Endo Pharmaceuticals (ENDP) says results from the second of its three Phase III clinical trials for its development product, MorphiDex, did not meet their objectives. JP Morgan downgraded to underweight.
Infinium Software (INFM) agreed to be acquired by SSA Global Technologies for $7.00 per share cash. Infinium posted $0.26 fourth quarter earnings per share vs. a $0.51 loss.
UBS Warburg downgraded Tenet Healthcare (THC) to reduce from hold.
Comcast (CMCSK) posted 18% higher third quarter operating cash flow, and 13% higher consolidated revenue. The company says it is prepared to complete a merger with AT&T Broadband in the fourth quarter.
Kelllog (K) posted $0.49 vs. $0.37 third quarter earnings per share despite a 2.5% sales drop and reaffirmed the $1.73 2002 earnings per share estimate, and sees $1.86-$1.90 2003 earnings per share.
Dell Computer (DELL) reportedly says it is seeing demand for computer hardware.
Adobe System (ADBE) believes it will achieve previous $0.21-$0.25 fourth quarter earnings per share pro forma, and $285M-$300M revenue targets.
Lehman upgraded Citigroup (C) to overweight from equal-weight.
Brocade Communications (BRCD) sees $152M-$153M fourth quarter revenue, and $0.07 earnings per share due to continued weakness in the IT spending environment.
Newell Rubbermaid (NWL) posted $0.46 vs. $0.34 third quarter operating earnings per share on a 10% sales rise, and maintains the $1.53-$1.58 2002 operating earnings per share forecast. Newell sees $1.73-$1.83 2003 operating earnings per share.
Veeco Instrument (VECO) posted a $0.07 third quarter loss from continuing operations vs. $0.09 earnings per share on a 36% sales drop, and sees fourth quarter bookings down about 10% sequentially, $62M-$66M sales, and a $0.10-$0.15 pro forma loss.
Lehman reportedly upgraded Hewlett Packard (HPQ) to overweight.
The FDA approved Merck 's (MRK) Zetia, a cholesterol absorption inhibitor developed by Merck and Schering-Plough.