AirGate Shares Plunge

Tyco may take a charge for CIT sale; Intel shares slide; plus more of today's stocks in the news

UBS Warburg downgraded Cytyc (CYTC ) to hold from buy. S&P keeps hold. The company is in a pact to acquire Digene.

CIBC World transferred coverage; and downgraded Sprint PCS (PCS ) and Nextel (NXTL ) to hold from buy, and downgraded AT&T Wireless (AWE ) and Nextel Partners (NXTP ) to buy from strong buy. S&P maintains underweight on the wireless sector.

ImClone Systems (IMCL ) reported that a House panel is expanding its probe into possible stock sales by relatives of ImClone's ex-CEO. S&P keeps neutral.

Tyco 's (TYC ) new CEO says the company may take a charge of as much as $6 billion against earnings as the company mends its balance sheet following disposal of its CIT Financial, according to press reports.

Bausch & Lomb (BOL ) says its ophthalmic implant showed a statistically significant reduction in macular edema in a Phase III clinical trial.

Intel (INTC ) shares moved lower in pre-market trading following a downgrade of the stock by Merrill Lynch to near term neutral from strong buy. Intel is hosting a mid-quarter update later Thursday.

Airgate PCS (PCSA ) cut estimates for Q3 subscriber additions to 22,000-27,000 from 35,000-40,000, and says results for May were lower than originally projected. JP Morgan downgraded to market perform from buy.

AnnTaylor (ANN ) posted 5.2% lower May same store sales, and 5.5% higher total sales. The company continues to see flat comp-store sales for June and July; and remains comfortable with current fiscal 2003 EPS range of $1.47-$1.51.

Merrill also downgraded Analog Device (ADI ), Maxim Integrated (MXIM ), Lattice Semiconductor (LLTC ), SemTech (SMTC ), Texas Instruments (TXN ) and Triquint Semiconductor (TQNT ).

Comverse Technology (CMVT ) posted a $0.04 Q1 loss vs. $0.43 EPS from operations on a 42% sales decline. CS First Boston downgraded to hold from buy.

WorldCom (WCOM ) plans to exit the wireless resale business.

Merrill downgraded Analog Device (ADI ).

Riverstone Networks (RSTN ) sees a $0.11-$0.13 1Q loss (pro forma) on $30M-$31M revenue, citing continued cautious spending by telecommunications carriers. Salomon and Lehman downgraded, while S&P maintains hold.

Hot Topic (HOTT ) posted 2.5% higher May same store sales, and 30% higher total sales. Wachovia maintains buy.

Altera (ALTR ) reaffirmed previous guidance of 4%-6% Q2 sequential revenue growth. S&P maintains accumulate.

CIBC World reportedly downgraded Symantec (SYMC ) to buy from strong buy.

Factory 2-U Stores (FTUS ) posted 17% lower May same store sales, and 15% lower total sales, citing disappointing sales during the week leading up to and after Memorial Day.

AT&T (T ) says its 200 million share offering was priced at $11.25 per share.

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