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Continental Air Shares Climb

Continental Airlines (CAL) says in May, 2004, it flew 5.4 billion mainline revenue passenger miles, and 7.2 billion mainline available seat miles systemwide, resulting in a traffic increase of 11.9% and a capacity increase of 13.8%, vs. May, 2003.

Fairchild Semiconductor (FCS) reiterated its guidance for sales to increase 5% sequentially in the second quarter, but the chipmaker notes volatility in second-quarter backlog could affect its ability to meet this forecast. S&P reiterates accumulate.

Late yesterday, SCO Group (SCOX) entered an agreement with BayStar Capital II to repurchase and retire all 40,000 shares of Series A-1 convertible preferred stock currently held by BayStar. SCO will to pay $13 million in cash and issue 2.105 million shares.

Nortel Networks (NT) says its 2003 and first-quarter 2004 restatement will not be completed in the second quarter. At this time, Nortel says it can't estimate the impact of any adjustments on the results of operations or its financial position. S&P maintains hold.

Briggs & Stratton (BGG) agreed to acquire Simplicity Manufacturing for $227.5 million, and says the deal will be accretive to earnings per share by 35 cents to 45 cents in fiscal 2005. S&P maintains hold.

Citigroup initiated coverage on Brooks Automation (BRKS) with sell.

Piper Jaffray downgraded Pozen (POZN) to market perform. Yesterday the FDA issued Pozen a not-approvable letter concerning its new drug application for MT 100 for the acute treatment of migraines.

Citigroup downgraded Teradyne (TER) to sell from hold, and also downgraded Applied Materials (AMAT) KLA-Tencor (KLAC), and Novellus (NVLS) to hold from buy.

Alkermes (ALKS) and Genentech (DNA) discontinued the commercialization of Nutropin Depot. Alkermes cut its $95 million to $125 million fiscal 2005 revenue estimate to $90 million to $120 million, but due to lower costs, it still sees a 61-cent to 67-cent fiscal 2005 loss (GAAP).

Banc of America reportedly downgraded Home Depot (HD) to neutral from buy.

Albertson's (ABS) posted better-than-expected 15 cents, vs. 47 cents first-quarter earnings per share from continuing operations on flat identical store sales and a 2.2% total sales decline. The profit drop is largely related to a recent labor dispute in Southern California. The No. 2 U.S. grocery chain posted 46 cents first-quarter earnings per share from continuing operations before items. It reiterated its $1.40 to $1.50 fiscal 2005 earnings per share guidance.

Allos Therapeutics (ALTH) received an approvable letter from the FDA for its new drug application for RSR13 (efaproxiral) for the treatment of patients with brain metastases originating from breast cancer.

Prudential reportedly downgraded McDonald's (MCD) to neutral from overweight.

In a mid-quarter update, Altera (ALTR) forecast second-quarter sequential revenue growth at the high end of the previous 7% to 9% range. S&P reiterates accumulate.

Triquint Semiconductor (TQNT) reportedly reiterated its prior guidance during its mid-quarter update Tuesday night.

United Defense (UDI) says it has been awarded a contract modification and two delivery orders worth up to $218 million to provide enhancements to upgraded Bradley Fighting Vehicles that will improve soldier capabilities.

GTX (GTXI) says data from Phase IIb results for its lead product Acapodene tablets demonstrated Acapodene was well tolerated and reduced the incidence of prostate cancer in men who are at high risk for prostate cancer.

Banc of America reportedly upgraded database-software giant Siebel Systems (SEBL) to buy from neutral.

The Securities and Exchange Commission selected AT&T Wireless (AWE) to provide BlackBerry service to its entire management and enforcement staff nationwide.

Urban Outfitters (URBN) set a 2-for-1 stock split.

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