Lehman Clips Rating on Noble Affiliates

Lehman downgraded Noble Affiliates (NBL ) to market perform from strong buy.

SunTrust Equitable reportedly downgraded Cosine Communications (COSN ), Foundry Networks (FDRY ) and Extreme Networks (EXTR ) to long term attractive from buy.

Janney Montgomery reportedly downgraded Tecnitrol (TNL ) to accumulate from buy.

Frost Securities downgraded Ocean Energy (OEI ) to market perform from strong buy.

Wit SoundView cut the $80 price target on AOL Time Warner (AOL ) to $60.

Salomon Smith Barney cut Corning (GLW ) and JDS Uniphase (JDSU ) targets to $45.

Salomon Smith Barney cut Nortel Network 's (GILTF ) $50 price target to $35.

Gilat Satellite (GILTF ) posted $0.82 vs. $1.00 Q4 EPS as higher selling, general and administrative costs offset a 60% revenue rise. Gilat sees $1.00 2001 EPS on $575M revenue, below the previous guidance.

Wit SoundView's Susan Kalla says the Street's expectations for the telecom industry are much too rosy. She rates Ciena (CIEN ), Level 3 Communications (LVLT ), WorldCom (WCOM ), Juniper (JNPR ) and Sycamore Networks (SCMR ) as underperform, according to Barron's.

Ericsson (ERICY ) sees Q1 sales flat to somewhat lower than a year ago, vs. the company's previous expectation of 15% growth. CIBC World is surpised by market reaction and rates hold. S&P maintains hold.

Salomon Smith Barney downgraded PMC-Sierra (PMCS ) and Applied Micro Circuits (AMCC ) to outperform from buy.

DB Alex. Brown downgraded Dean Foods (DF ) to under perform from market Perform. On Friday the company forecast lower than expected $0.45-$0.47 Q3 EPS, and $2.50-$2.55 fiscal 2001 EPS. Dean Foods says it's working with Goldman to explore alternatives.

Andrew Corp. (ANDW ) sees $0.08-$0.12 Q2 EPS on $225M-$240M sales due to slower U.S. telecommunications equipment spending through the first two months of the quarter.

Millennium Pharmaceutical (MLNM ) and Abbott Laboratories (ABT ) formed an alliance covering the joint discovery, development, and commercialization of a full spectrum of both drugs and molecular diagnostics for the treatment and mgmt of obesity and diabetes.

Dendrite International (DRTE ) says a number of revenue opportunities are available to achieve expectations are more limited in than prior quarters, resulting in an increased risk to the previously issued Q1 EPS and revenue guidance.

USB Piper downgraded Redback Network (RBAK ) to buy from strong buy.

American General (AGC ) agreed to be acquired by U.K.-based Prudential PLC (PUK ) in a $26.5B deal. Terms: 3.6622 Prudential share for each American General share, implying $49.52 value, subject to collar. Prudential PLC will own 50.5% of the new insurance company; American General will own 49.5%.

United Dominion (UDI ) agreed to be acquired by SPX Corp. (SPW ) in a $954M deal, plus debt assumption. Terms: 0.2353 SPX share per UDI share.

Alliance Semiconductor (ALSC ) says Q4 revenue will be about 45%-50% below Q3's $63.8M. Alliance cites weak demand and order cancellations for both DRAM and SRAM products.

Robertson Stephens downgraded Cisco Systems (CSCO ); CS First Boston cut estimates. Late Friday, the company announced cost-cutting efforts and forecast a wider range of estimates for the rest of the year. S&P maintained hold.

Silicon Storage (SSTI ) sees $0.05-$0.10 Q1 EPS on $75M-$85M revenue, which is significantly lower than previously expected. Silicon cites the deteriorating economy and inventory corrections.

General Semiconductor (SEM ) sees Q1 revenues 14%-16% sequentially lower, and see $0.12-$0.14 Q1 EPS.

Oplink Communications (OPLK ) sees $0.2001 3Q EPS (pro forma) on $41M-$43M revenues, below analyst expectations due to a slowdown in spending. Oplink sees $0.06-$0.07 calendar 2001 EPS.

At the request of FDA, Avant Immunotherapy (AVAN ) will make protocol changes to Phase IIb trials of its lead complement inhibitor, TP10 in infants undergoing cardiac surgery. The changes will result in longer clinical trials.

Constellation Energy's (CEG ) Constellation Power affiliate inks a 10-year, $3.6B power sales contract with the California Dept. of Water Resources.

Alamosa Holdings (APCS ) agreed to merge with Southwest PCS in deal valued at about $218.2M, or 11.1M APCS shares and $5M cash.

Keithley Instruments (KEI ) sees lower than expected $40M-$43M Q2 sales due to the slowing U.S. economy, weakness in the semiconductor industry and lower growth expectations in broadband sectors.

Charter Communications (CHTR ) filed a shelf registration of up to $4B in securities.

Dollar General (DG ) filed to offer 12.6M shares held by Turner Children Trust.

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