SAP, Yahoo! Announce Venture

Onyx Software (ONXS ) sees a $0.31-$0.33 Q1 operating loss on $26M-$27M revenues, citing a sharp pullback in expected purchases during March. SG Cowen downgraded to neutral from buy.

DMC Stratex Networks (STXN ) sees lower than expected $0.09-$0.11 Q4 EPS from operations on $104M-$107M revenues. Tucker Anthony says the shortfall was expected and maintains market perform.

Lucent Technology (LU ) says rumors it is filing for bankruptcy are baseless and irresponsible. S&P maintains hold.

German software giant SAP AG (SAP ) and Yahoo (YHOO ) will collaborate on an enterprise portal solution allowing companies to access information from internal and external services.

Cal Dive International (CDIS ) sees $0.18-$0.22 Q1 EPS vs. consensus $0.22 estimate, citing construction activity on the Outer Continental Shelf and better than expected weather.

Systems & Computer Tech Corp. (SCTC ) sees a $0.11-$0.13 Q2 loss from operations, and will take a $9M-$12M value-impairment charge for investments in Internet-related companies. S&P maintains hold.

Metawave Communications (MTWV ) sees $11M-$12M Q1 revenue. Salomon SB downgraded to neutral from buy.

Commerce One (CMRC ) sees a $0.11 Q1 loss, excluding non-operational charges, on $170M revenues, citing delayed IT purchases and lengthening sales cycles. S&P maintains hold.

Visx Inc. (EYE ) sees $0.21-$0.21 Q1 EPS due in part to a sequential 23% increase in licensing revenue.

Unisource Energy (UNS ) sees $0.50-$0.60 Q1 EPS, calling the results a significant improvement over year-ago results, and citing continuing strength in retail and wholesale markets and its electric utility unit.

Click Commerce (CKCM ) sees a $0.08-$0.09 Q1 loss (pro forma) on about $11.5M revenues, citing a lengthier sales process as IT spending is being examined more carefully than in the past.

Morgan Stanley (MWD ) reportedly is considering layoffs for 1,000 brokers as part of a plan to cut costs. S&P maintains accumulate.

American International Group (AIG ) offered to acquire American General (AGC ) for $46 per share in AIG stock (subject to a collar) in a deal valued at about $23 billion. AIG's offer tops Prudential PLC's (PUK ) earlier bid to buy American General for 3.6622 Prudential PLC shares per AGC share, subject to a collar. S&P maintains its accumulate rating on American General.

CS First Boston downgraded Foster Wheeler (FWC ) to hold from buy.

Merrill Lynch recommended purchase of Six Flags (PKS )ahead of a seasonally strong period for operations, rating the theme park operator a near- and long-term buy.

Celgene (CELG ) announced that its Total Therapy II Trial will be expanded to further study combination therapy for early stage myeloma patients. JP Morgan downgraded to long-term buy from buy.

Primus Knowledge (PKSI ) sees a wider than expected $0.20-$0.23 1Q loss on $10M revenues. The company cites cautious capital spending by businesses in an uncertain economy. Robertson Stephens downgraded its rating on the shares to long-term attractive.

Rational Software (RATL ) sees $0.20-$0.22 Q4 EPS on $240-$245 million in revenues, citing increasingly cautious customers. The company sees $0.70-$0.72 fiscal 2002 (Mar.) EPS on $813-$818 million in revenues. CS First Boston downgraded the shares to buy from strong buy. Goldman also downgraded. S&P maintains accumulate.

Agile Software (AGIL ) sees $0.03-$0.06 Q4 loss per share from operations on $26-$27 million in revenues. The company notes a slow-down in IT spending, but it remains confident in its long-term prospects.

Onyx Software (ONXS ) sees a $0.31-$0.33 Q1 operating loss per share on $26-$27 million in revenues, citing a sharp pullback in anticipated purchases during March.

Knight Trading Group (NITE ) sees $0.18-$0.20 Q1 EPS vs. previous guidance of $0.32-$0.40 (including about $0.08 per share related to international expansion costs).

Adtran Inc. (ADTN ) sees lower than expected $0.08-$0.10 Q1 EPS on about $105 million in revenues, citing a seasonal slowdown in its carrier business.

Keynote Systems (KEYN ) sees lower than expected $0.06-$0.07 Q2 EPS on $12-$12.2 million in revenues. Keynote set a reduction of about 13% of its work force. Robertson Stephens cut estimates.

Dover Corp. (DOV ) sees lower than expected $0.38-$0.41 Q1 EPS, citing declines in its Technologies business and the impact of the economic slowdown.

Bell Micro (BELM ) sees $0.01 Q1 EPS on about $530 million in sales. Bell cites a weakening market for electronic components. Salomon Smith Barney downgraded to outperform from buy; Tucker Anthony cut estimates.

Exe Tech (EXEE ) sees $0.03 Q1 EPS on revenues of about $29 million. The company notes lengthening sales cycles and some project deferrals.

Sybase Inc. (SYBS ) sees $0.23-$0.26 Q1 EPS on $227-$231 million in revenues, citing the effects of the current U.S. economic malaise.

Commerce One (CMRC ) sees an $0.11 Q1 loss per share, excluding non-operating charges, on $170 million in revenues. The company cites delayed IT purchases and lengthening sales cycles.

LoJack (LOJN ) sees an $0.18-$0.20 Q4 loss, including the effect of a one-time charge taken due to adoption of SEC's SAB No. 101.

Regarding the California Public Utilities Commission's decision to investigate the relationship between PG&E Corp. (PCG ) and its Pacific Gas utility unit, PG&E says it has managed its utility business in accordance with all applicable laws.

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