Compaq Computer (CPQ ) expects Q4 revenue to exceed $8B, yielding a profitable quarter. He notes previous guidance was revenues of $7.6B-$7.8B, and a $0.03 loss. S&P maintains hold.
Cor Therapeutics (CORR ) confirms guidance of profit for Q4 and 2001.
Lucent Technologies (LU ) named Patricia Russo, most recently president and COO of Eastman Kodak (EK ), as president and CEO. S&P maintains hold.
JP Morgan reportedly downgraded Imclone Systems (IMCL ) to market perform from buy.
Goldman added Bea Systems (BEAS ) to recommended list, was rated market outperform.
Bear Stearns downgraded Charles Schwab (SCH ) to attractive from buy.
RBC Dain Rauscher says positive data points on Legato Systems (LGTO ) are mounting, and upgraded to buy from neutral.
Benchmark Electronics (BHE ) sees Q4 results exceeding $0.10 cash EPS, and $258M revenue. S&P keeps avoid.
WF Van Kasper reportedly downgraded Applied Films (AFCO ) to market perform from strong buy.
RW Baird downgraded Black Box (BBOX ) to market perform from market outperform.
Morton's Restaurants (MRG ) will take a $1.6M Q4 pre-tax charge related to closing of its restaurant in Sydney, Australia.
Back Yard Burger (BYBI ) entered into a development agreement with Tricon Global whereby Back Yard grants Tricon Global the right to use its trademark in US.
Merrill downgraded Convergys (CVG ) to near term neutral from buy, and maintains long term buy.
Dycom Industries agreed to acquire Arguss Communications (ACX ) for about $5.77 per share.
Sangstat Medical (SANG ) sees $0.01-$0.03 4Q EPS, better than previous guidance range of $0.01 loss to $0.01 EPS, citing continued growth in therapeutic revenues and expense control.
Circuit City (CC ) expects 4Q EPS for Circuit City business, excluding EPS in Carmax Group, will be in the $0.68-$0.71 range. Circuit City sees mid-single digit growth in January and February same store sales.
Intel (INTC ) and Advanced Micro Devices will begin selling their fastest-ever flagship processor.
CS First Boston upgrades Teva Pharmaceutical (TEVA ) to strong buy from buy.
Goldman initiates coverage on
Prudential Financial (PRU ) and to recommended list. CS First Boston initiates coverage with buy.
Kerry Group will acquire Stearns & Lehman (SLHN ) co. for about $26 million, subject to adjustments. It currently estimated shareholders will receive not less than $7.36 per share.
Tripos (TRPS ) entered into collaboration with Pfrier, to design, synthesize, and purify high-quality, drug-like compounds to expand Pfizer's compound file collection.
The president and COO of
Cousins Prop (MSFT
) will step down.
Corning (GLW ) will reopen four plants it idled, a signal that demand may be growing in the ailing telecom sector, according to press reports.
Vignette (VIGN ) sees $50M-$52M 4Q revenue, $0.04-$0.06 core net loss. Vignette notes that unanticipated level of client spending decisions will be delayed until 2002.
Talarian (TALR ) agreed to be acquired by Tibco Software for $5.30 per share in cash and stock, for a total value of about $115M, including assumption of stock options.
A C L N Limited (ASW ) says the SEC has begun an investigation, focusing on disclosures made by ASW in SEC filings. A C L N also says eight class action lawsuits have been filed against it alleging misstated profitability.
Great Atlantic & Pacific (GAP ) posted $0.08 Q3 EPS from operations vs. a $0.38 loss on 3.1% same store sales rise, and sees $0.34 of continuing costs in Q4 to to improve supply chain and business processes.
Lexicon Genetics (LEXG ) discover and validates in vivo a new drug target, named LG527, to develop potential treatments for depression.
Extreme Networks (EXTR ) sees $108M-$110M 2Q revenue, $0.01-$0.02 pro forma EPS.
Court rules in Actuate's (ACTU
) co.'s favor in suit filed by rival Crystal Decisions regarding validity of assertions made by Actuate in certain marketing documents.
Intermune (ITMN ) received Fast Track Designation from FDA for Actimmune injection for treatment of idiopathic pulmonary fibrosis.
Xerox (XRX ) intends to offer senior notes due 2009 in private placement, and expects to raise $500M.