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Advanced Micro Beats Estimates

Chip maker Advanced Micro Devices (AMD) posted 12 cents earnings per share in the fourth quarter, on revenue of $1.2 billion. The results include an unexpected one-time gain of 3 cents a share. Analysts expected AMD to earn an average of 4 cents earnings per share.

Honeywell (HON) terminated discussions with Federal-Mogul Corp. regarding the possible sale of Honeywell's automotive Bendix friction materials business. The parties are unable to agree on terms. Shares fell.

Online brokerage firm AmeriTrade (AMTD) posted fourth-quarter earnings per share of 17 cents, vs. 5 cents one year earlier, on a 23% total revenue rise. AmeriTrade raised its fiscal 2004 earnings per share guidance to 49 cents to 79 cents. Shares advanced.

PacifiCare Health (PHS) is among health-care providers seen benefitting from the government's announcement for a 10.6% increase in Medicare payments to private insurers. Shares rose.

Cingular Wireless, jointly owned by SBC Communications (SBC) and BellSouth (BSC) has made a formal offer to acquire AT&T Wireless (AWE) in an all-cash deal, according to a report in USA Today. AT&T Wireless shares rose.

Citigroup (C) posted better-than-expected 91 cents, vs. 47 cents fourth-quarter earnings per share on a 13% revenue rise (net of interest expense). The financial-services firm notes that the fourth-quarter of 2002 included $1.3 billion in after-tax charges related to the establishment of reserves for regulatory settlements and related civil litigation.

Continental Airlines (CAL) posted 67 cents fourth-quarter earnings per share, vs. a $1.67 loss on a 10% operating revenue rise.

SoundView upgraded Openwave Systems (OPWV) to outperform from neutral.

United Technologies (UTX) posted $1.16, vs. $1.06 fourth-quarter earnings per share on a 19% revenue rise, and maintains its $5.00-$5.30 2004 earnings per share guidance.

Harris Corp. (HRS) raised its $1.50-$1.65 fiscal 2004 earnings per share guidance to $1.85-$1.95. Harris says both its Government Communications Systems and RF Communications segments continue to deliver stronger-than-expected performance. S&P upgraded to accumulate. AG Edwards and Needham will raise their estimates. Shares advanced.

CIBC World upgraded Check Point Software (CHKP) to sector outperform from sector perform.

Circuit City (CC) will sell its private-label credit card operation to Bank One (ONE) for par value of receivables. The companies will enter a deal under which Bank One will offer private-label, co-branded credit cards to new and existing customers.

Moore Medical (MMD) agreed to be acquired by McKesson (MCK) in a $40 million deal. Terms: $12.00 cash for each Moore share.

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