OSI Pharma Shares Slip on Cancer Drug Trial Results

Anadigics (ANAD ) announced orders from a leading CDMA handset manufacturer for two of the company's InGap HBT power amplifier modules. Prudential raised its price target on the shares and reiterated its strong buy rating.

Wells Fargo says data presented this weekend on three Entremed (ENMD ) cancer drugs in a clinical trial was disappointing.

Stephens Inc. upgraded Closure Medical (CLSR ) to buy from outperform. The company noted no news.

Morgan Stanley upgraded Heidrick & Struggles (HSII ) to strong buy from outperform.

OSI Pharmaceuticals (OSIP ) announced Phase II trial results from two separate trials for its lead product, Tarceva, in the treatment of two different types of cancer. Robertson Stephens views weakness in the shares as a buying opportunity.

SunTrust Banks (STI ) offered to acquire Wachovia Corp. (WB ) in a stock deal valued at about $70.06 per share, or a total of about $14.7 billion. In mid-April, First Union (FTU ) had made a bid to acquire Wachovia on the basis of two First Union shares per Wachovia share.

Lehman Bros. reportedly cut its price target on Palm Inc. (PALM ) to $11 and its target on Handspring Inc. (HAND ) to $18.

Digital Island (ISLD ) agreed to be acquired by Cable & Wireless (CWP ) in an all-cash deal valued at $340 million, including debt, or $3.40 per Digital Island share.

HSE Resources (HSE ) agreed to be acquired by Kerr-McGee Corp. (KMG ). Terms: cash or stock, subject to proration, so that 70% of total HSE shares would be acquired for $66 cash per share, and 30% would be exchanged for 0.9404 Kerr-McGee share.

Nordstrom (JWN ) posted $0.18 vs. $0.25 Q1 EPS on 3.7% lower same store sales and 5.6% higher total sales. Nordstrom sees $0.28-$0.31 Q2 EPS and $0.97-$1.01 for all of fiscal 2002, citing continuing softness in same-store sales and moderate pressure on gross profit.

Safeguard Scientifics (SFE ) reached an agreement with Microsoft (MSFT ) under which Safegurad will initiate a new program to offer consulting and infrastructure services supporting Microsoft's .NET strategy.

KPNQuest (KQIP ) says it received a multi-million euro contract to provide Internet connectivity across Europe and the U.S. to business communications provider, InPurple.

Papa John's (PZZA ) posted a 5.3% decline in April domestic systemwide comparable-store sales.

Expeditors International (EXPD ) raised its semi-annual dividend 43% to $0.10.