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McData Moves Higher

McData (MCDTA) posted 6 cents first-quarter earnings per share vs. a 4-cent loss on a 60% revenue rise, and 5 cents first-quarter earnings per share (GAAP). McData sees 6 cents to 7 cents second-quarter earnings per share (excluding a charge) on $106 million to $110 million revenue. S&P reiterates avoid. SG Cowen upgraded.

Fiber-optics systems maker Molex (MOLX) sees fourth-quarter revenues at the higher end of the $450 million to $460 million guidance, and 1 cent EPS, as well as 15 cents to 16 cents (excluding a charge) vs. the previous 14 cents guidance. Molex will take a $38 million to $40 million fourth-quarter restructure charge. S&P reiterates avoid.

ImClone (IMCLE) data is to be presented this weekend at a big cancer meeting, and is expected to suggest that its experimental cancer drug, Erbitux, in fact, works, according to The Wall Street Journal.

S&P notes Novellus Systems (NVLS) confirmed the prior second-quarter $238 million in sales, and the 5 cents earnings per share. S&P reiterates buy. Goldman believes investors should begin to be more aggressive on Novellus.

AOL Time Warner (AOL) and Microsoft (MSFT) and settled a 2002 antitrust lawsuit filed by AOL on behalf of its Netscape unit. Microsoft will pay AOL $750 million. The deal includes an agreement between the two companies to collaborate on digital media initiatives to bolster adoption of digital content. S&P reiterates accumulate on AOL, while Kaufman Bros. reiterates buy.

Halliburton (HAL) said it signed a memorandum of understanding to settle about 20 shareholder class-action lawsuits concerning claims for the purchase of the oilfield service company's stock over a four-year period.

Schering-Plough (SGP) says the U.S. Attorney's Office for the District of Massachusetts advised that its Schering Corp. unit is the target of a federal grand jury investigation.

Wedbush Morgan upgraded Broadcom (BRCM) to buy from hold.

Needham initiated coverage of Sigma Designs (SIGM) with strong buy.

J.P. Morgan initiated coverage of Furniture Brands (FBN) and Ethan Allen (ETH ) with overweight.

UBS Warburg upgraded NVIDIA (NVDA) to buy from reduce.

Janney Montgomery downgraded Packeteer (PKTR) to sell from hold.

S&P thinks RealNetworks (RNWK) will be adversely affected by the new browser technology collaboration of AOL Time Warner and Microsoft. S&P reiterates sell.

3Com (COMS) sees $165 million to $175 million in fourth-quarter revenues, excluding revenue from CommWorks. Excluding CommWorks, 3Com sees gross margins in the mid-30%s, adversely impacted by a decline in sales. Pacific Growth downgraded to underweight.

Merrill downgraded Penn National Gaming (PENN) to neutral from buy.

UBS Warburg downgraded Monster Worldwide (MNST) to neutral from buy.

Integrated Device (IDTI) maintains its 2%-4% higher first-quarter revenue gudiance. S&P upgraded.

Bank One (ONE) will acquire Zurich Life, the U.S. life and annuity business of Zurich Financial Services Group, for about $500 million. Bank One sees a $50 million boost to 2004 net income before any revenue synergies.

USB Piper reportedly downgraded Citigroup (C) to outperform from strong buy.

Dollar Tree (DLTR) posted 29 cents vs. 25 cents first-quarter earnings per share on a 2.2% same store sales rise, and a 21% total sales rise. CIBC World downgraded to underperform from sector perform, and S&P downgraded to hold.

Home Depot (HD) set a $500 million stock buyback.

Mandalay Resort (MBG) posted 69 cents vs. 68 cents first-quarter earnings per share on flat revenue. S&P reiterates accumulate.

Michaels Stores (MIK) posted 30 cents vs. 16 cents first-quarter earnings per share (including an accounting change) on a 2% same store sales rise and an 8.8% total sales rise.

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