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JP Morgan Skids on Accounting News

A press report says that the Federal Reserve is examining JP Morgan Chase's (JPM) accounting for commodity-related trades with Enron according to internal central bank documents.

Northrop Grumman (NOC) made an unsolicited offer to acquire TRW Inc. (TRW) for $47 per share in Northrop stock. Also on Friday, S&P Ratings placed TRW on CreditWatch with negative implications.

Jurors reach verdict against Solutia (SOI) and its former parent Monsanto (MON) in a trial accusing a chemical plant of contaminating an Alabama town with hazardous PCBs.

ST Robinson Humphrey upgraded FPIC Insurance (FPIC) to buy from outperform. On Feb. 21, the company posted a fourth quarter operating loss of $0.43 vs. a $1.49 loss on a 22% revenue rise.

CIBC World and SoundView each downgraded JDS Uniphase (JDSU) to hold from buy.

Andrx Group (ADRX) posted $0.06 vs. $0.25 fourth quarter (pro forma, excluding Cybear Group results) despite a 37% revenue rise. CS First Boston downgraded the shares to hold from buy. Bear Stearns, UBS Warburg cut estimates.

Autodesk (ADSK) posted $0.65 fourth quarter EPS (pro forma) on a 4.5% revenue rise. The company sees $0.40-$0.50 first quarter EPS (pro forma) on $240-$250 million in revenues, and $2.20-$2.30 fiscal 2003 EPS (pro forma) on $1.025-$1.045 billion in revenues. Merrill upgraded its rating on the sharess, while CSFB raised its estimates.

Saks Inc. (SKS) says preliminary $0.50 fourth quarter and $0.17 full-year fiscal 2002 EPS (before certain items) exceeded First Call estimates of $0.48 and $0.14, respectively. Robertson Stephens raised its estimates.

Computer Associates (CA) shares tumbled after the company said it had not drawn on credit lines to pay down commercial paper obligations. Salomon SB downgraded the shares to neutral.

Xilinx (XLNX) raised fourth quarter revenue guidance to up 10% sequentially. S&P maintains its accumulate rating and raised its estimates. JP Morgan reportedly upgraded Xilinx and Altera (ALTR) to long term buy.

Circuit City Group (CC) says January and February sales for Circuit City stores were below estimates, and that it sees a $0.03 per-share impact on earnings from lease termination costs. The company sees EPS of $0.70-$0.74 for the fourth quarter and $0.89-$0.93 for all of fiscal 2002. It sees a $0.06 impact in fiscal 2002 from remodeling, and $0.18 in fiscal 2003. The company says it will spin off its CarMax (KMX) used-car retailing division.

JP Morgan reportedly downgraded General Dynamics (GD) to market perform from long term buy.

JD Edwards (JDEC) posted $0.03 first quarter EPS vs. breakeven results (pro forma) as lower costs offset an 8.2% revenue decline.

BEA Systems (BEAS) posted $0.07 vs. $0.10 fourth quarter EPS (pro forma) on a 9.6% revenue decline. S&P keeps its hold opinion and cut its estimate.

Amgen Inc. (AMGN) plans to raise about $2.5 billion through an offering of 30-year zero-coupon senior notes, convertible into common stock.

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