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WorldCom Drags Down Telecoms

Rock-Tenn (RKT) posted $0.34 vs. $0.34 Q2 EPS on a 5.3% sales drop and sees $0.34-$0.38 Q3 EPS, and $1.50-$1.60 for fiscal 2002.

Dynamics Research (DRCO) posted $0.17 vs. $0.17 Q1 EPS on a 1.2% revenue rise and cut the 2002 guidance to $0.88-$0.92 EPS from continuing operations on $200M-$205M revenue. BB&T Capital says weakness is overdone, and reiterates strong buy.

Neopharm (NEOL) fileed for arbitration to resolve a dispute with Pharmacia concerning unnecessary delays in development programs for LEP, LED. First Albany downgraded to neutral from buy.

Merrill downgraded General Cable (BGC) to near term neutral from buy and maintains long-term strong buy.

Salomon SB upgraded McKesson (MCK) to buy from outperform.

Robertson Stephens cut estimates on AOL Time Warner (AOL) and lowered the $32 12-month price target to $24.

JDS Uniphase (JDSU) CS First Boston expects an excess inventory overhang to persist into mid-calendar 2003, and cut estimates.

CIBC World downgraded BEA Systems (BEAS) to hold from buy.

MSC.Software (MNS) sees a $0.08 Q1 loss on lower than expected revenue of $66M.

Gerard Klauer and HC Wainwright downgraded Impath (IMPH). On Friday the company posted $0.29 Q1 EPS and forecast 25%-30% 2002 operating EPS growth.

Goldman downgraded AK Steel (AKS) and CS First Boston cut estimates. On Friday the company posted a $0.38 Q1 loss vs. $0.12 loss (pro forma) as higher maintenance costs offset a 1.1% revenue rise.

Ericsson (ERICY) posted a SEK 4.5B Q1 loss (adjusted) vs. a SEK 4.2B loss on a 26% sales drop, and sees an operating loss for 2002, with plans to return to profitability at some point in 2003. CS First Boston expects to cut ests after a 9:00 am EDT call.

WorldCom (WCOM) cuts 2002 guidance to EBITDA of $7B-$7.5B on revenue of $21B-$21.5B, citing lower voice volumes. Salomon SB, Goldman, USB Piper, and JP Morgan downgraded. S&P maintains sell.

Lucent Tech (LU) posted a $0.20 Q2 loss vs. a $0.41 loss (pro forma) as lower costs offset a 34% revenue decline. Given the continued market uncertainty, Lucent is not providing top line guidance for Q3.

3M (MMM) posted $1.23 vs. $1.16 Q1 EPS from operations despite a 6.6% sales drop, and sees $4.80-$5.10 2002 EPS from operations (assumes positive $0.12 impact due to cessation of goodwill amortization).

Lexmark International (LXK) posted $0.53 vs. $0.60 1Q EPS despite a 6.3% revenue rise, and sees $0.56-$0.66 Q2 EPS. S&P maintains hold.

Alliant Energy (LNT) posted $0.05 vs. $0.45 Q1 EPS (adjusted) on a 25% operating revenue decline, and cuts $2.45-$2.65 2002 EPS guidance to $2.10-$2.30.

Micron Tech (MU ) will buy Hynix's memory business for 108.6M Micron shares. Micron also will invest $200M in Hynix in return for a 15% equity stake in Hynix's continuing non-memory businesses.

Northrop Grumman (NOC) says the US Navy awarded it a $1.37B construction contract to construct the eighth ship of USS Wasp (LHD 1) class of multipurpose amphibious assault ships.

Dominion (D) will discontinue plans to build a coal-fired power station in Upshur County, West Virginia.

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