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Synopsys Sinks

Synopsys (SNPS) posted 33 vs. 34 first-quarter earnings per share (pro forma) despite a 6% revenue rise. It sees 31 cents to 35 cents second-quarter earnings per share on revenue of $285 million to $300 million. Synopsys agreed to acquire Monolithic System Technologies (MOSY) in a cash and stock deal valued at $432 million. SG Cowen downgraded. S&P maintains hold. Monolithic shares rose, but Synopsys shares declined.

Photronics (PLAB) announced the resignation of CEO Dan Del Rosario. S&P downgraded to hold from accumulate. Schwab SoundView says the departure is likely to place an overhang on shares, but the brokerage firm keeps its outperform rating.

Odyssey Healthcare (ODSY) posted 23 cents, vs. 19 cents fourth-quarter earnings per share on 37% net patient service revenue growth. It sees 20 cents to 22 cents first-quarter earnings per share, and $1.03 to $1.05 2004 earnings per share.

Guidant (GDT) will co-promote Johnson & Johnson (JNJ) unit Cordis Corp.'s Cypher Sirolimus-eluting coronary stent. Merrill Lynch upgraded to buy from neutral. S&P keeps hold.

NetFlix (NFLX) widened the first-quarter net loss (GAAP) guidance to a $5.6 million to $8.1 million loss from the previous guidance of a $1.2 million to $3.7 million loss. The subscription video-rental company cited rapid subscriber growth, and marketing expenses related to acquiring new subscribers. First Albany downgraded to neutral from buy.

Home Depot (HD) posted 40 cents, vs. 30 cents fourth-quarter earnings per share on 7.6% higher same-store sales. The home-improvement retailer reiterated the fiscal 2005 sales growth guidance of 9% to 12%, and earnings per share growth of 10% to 14%, excluding an accounting change.

Federated Department Stores (FD) posted $2.29, vs. $1.78 fourth-quarter earnings per share from continuing operations on 1.4% higher same-store sales. As a result of February sales trending ahead of expectations, the company revised the February same-store sales forecast to an increase of 7% to 8%.

UBS Financial reportedly upgraded Boston Scientific (BSX) to buy from neutral. On Monday the company provided a bullish outlook for the 2004-06 timeframe.

CS First Boston upgraded Too (TOO) to outperform from neutral.

Heinz (HNZ) posted 57 cents, vs. 54 cents third-quarter earnings per share on flat sales. The condiments maker says it's on target to achieve $2.19 to $2.21 fiscal 2004 earnings per share guidance, and is on pace for record cash flow.

A U.S. District Court rejected claims by scientist Henry Huang to having invented patented DNA sequencing technology used in DNA sequencing instruments by Applied Biosystems Group (ABI), a unit of Applera Corp. An earlier version of this item taken from Standard & Poor's identified Henry Huang as an Applera scientist. Henry Huang is not an employee of Applera or Applied Biosystems. We apologize for this error.

United Therapeutics (UTHR) posted a 15 cents fourth-quarter loss, vs. a 12 cents loss as higher costs offset a 13% revenue rise.

Clear Channel Communications (CCU) posted lower than expected 30 cents, vs. 30 cents fourth-quarter earnings per share on a 4% sales rise. It expects operating income will increase in the low double digits, and says earnings per share will increase in the mid-to-high teens for 2004.

Novell (NOVL) posted 3 cents first-quarter earnings per share, vs. a 3 cents loss on a 2.7% revenue rise.

Smithfield Foods (SFD) posted 38 cents, vs. 3 cents third-quarter earnings per share from continuing operations on a 50% sales rise. Smithfield notes the current quarter was adversely affected by $11 million in costs and inefficiencies in the beef segment related to the market impact of a reported case of BSE in Washington state.

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