MIM Corp. (MIMS) shares jumped after the company raised 2002 EPS forecast to $0.90, excluding a $0.03 one-time gain. In 2003, the company believes revenues will grow about 50% and margins will remain steady.
CS First Boston reiterated strong buy on Dynegy (DYN), saying it views the crisis at as solvable with equity, asset sales, and business restructuring. S&P upgraded the stock to hold.
ImClone (IMCL) and Bristol-Myers (BMY) say that in a Phase II trial of Erbitux in 57 patients with colorectal cancer, 6 achieved a partial response, while 21 achieved stabilization of the disease.
S&P says Expedia (EXPE) was down on news that Orbitz Inc., the third-largest online travel site based on gross travel bookings, filed a registration statement for an IPO. S&P reiterated accumulate on the stock.
Advent Sofware (ADVS) shares fell after the company announced CFO Irv Lichtenwald will retire at the end of August. Wachovia says his departure could unsettle investors.
Prudential downgrades Humana (HUM) and WellPoint Networks (WLP) to hold from buy.
Legg Mason downgrades Symantec (SYMC) to market perform from buy.
JP Morgan downgrades Finisar (FNSR) to market perform from long term buy.
Deutsche Bank downgrades AMR Corp. (AMR) to market perform from strong buy, and Northwest Airlines (NWAC) to market perform from buy.
Lowe's (LOW) posted $0.44 vs. $0.29 first quarter EPS on a 7.5% same-store sales rise and a 23% total sales increase. The company sees $0.53-$0.54 second quarter EPS and $1.66-$1.69 for all of fiscal 2003. Lehman raised its estimates.
UBS Warburg upgrades generic drug makers Alpharma (ALO) and Teva Pharmaceutical (TEVA) to strong buy from hold. The brokerage also upgrades Ivax (IVX) and Mylan Labs (MYL) to buy from hold.
JP Morgan upgraded Cablevision (CVC) to buy from long term buy.
Titan Pharmaceuticals (TTP) says that in a completed Phase II study, its novel drug Pivanex demonstrated clinical benefit, showed promise for treatment of refractory non-small cell lung cancer (NSCLC).
Salomon SB downgrades Eastman Kodak (EK) to neutral from outperform.
American Pharmaceutical Partners (APPX) says results from Phase II study of ABI-007 provide clinical evidence that it has the potential to be important advancement in taxane therapy for treatment of metastatic breast cancer and other solid tumors.
Protein Design (PDLI) says Phase III results of its Zamyl in patients with relapsed or refractory acute myeloid leukemia did not achieve a statistically significant overall response.
Limited (LTD) posted $0.15 vs. $0.05 Q1 EPS (adjusted) on a 4% same-store sales rise and a 7.3% total sales increase.
Spectrian SPCT) agreed to be acquired by REMEC INC. for about $160 million in stock and cash (up to $45 million), valuing each Spectrian share at $14.
Charming Shoppes (CHRS) posted $0.14 vs. $0.08 Q1 EPS despite slightly lower same-store sales. The company raised its $0.16 Q2 EPS forecast to $0.17-$0.19 and its $0.34-$0.36 projection for fiscal 2003 to $0.41-$0.43.
Vical (VICL) says that based on the most recent database update, the estimated median survival for all 78 patients treated in its Phase II Allovectin-7 gene-based cancer vaccine program for metastatic melanoma trial was 14.3 months.
Telik (TELK) says preliminary results of a Phase II clinical trial of its TLK286 in patients with advanced, platinum resistant non-small cell lung cancer showed significant single agent anti-tumor activity.
The board of Goodrich (GR) approved a special stock dividend of all outstanding shares of EnPro Industries, the parent company of the Engineered Industrial Products business being spun off by Goodrich. Terms: 1 EnPro share per 5 Goodrich shares.
Juniper Networks (JNPR) agrees to buy Unisphere Networks Inc. from Siemens AG for $375 million in cash and 36.5 million shares. The company sees the deal being slightly dilutive to earnings in '02, but adding to earnings in 2003. S&P maintains hold.