JP Morgan initiated coverage of UAL Corp. (UAL ) with buy, and set a $24 target.
Xoma (XOMA ) is seen higher on FDA recommendation of Biogen's psoriasis drug Amevive, which raises hopes for approval of Xoma's psoriasis drug, Xanelim.
Roper Industries (ROP ) posted $0.55 vs. $0.44 Q2 EPS on a 5% sales rise and sees mid-$0.50s Q3 EPS, and $2.25-$2.31 for fiscal 2002. Roper also filed to offer five million shares.
SRA International (SRX ) offered an initial five million Cl A shares at $18.
PetCo (PETC ) posted $0.15 vs. $0.05 Q1 EPS (pro forma) on 9.3% higher comp sales, and 15% higher total sales. The company raised Q2 EPS guidance to $0.14-$0.15, and upped fiscal 2003 guidance to $0.84-$0.85 (pro forma), and sees a 7% Q2 comp sales rise, along with a 7% rise in fiscal 2003.
Goldman downgraded Barnes & Noble (BKS ) to market perform from market outperform. On Thursday the company posted a $0.02 Q1 loss before a charge, vs. a year-ago's $0.12 loss.
In response to a Fitch downgrade, Providian Financial (PVN ) says the downgrade does not result in early amortization of securitization of trust. Robertson Stephens remains cautious.
Goldman downgraded the U.S. Semi Equipment sector to market weight from market overweight; including Applied Material (AMAT ).
Biogen (BGEN ) says the FDA advisory committee recommended approval of Amevive for chronic plaque psoriasis. Prudential reportedly upgraded to hold from sell. S&P upgraded. The stock did not trade on Thursday in anticipation of the FDA announcement.
GlaxoSmithkline (GSK ) says a federal judge ruled that three of the company's U.S. patents for its antibiotic Augmentin are invalid, and says the generic release of Augmentin may have a material impact on 2002 and 2003 EPS guidance.
Vans (VANS ) sees a $0.20 Q4 loss from operations on sales of $60M-$61M, and sees $0.40-$0.50 fiscal 2003 EPS. Vans plans to close its Bakersfield, Calif. skatepark, and take charges. The company also announced the resignation of Neal Lyons as president of retail. Wachovia says it is not surprised by weakness.
JP Morgan Chase named David Coulter head of ITS Investment Bank unit, and named Donald Layton as head of Retail & Middle Market Financial Services.
S&P reiterates accumulate on Sun Microsystems (SUNW ), and says the company held a mid-quarter update on May 23, where it did not change guidance. Bear Stearns thinks the stock likely to tread water in the near term, and maintains neutral.
Cyberonics (CYBX ) posted a $0.32 Q4 loss vs. a $0.42 loss on a 64% sales rise, and expects greater than 28% improvement in fiscal 2003 loss on about $90M sales.
McData (MCDT ) reaffirmed Q2 guidance for a $0.06-$0.08 loss on revenue comparable to its $64.5M Q1 revenue, and named Ernest Sampias as its CFO. S&P keeps avoid.