Jam company JM Smucker (SJM ) signed a pact with Procter & Gamble (PG ) in which P&G will spin off its Jif peanut butter and Crisco oil businesses to Smucker in a stock deal valued at $1 billion. The company expects its sales to roughly double, to $1.3 billion.
Avanti Immunotherapeutics (AVAN ) announces license of exclusive rights to certain components of its vaccine technology to DynPort Vaccine Co., a developer of vaccines for the U.S. Dept. of Defense.
Nanogen (NGEN ) received a $1.5M grant from the U.S. Army to continue developing electronic devices to isolate and detect bio-warfare and infectious disease agents from human blood samples.
Capstone Turbine (CPST ) sees a $0.16-$0.18 Q3 loss per share on $3.2M-$3.4M in revenues. Adams Harkness and Salomon SB downgraded the shares; Wedbush Morgan cut EPS and sales estimates.
Soap maker Dial Corp. (DL ) said it sees third-quarter EPS from continuing operations at $0.26 compared with analysts' $0.19 to $0.21 estimate. S&P maintains its hold rating.
Banc of America upgraded shares of El Paso Corp (EPG ) to buy from market perform after a decision from the FERC judge regarding El Paso's California capacity.
Mobile phone maker Motorola (MOT ) posted a third-quarter loss of $0.64 excluding pro forma adjustments compared with earnings per share of $0.23 last year, on 22% lower sales.
The European Commission may seek a "massive fine" from software giant Microsoft (MSFT ) and demand that it drop some features from Windows, according to news reports. However, the EC says it is "premature" to talk about a fine.
Insurance giant American International Group Inc. (AIG ) sees net pre-tax losses from the September 11 terrorist attacks to total about $800 million.
Nordstrom (JWN ) sees third-quarter earnings per share in the rang eof $0.03 to $0.06 compared with previous expecations of EPS of $0.17 to $0.20. The high-end retailer blames the lower guidance on a challenging retail environment and uncertain consumer demand after September 11.
Motorbike specialist Harley Davidson (HDI ) posted earnings per share of $0.36 compared with $0.27 for the third quarter on a 19% increase in sales.
Goldman Sachs cuts estimates on IBM Corp. (IBM ).
The Limited (LTD ) posted 10% lower September same-store sales and 6% lower total sales. Robertson Stephens cuts estimates.
Intimate Brands (IBI ) posted 13% lower September same-store sales and 8.4% lower total sales. Robertson Stephens cuts estimates.