Commscope Slashes 500 Jobs

Commscope (CTV ) cut 500 jobs, and sees up to a $0.02 Q1 charge. Merrill Lynch says the news shows the company still lacks any clear signs that a recovery in sight for its coaxial cable business, and maintains its near-term neutral rating.

Lucent Technology (LU ) Josephthal widened the $0.85 fiscal 2001 loss estimate to a $0.90 loss, and kept its hold rating. Earlier, the EPS estimates were incorrectly reported as gains, not a loss.

American Express (AXP ) sees Q1 EPS about 18% below year ago's $0.48. S&P maintains accumulate. USB Piper upgraded to strong buy from buy. S&P maintains accumulate.

Priceline (PCLN ) reiterates a $0.05-$0.07 Q1 loss (pro forma) on 15%-20% sequential revenue growth, and Q2 operating profit guidance. Goldman maintains market perform with an increasingly positive bias.

Vysis (VYSI ), along with Genentech (DNA ), a Pre-Market Approval supplement for use of PathVysion HER-2 test to determine if breast cancer patients are candidates for Genentech's Herceptin therapy.

Lehman downgraded Medimmune (MEDI ), Genentech (DNA ) and Biogen (BGEN ) to buy from strong buy.

Wit SoundView sees a further downside risk on Intuit (INTU ) after a news article on Friday night reported that Dan Nye, head of Intuit's small business unit, resigned for personal reasons.

CS First Boston downgraded PG&E Corp. (PCG ) to hold from buy.

Bear Stearns downgraded Network Appliances (NTAP ) to neutral from attractive.

Oplink (OPLK ) sees a $0.12-$0.13 Q3 loss (including provision for excess inventory) on about $36M revenues, citing a delays in orders.

Tucker Anthony downgraded Vignette Corp. (VIGN )to market perform from buy, and expects weak international results.

Noven Pharmaceuticals (NOVN ) delayed filing a New Drug Application for its transdermal methylphenidate system, saying a supplemental study is needed.

Donna Karan (DK ) agreed to be acquired by LVMH Moet Hennessey Louis Vuitton (LVMHY ) in a deal valued at about $243M. Terms: $10.75 per Donna Karan share cash.

USA Detergents (USAD ) agreed to be acquired by world's largest baking-soda producer Church & Dwight (CHD ) for $7 per share cash.

Art Technology (ARTG ) sees a $0.19-$0.22 Q1 loss on $40M-$42M revenue. Art says large enterprise customers have delayed technology purchases due to the current economic environment. DB Alex Brown and Robinson Humphrey downgraded.

According to The Wall Street Journal, U.S. Federal antitrust enforcers are preparing civil charges against Schering Plough (SGP ) and two generic drug makers in connection with patent settlements.

Dupont (DD ) plans to cut its global workforce by 4%, reduce the number of contract personnel by about 1,300, and shut down less competitive manufacturing assets. JP Morgan upgraded to buy from market perform.

Adelphia Communications (ADLAC ) posted a Q1 $1.94 loss vs. a $1.01 loss as sharply higher selling, general and administrative costs offset a sharp revenue rise. Adelphia sees a $15M-$17M Q1 EBITDA loss on flat revenues.

Symmetricom (SYMM ) raised its Q3 EPS guidance to $0.18- $0.20, citing tighter expense control and improved gross margins. Revenues are expected to be in line with the previous $39M-$40M guidance.

Dynegy (DYN ) sees better than expected about $0.40 Q1 EPS vs. last year's $0.26, citing strength across all business segments.

Isomet Corp. (IOMT ) says 2001 financial results will be materially below 2000 results due to contract termination for systems products, a significant delay in deliveries and slower industry conditions in the fiber-optics field.

Acxiom Corp. (ACXM ) sees Q4 revenue in range of $250M-$260M and $0.10-$0.12 EPS (continuing operations) vs. consensus EPS estimates of $0.36. CIBC World cut the estimates and target. Morgan Stanley DW, CS First Boston and Merrill Lynch downgrade.

Dendrite International (DRTE ) expects Q1 EPS to be in low-to-mid single pennies, with 10% revenue growth. Dendrite says significant license opportunity has slipped into Q2. CIBC World downgraded to hold from buy. Goldman Sachs also downgraded.

CIBC World initiated coverage of Seattle Genetic (SGEN ) with strong buy. JP Morgan initiated with buy.

Allianz (AZ ) plans to make an exchange offer to shareholders of Dresdner Bank. The offer has value of 53.13 EUR per Dresdner share.

American Superconductor (AMSC ) sees a lower than expected $0.38-$0.42 Q4 loss on about $2.5M revenues, and sees a $1.06-$1.10 fiscal 2001 (March) loss on about $16.8M revenues.

i2 Technologies (ITWO ) sees about $0.02 Q1 EPS (pro forma) vs. last years's $0.04 on about $355M revenue. I2 has the rest of 2001 guidance under review. CS First Boston maintains buy. S&P maintains hold.

Priceline (PCLN ) reiterates a $0.05-$0.07 Q1 loss (pro forma) on 15%-20% sequential rev. growth, and sees Q2 operating profit on 10%-15% sequential revenue growth.

Benchmark Electronics (BHE ) aees lower than expected $0.30-$0.32 Q1 EPS from operations on $440M-$445M revenues, and sees $0.16-$0.20 Q2 EPS from operations on $400M-$420M.

Edison International (EIX ) and Southern California Edison announced that they will not file their annual reports on Form 10-K with SEC until 4/17/2001.

Alliance Forest (PFA ) agreed to be acquired by Bowater Inc. (BOW ) in a deal valued at $770M (C$1.2B). Terms: C$13 and 0.166 Bowater share per Alliance share.

Sipex Corp. (SIPX ) anticipates the elimination of 4% of its total workforce.

According to The Wall Street Journal, Washington Mutual (WM ) is near a deal to buy Fleetboston 's (FBF ) home-loan servicing unit for $660M.

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