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ICOS Plunges as FDA Reconsiders Cialis Drug


The FDA said approval for ICOS Corp.'s (ICOS) and Eli Lilly's (LLY) Cialis, its treatment for erectile dysfunction, is contingent upon successful completion of more studies. S&P keeps hold. Earlier, the companies said it received an approvable letter from the FDA for Cialis. Separately, Lilly lowered its 2002 operating 2002 EPS to $2.60-$2.65 and sees 2003 operating EPS growth in teens. Lilly cited new launch timelines for Cialis, atomoxetine, and uncertainty about Xigris sales growth. Merrill downgraded. S&P reiterates sell.

Dynegy (DYN) posted $0.41 vs. $0.41 Q1 recurring EPS on 37% lower operating revenue. Wachovia reportedly upgraded to buy. S&P keeps hold.

Genesis Microchip (GNSS) posted $0.32 Q4 EPS (pro forma) vs. $0.15 loss on sharply higher revenues and sees $60M+ Q1 fiscal 2003 revenue, and $250M-$270M for full-year fiscal 2003. Prudential and Needham upgraded.

Terayon Communication (TERN) posted a $0.21 Q1 loss vs. a $0.43 loss on a 6% revenue rise and sees a $0.25-$0.40 Q2 loss (pro forma) on revenue of $50M-$60M, and a $0.75-$1.00 2002 loss. Deutsche Bank and Lehman downgraded.

Jefferson-Pilot (JP) posted lower than expected $0.78 vs. $0.72 Q1 EPS. Lehman downgraded to market perform from strong buy.

Proctor & Gamble (PG) posted $0.74 vs. $0.63 Q3 EPS on 10% higher unit volume, and sees Q4 volume growth in the high single digits; P&G also sees fiscal 2003 sales growth of 4%-6%.

Micron Technology (MU) says Hynix Semiconductor's Board did not accept the restructuring plan proposed by Hynix Creditors' Council, and as a result, the sale of its semiconductor memory operations to Micron did not become effective.

Qwest Comminications (Q) posted a $0.10 Q1 loss vs. $0.13 EPS on 14% lower revenues, and expects to be free cash flow positive in Q2.

Rent-A-Center (RCII) posted $1.20 vs. $0.86 Q1 EPS (before goodwill) on 7.7% higher same store sales, and 13% higher total revenue. The company sees $4.30-$4.40 2002 EPS on 4%-6% higher same store sales.

Sierra Health (SIE) posted $0.25 vs. $0.13 Q1 EPS from continuing operations on a 15% revenue rise, and sees $1.02-$1.05 2002 EPS.

Microsoft (MSFT) is in final talks to buy Danish software firm Navision for $1.2B, according to press reports.

WorldCom (WCOM) CEO Bernard Ebbers resigned, according to press reports.


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