Cendant Cuts Outlook

Moody's places Shaw's debt ratings under review; DVI sees a sharp loss; plus more of today's stocks in the news

Xilinx's (XLNX ) CEO made an upbeat presentation at a Banc of America conference. Pacific Crest reiterates buy.

S&P says Veritas Software (VRTS ) reiterated third quarter guidance at a brokerage conference Tuesday night, and reiterates its hold rating.

Moody's placed Canadian communications company Shaw Communications' (SJR ) Baa3 and Ba1 ratings, as well as the B3 ratings of one of its units, under review for a possible downgrade.

Consumer-loan company DVI (SJR ) sees a fourth-quarter after-tax loss of $6.5 million to $7.5 million, including $5.6 million in charges. Earlier, USB Piper downgraded to market perform from outperform.

Fleetwood Enterprises (FLE ) announced it has sold over 15,033 housing units year-to-date; Fleetwood is now the 2002 leader in the manufactured homes industry, in market share terms, with 17%.

Cendant (CD ) shares fell after it lowered its third quarter EPS (adjusted) forecast from $0.42 to $0.28. The company notes mortgage loan prepayments and refinancings have increased to record levels. S&P reiterates buy.

Wachovia reiterates its strong buy rating on Genentech (DNA ). On Tuesday, an FDA advisory panel recommended accelerated approval of AstraZeneca 's (AZN lung-cancer drug Iressa, which is similar to a treatment being developed by Genentech and OSI Pharmaceuticals. The FDA will decide if the drugs get accelerated approval. Morgan Stanley upgraded Genentech to overweight. S&P keeps hold.

UTStarcom (UTSI ) shares rose after it signed ontracts with China Telecom valued at about $22 million for new, expanded deployments of its PAS and IP-based PAS equipment in Southern China. Pacific Growth reiterates overweight.

Urban Outfitters (URBN ) gained ground after Wedbush Morgan reiterates buy following recent price weakness, keeps on focus list.

General Electric (GE ), ahead of a Sept. 26 analyst meeting, said results are "on track" for third quarter.

RF Micro (RFMD ) raised second quarter guidance to $0.03 EPS on about $118 million revenues from $0.01-$0.02 EPS on about $109 million revenues. RF Micro sees a sequential revenue rise for the December quarter. CIBC World and CS First Boston raised estimates.

Tyco (TYC ) reportedly cuts fourth quarter EPS guidance to $0.30-$0.33.

Salomon upgraded Sealed Air (SEE ) to in-line from underperform. On Tuesday the company said its asbestos claims trial was postponed.

Salomon downgraded El Paso Energy Partners (EPN ) to in-line from outperform.

Union Bank (UBSC ) agreed to be acquired by Key Corp. for $22.63 per share cash.

International Multifoods (IMC ) posts $0.22 vs. $0.09 second-quarter EPS from continuing operations on a 74% sales rise, and reaffirmed $1.55-$1.65 fiscal 2003 EPS from continuing operations guidance.

Micron Technology (MU ) posted a $0.97 fourth-quarter loss, vs. a $0.96 loss (including charges), despite a 56% revenue rise. The company notes average selling prices for its semiconductor products decreased about 30% sequentially. S&P reiterates avoid.

Duke Energy (DUK ) plans to offer 52 million shares at $19.24, under an existing shelf registration, which would amount to about $1 billion in gross proceeds.

Eastman Chemical (EMN ) says operational disruptions at two Voridian Division manufacturing facilities will negatively impact third quarter results.

Bisys (BSG ) sees lower than expected $0.20 first-quarter EPS before restructuring charges, and set a $100 million stock buyback. Separately, the company announced the acquisition of First Northern Financial Resources. S&P keeps hold.

International Paper (IP ) expects third-quarter EPS to be about in line with the First Call consensus estimates of $0.32.

Scholastic (SCHL ) posted a $1.14 first-quarter loss vs. a $1.05 loss (including charges) on flat revenue, and reaffirmed the $2.65-$2.95 fiscal 2003 EPS target.

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