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FedEx Shares Slip Despite Upbeat Earnings

Donnelly (DON) agreed to be acquired by Magna (MGA). Terms: Donnelly holders to get Magna Class A sub. voting shares with a value of $28 per Donnelly share.

Merrill Lynch cuts Lexmark International (LXK) to long term buy from strong buy.

S&P upgraded Krispy Kreme (KKD) to accumulate from hold on valuation. BB&T Capital tied the stock drop to technical factors, and maintains long term buy. Inc. started a price war with (AMZN) and says it will offer all of its book titles at 10% below Amazon's prices, effective immediately.

Raytheon (RTN) is among defense stocks lower Tuesday as a bidding war for TRW, and parts of TRW, ensues.

Emmis Communications (EMMS) posted 4.5% higher Q1 broadcast CF despite 1.1% lower revenue and sees 1.8% lower Q2 revenue. S&P says the company's conservative guidance lags industry trends; and reiterates accumulate.

Jefferies upgraded Intuit (INTU) to buy from hold.

Universal Stainless (USAP) sees lower than expected $0.10-$0.12 Q2 EPS on sales of about $20M, citing an abrupt drop-off in power generation demand, and a pronounced shift to commodity products in sales to rerollers.

CIBC World upgraded Argosy Gaming (AGY) to strong buy from buy following the resolution of game tax legislation in Indiana on June 22.

Cryolife (CRY) received a warning letter from the FDA related to the inspection of the company's human tissue processing labs completed on April 12. Banc of America downgraded to market perform.

Cytyc (CYTC) says the Federal Trade Commission voted to block its acquisition of Digene (DIGE). Also, Cytyc sees lower than expected $39M-$43M Q2 revenues, break-even to $0.03 EPS (pro forma), for2002, $230M-$245M in revenues and $0.40- $0.44 EPS, and for 2003, $315M-$350M in revenues and $0.66-$0.76 EPS.

AOL Time Warner (AOL) restructured its cable joint venture with Advance/Newhouse Communications. As a result, AOL loses control of 2.1M cable subscribers to Advance/Newhouse.

Dial Corp. (DL) sees Q2 EPS exceeding current $0.25 consensus estimate by $0.07 or possibly more due to strong domestic sales, favorable product costs, and better than expected results in Argentina. S&P keeps accumulate on Dial.

WR Hambrecht downgraded Investment Tech Group (ITG) to market outperform from buy.

Trex (TWP) sees better than expected $0.33-$0.37 Q2 EPS on $41M-$44M in revenue, and $0.95-$1.05 2002 EPS on $147M-$150M in revenue.

Merix (MERX) posted a $0.24 Q4 loss vs. $0.07 EPS from operations on a 29% sales decline. The company sees a $0.24-$0.28 Q1 loss on sales of $21.5M-$23.5M.

A Los Angeles jury ordered Genentech (DNA) to pay a cancer center $200M in punitive damages in a trial over drug royalty payments due under a 1976 contract.

Quantum (DSS) cut Q1 guidance; it sees a $0.09-$0.13 loss from operations on $200M-$215M in revenue. The company cites lower than expected sales at one of its major OEMs. S&P reiterates avoid.

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