General Dynamics Bid Buoys Newport News

Newport News Shipbuilding (NNS ) agreed to be acquired by General Dynamics (GD ) via a $67.50 cash tender offer. (GOTO ) posted a $0.13 Q1 loss vs. a $0.20 (pro forma) loss on a sharp revenue rise. Merrill upgraded to near-term accumulate from neutral.

USA Networks (USAI ) posted a 16% EBITDA rise from operations on a 17% revenue rise and sees 18%-20% 2001 and 2002 EBITDA growth.

CS First Bostons upgraded Conseco (CNC ) to buy from hold. The company posted $0.16 vs. $0.10 Q1 EPS from continuing operations.

Checkfree (CKFR ) posted a $0.04 Q3 loss vs. a $0.04 loss from operations, limited by higher operating costs. The company sees a $0.01-$0.03 Q4 loss (pro forma). S&P maintains sell and Legg Mason reiterates buy.

UBS Warburg downgraded Juniper Network (JNPR ) Cisco (CSCO ) and other telecom and networking solution companies to hold from buy.

Morgan Stanley and First Union downgraded to Ford Motor (F ) to neutral from outperform.

Legg Mason upgraded Health Management (HMA ) to buy from market perform. On Tuesday the company posted $0.23 vs. $0.21 2Q EPS on 18% net patient service revenue growth.

Adept Technology (ADTK ) posted a $0.99 Q3 loss (including amortization) vs. $0.06 EPS on 9% revenue decline. Adept doesn't expect to have taxable income for fiscal 2001 and Q1.

Cymer (CYMI ) posted $0.40 Q1 EPS from operation vs. $0.33 EPS on a 13% revenue rise. Cymer says Q2 revenue could decline by 18%-22% from Q1. Morgan Stanley upgraded to strong buy from outperform.

Anaren Micro (ANEN ) posted $0.12 vs. $0.12 Q3 EPS despite a 39% sales rise and sees $0.02-$0.06 Q4 EPS on $15M-$17M sales. Anaren plans job cuts. Tucker Anthony, CIBC World and Morgan Stanley downgraded.

Anavex Corp. (ANVX ) posted a $0.03 Q3 loss (pro forma) vs. a $0.08 loss on sharp revenue rise. Anavex sees Q4 revenues of about $25M and a loss of $0.02-$0.03. Morgan Stanley downgraded. USB Piper reportedly downgraded. (PPRO ) says it will release Q1 results later Wednesday and expects results to be below estimates due to deferred recognition of certain license revenues.

SpeechWorks (SPWX ) posted a $0.19 Q1 loss vs. a $0.29 loss on sharply higher revenues. USB Piper reportedly downgraded.

SCI Systems (SCI ) posted better than expected $0.28 Q3 cash EPS from operations on 9% revenue decline. S&P says the company forecasts $0.26-$0.29 Q4 cash EPS on flat sequential revenue, and upgraded it opinion to avoid from sell. (AMZN ) posted a $0.21 Q1 loss per share vs. a $0.35 loss (pro forma) on a 22% revenue rise. Amazon says it is on target to reach pro forma operating profitability in Q4. S&P maintains hold.

Coherent Inc. (COHR ) posted $0.39 vs. $0.23 Q2 EPS on a 29% sales rise. The company sees $470M-$480M fiscal 2001 revenues (from continuing operations).

LSI Logic (LSI ) posted $0.03 vs. $0.26 Q1 EPS before goodwill (EBG) on a 16% revenue decline. The company sees a $0.07 Q2 loss on a 10%-15% sequential revenue decline. S&P maintains hold.

Applied Micro (AMCC ) posted $0.09 vs. $0.08 Q4 EPS (pro forma) on a sharp revenue rise. The company reportedly sees breakeven to $0.02 Q2 EPS on $70M-$85M in revenue.

Computer Network Technology (CMNT ) sees a $0.05-$0.10 Q1 loss per share from continuing operations on a 30%- 40% sequential revenue decline. The company plans to reduce workforce in its storage networking and Propelis divisions by about 10%; it will take a related charge of about $3M.

BMC Software (BMCS ) posted $0.26 vs. $0.49 Q4 EPS from operations on an 11% revenue decline. S&P maintains hold.

Closure Medical (CLSR ) posted $0.02 Q1 EPS vs. a $0.23 loss on a 39% revenue rise. Closure reaffirms previously stated 2001 EPS guidance of $0.15-$0.20.

Pericom Semiconductor (PSEM ) posted $0.16 vs. $0.14 Q3 EPS on a 12% revenue rise. Pericom says Q4 revenue could be reduced by about 20-25% from the Q3 level. It says visibility continues to be limited.

Zebra Technologies (ZBRA ) posted $0.55 vs. $0.48 Q1 EPS on a 16% revenue rise. Zebra sees lower than expected EPS of $0.58-$0.63 for Q2 and $2.60-$2.75 for all of 2001. S&P maintains hold.

Anchor Gaming (SLOT ) posted $0.87 vs. $0.67 Q3 EPS from operations on an 11% revenue rise. Anchor sees at least $1.05 Q4 EPS from operations and $4.40 for all of fiscal 2002.

Commscope (CTV ) posted $0.32 vs. $0.32 Q1 EPS (assuming dilution) as narrowed margin offset a 7% sales rise. The company sees Q2 sales flat to a 10% sequential decline. S&P maintains hold.

Mentor Graphics (MENT ) posted $0.27 vs. $0.16 Q1 EPS on a 17% revenue rise. Mentor sees $160M Q2 revenue and $680M for all of 2001.

Owens-Illinois (OI ) posted $0.30 vs. $0.36 Q1 EPS on 3.2% lower revenues. The company cites higher energy costs and foreign exchange effects. It says Q2 EPS from operations and fiscal 2001 EPS will be below those of the prior-year period.

Baker Hughes (BHI ) posted $0.21 vs. $0.04 Q1 EPS despite flat revenues. The company sees operating EPS of $0.25-$0.27 for Q2 and $1.10-$1.20 for all of 2001.

Verizon Communications (VZ ) posted $0.72 vs. $0.69 Q1 EPS on 17% higher revenues.

AFLAC (AFL ) posted $0.33 vs. $0.29 Q1 EPS on flat revenues.

Beazer Homes (BZH ) posted $1.92 vs. $1.02 Q2 EPS on a 12% revenue rise. Beazer increased its fiscal 2001 EPS estimate to $7.00-$7.25.

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