidance. The company sees $0.51-$0-55 Q3 EPS, which includes the Intel payment and non-recurring charges. Standard Micro sees moderately posititve Q4 EPS from continuing operations.

The FDA gave Cardiac Science (DFIB) 510(k) clearance to market its new second-generation Powerheart Cardiac Rhythm Module in medically supervised environments.

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