business

DuPont Photomasks Lowers Guidance

Janney Montgomery reportedly downgraded Park Electrochemical (PKE ) to hold from accumulate after CFO Gordon Bitter resigned from the company.

Banc of America rated Research In Motion (RIMM ) a strong buy.

DuPont Photomasks (DPMI ) sees 0.53-$0.66 Q3 EPS on $108M-$112M revenue, and sees 1%-5% sequential revenue growth vs. previous 5%-11% sequential revenue growth guidance.

SB Piper thinks Intel Corp.'s (INTC ) stock could retest valuation troughs of 1998 or high teens. USB maintains buy.

Morgan Stanley DW upgraded CH Robinson (CHRW ) to outperform from neutral.

Lennox International (LII ) sees a $0.17-$0.22 Q1 loss from operations vs. breakeven guidance. The firm cited the sharp, widespread domestic economic slowdown, and continued weak operating performance in its retail business segments.

Wachovia reportedly upgraded Pinnacle Holdings (BIGT ) to buy from neutral.

Goldman Sachs removed Heidrick & Struggles (HSII ) and ManPower (MAN ) from its recommended list and now rates market outperform. Goldman also downgraded Robert Half International (RHI ) to market perform. On Friday Heidrick & Struggles said Q1 revenue growth would be in the flat to 5% range.

Novoste Corp. (NOVT ) says the trial of its Beta-Cath system did not demonstrate a significant benefit of beta radiation when the two branches of trial were combined. Salomon Smith Barney downgraded the shares.

SG Cowen upgraded Aspen Tech (AZPN ) to strong buy from buy on business momentum and valuation.

Corixa (CRXA ) modified its operating plan due to Bexxar's delayed market introduction and the recognition of additional synergies between the company's and Coulter's workforces.

Dupont Photmasks (DPMI ) $0.53-$0.66 Q3 EPS on $108M-$112M revenue; and sees 1%-5% sequential revenue growth vs. previous 5%-11% sequential revenue growth guidance.

Philip Morris' (MO ) MO Kraft Foods unit filed a registration statement for an IPO.

Therma-Wave (TWAV ) says it comfortable with Q4, and fiscal 2001 previous guidance. Additionally, the firm says it will take measures to align costs with business outlook due to a significant slowdown in bookings affecting revenues and EPS.

Lucent Tech (LU ) gets a three-year, $5B pact from Verizon (VM ) to supply Verizon Wireless with 3G high-speed mobile network infrastructure.

Paychex (PAYX ) posted $0.18 vs. $0.13 3Q EPS on 19% revenue rise.

Robertson Stephens upgraded Pacific Sunwear (PSUN ) to buy from long term attractive.

Corning (GLW ) sees lower than expected $1.20-$1.30 2001 EPS (pro forma) on $8.2B-$8.5B revenues, citing weakness in its telecom segment. Corning reiterates its $0.28-$0.31 Q1 EPS (pro forma).

Bergen Brunswig (BBC ) agreed to merge with Amerisource Health Corp. (AAS ) in a $7B merger of equals. Terms: Each BBC share is to be converted into 0.37 share of new company. BBC shareholders will own 49% of new company.

According to The Wall Street Journal, Interpublic Group will acquire True North (TNO ) for $2.1B in stock, creating the world's largest ad agency by revenue.

Guidant Corp. (GDT ) Voluntarily halted the production and sale of its ANCURE system due to regulatory deficiencies related to its deployment system. Guidant says patients with the implanted devices not affected by the action.

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