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McData Plunges after Missing Targets

Xoma (XOMA) and Genentech (DNA) said a pharmaco-kinetic study conduted on Xanelim comparing Xoma-produced, and Genentech-produced material did not achieve pre-defined statistical definition for comparability.

Enterasys Networks (ETS) sees $145M-$155M Q4 revenue, below estimates due to revenue recognition issues; and sees a Q4 loss from operations, and $110M-$120M Q1 2002 revenue. Salomon SB, and JP Morgan downgrade. S&P maintains hold.

Aspen Technology (AZPN) sees a $5M-$7M Q3 net operating loss on $82M-$84M revenue. RW Baird downgraded to market outperform from strong buy. Bear Stearns reiterates unattractive.

Qwest Communications (Q) says it has been informed by the SEC that it has approved a formal order of investigation of Qwest.

McData Corp. (MCDT) sees a $0.04-$0.07 Q1 loss (pro forma) on revenue of $62M-$64M, citing further order reductions by its largest customer in March. First Albany downgraded to neutral from buy.

3M (MMM) expects Q1 EPS, excluding items, to be at or slightly above $1.20 vs. previous guidance of $1.05-$1.20. The company will change its name to "3M Co.", effective April 8. Salomon SB upgraded to outperform.

Legato Systems (LGTO) sees a $0.05-$0.07 Q1 loss on revenue of $55M-$57M, citing weakness in Europe and Asia. HC Wainwright downgraded. Robertson Stephens cut estimates. S&P upgraded to avoid from sell.

Goldman raised estimates on KLA-Tencor (KLAC) ahead of its Q3 EPS report on April 18, and reiterates recommended list.

In response to comments by McData Corp, an EMC Corp. (EMC) supplier, EMC says it cannot comment specifically on the results of suppliers, customers or partners, or any implications those results may or may not have for EMC.

Adelphia Communications (ADLAC) hired Salomon SB, Bank of America, and CS First Boston as financial advisors; Adelphia will together explore opportunities to reduce its debt and strengthen its balance sheet.

Transgenomic (TBIO) expects Q1 revenue to be about $9.8M, about 15% below previous guidance, citing lower instrument revenues, and lower than expected results from Asia markets.

Starbucks (SBUX) posted 7% higher March same store sales, and 25% higher total sales.

Edo Corp. (EDO) won a contract to provide AN/SQS-53C sonar arrays to the U.S. Navy with an initial contract of $6.3M, for a total potential value of $58M.

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