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Quest Diagnostics Slides

S&P Ratings downgraded Walt Disney (DIS) corporate credit rating to BBB+.

A L.A. jury awarded $28 billion in punitive damages in a smokers' lawsuit against Philip Morris (MO). One analyst says this figure is more than the value of the tobacco manufacturers' domestic business.

TXU Corp. (TXU) sees $0.90-$0.95 third-quarter earnings per share, and $0.60-$0.65 for the fourth quarter, as well as $3.45 to $3.55 for 2003. TXU cited pressures from continued low wholesale prices and aggressive retail competition in Great Britian.

Bear Stearns thinks Moody's (MCO) could miss third quater estimates as debt issuances have softened.

Lab Corp. (LH) says third-quarter earnings per share will be about 10% below the consensus of $0.49 due to lower than expected revenue of $650 million to $655 million. S&P, Banc of America and Deutsche Bank downgraded.

Schering-Plough (SGP) sees $1.58 2002 earnings per share due to softer than expected demand, and says as a result of an expected loss of Claritin prescription sales in the U.S., 2003 earnings per share could be in the $1.00-$1.15 range. CIBC World cut its estimates.

EMC (EMC) sees a $0.02 third quarter loss on revenue of about $1.25 billion, and will likely not reach second-half profitability. S&P keearnings per share hold.

Starbucks (SBUX) posted 9% higher September same store sales, and 26% higher total sales. Morgan Stanley raised estimates.

Max Re Capital (MXRE) expects to report a net operating loss for the third quarter due to continued low returns from its alternative investment portfolio.

CIBC World downgraded Bally Total Fitness (BFT) to sector underperform from sector outperform on a valuation basis.

Foundry Networks (FDRY) sees $0.04-$0.06 third quarter earnings per share on revenue of $75-$77 million, and says third quarter business activity tracked to its internal goals. CIBC World raised its estimate. S&P reiterates hold.

Research In Motion (RIMM) posted a $0.18 second quarter loss vs. a $0.22 loss as wider gross margin offset an 8.4% revenue decline. The company set a 5% stock buyback. S&P reiterates sell.

NDS Group (NNDS) says its U.S. subsidiary, NDS Americas Inc., has been served with subpoenas requesting documents in connection with an investigation by the U.S. Attorney's office in San Diego.

Prudential Financial (PRU) says it is circulating information about its personal lines property & casualty business to other companies to assess interest in its potential sale.

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