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IBM Soars on an Upgrade

Grupo TMM (TMM) and Kansas City Southern (KSU), owners of Grupo TFM, announced that a Mexican court ruled in favor of Groupo TFM, in its Value Added Tax lawsuit. Bear Stearns upgraded to outperform from peer perform.

Doral Financial (DORL) posted $0.74 vs. $0.49 third quarter earnings per share on higher non-interest income. UBS Warburg upgraded to strong buy from buy.

Longs Drug (LDG) cut the earnings per share estimate to $0.07-$0.11 for the third quarter, and to $0.51-$0.56 for the fourth quarter. Longs sees same-store sales growth at 3%-4% in the third quarter, vs. the former 4%-6% estimate. The compay posted 3.2% higher September same-store sales. S&P downgraded.

Prudential upgraded Kohl's (KSS) to buy from hold. On Thursday the company posted 3.2% lower September same store sales and forecast $0.34-$0.35 third quarter earnings per share.

According to The Wall Street Journal, Household International (HI) reported that the company is close to an agreement to pay almost $500 million to settle allegations that the company is engaged in predatory lending. Household is holding a call Friday to discuss the resolution of certain regulatory issues.

Banc of America upgraded Linens N Things (LIN) to buy from market perform.

Lehman upgraded IBM Corp. (IBM) to overweight from equal-weight

Kindred Healthcare (KIND) will record about $55 million of additional costs for professional liability claims above its normal provision for third quarter. Kindred withdrew its previous guidance.

Monsanto (MON) lowered the $1.50 2002 EPS guidance to $1.15-$1.23, citing a decline of Roundup herbicide in the U.S., and lower than expected sales in Argentina.

General Electric (GE) posted $0.41 vs. $0.33 third quarter earnings per share on 11% higher revenues, and says the economy is in much tougher shape than planned; GE is maintaining its $1.65 2002 earnings per share target.

Express Scripts (ESRX) sees better than expected $0.67-$0.69 third quarter earnings per share, and $2.53-$2.56 for 2002, citing strong growth in claims volume and increased generic utilization.

Lucent (LU) says its fourth quarter loss per share will be significantly larger than the estimate of $0.45 due to additional charges. Lucent reaffirmed a 20%-25% sequential fourth quarter revenue decline. The company plans to cut 10,000 more jobs as it steps up its increase of its restructuring program.

Schering AG (SHR) receives a Not Approvable Letter from the FDA concerning a new drug application on an estradiol/levonorgestrel transdermal combination patch for the continuous treatment of menopausal symptoms.

The FDA approved GlaxoSmithkline's (GSK) Avandamet for the treatment of type 2 diabetes.

American Electric Power (AEP) said late Thursday that it plans to reduce its exposure to the speculative energy trading markets, and will downsize its trading and wholesale marketing operations.

Juniper Networks (JNPR) posted a $0.03 third quarter loss vs. $0.10 earnings per share on 25% lower revenues. S&P maintains hold.

Powerwave (PWAV) posted $0.02 third quarter earnings per share vs. an $0.08 loss on a 41% revenue rise.

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