Mylan Labs Slides as Key Execs Depart

NTL shares are lower after a block trade; Morgan Stanley upgrades SAFECO to strong buy; plus other stocks in the news

Mylan Labs (MYL ) is seen lower as the company announced the resignation of Richard Moldin as president and COO, and the departure of John Hanson as CFO.

NTL Inc. (NLI ) is seen lower on a 5.25 million share block trade.

Morgan Stanley upgraded SAFECO Corp. ( SAFC ) to strong buy.

Remedy Corp. (RMDY ) agreed to be acquired by Peregrine Systems (PRGN ) in a $1.08 billion deal. Terms: $9.00 cash, 0.9065 Peregrine share for each Remedy share. First Albany rates strong buy, S&P maintains hold.

Enzon (ENZN ) says Phase III results of PEG- Intron to treat chronic myelogenous leukemia did not meet endpoint of non-inferiority compared to standard Intron A. S&P downgraded.

Andover Bancorp (ANDB ) agreed to be acquired by Banknorth Group (BKNG ) for about $333M in stock. Terms: 2.27 Banknorth shares per Andover share. Metrowest Bank (MWBX ) also agreed to be acquired by Banknorth for about $166M cash, or $11.50 per share.

AsiaInfo Holdings (ASIA won multiple contracts from China Mobile to help build next generation mobile IP networks in the Henan, Jilin and Hainan provinces.

Lazard Freres downgraded Juniper Networks (JNPR ) to hold from buy. McDonald reportedly downgraded. On Friday the company forecast $0.08-$0.09 2Q EPS (pro forma); announced 8%-9% workforce reduction.

Worldgate (WGAT ) will deploy its ITV services with AT&T Broadband in Tacoma, Washington, beginning this month.

Morgan Stanley initiated coverage of Macromedia (MACR ) with neutral. The company says its stock looks fully valued and near-term visibility is limited.

Merrill downgraded Jabil Circuit (JBL ) Celestica (CLS ), C-Mac Indus (EMS ), Solectron (SLR ) and Sanmina (SANM ) to near neutral from buy.

Dain Rauscher reiterates strong buy and $45 target on Precise Software (PRSE ).

Presstek ( PRST ) expects its Lasertel unit to record Q2 losses of about $3M and sees $27M-$28M Q2 revenues with marginal profits.

Finova Group ( FNV ) says its creditors' have chosen debt restructuring proposal from Berkadia LLC, a joint venture of Berkshire and Leucadia over a rival bid from GE Capital.

Overseas Shipholding (OSG ) filed to offer 5 million shares.

Belco Oil & Gas (BOG ) agreed to be acquired by Westport Resources (WRC ) in a deal valued at a total of about $922M. Terms: 0.4125 Westport share per Belco share.

RealNetworks (RNWK is in a deal with Cisco Systems to incorporate RealSystem iQ within Cisco's content networking product family.

DuPont Photmasks (DPMI ) sees Q4 revenue in the 3% decline-5% increase range due to the ongoing semiconductor slowdown, and sees breakeven-$0.19 Q4 EPS. DuPont will reduce its global workforce by about 6%.

Powerwave (PWAV ) sees a wider than expected Q2 loss and $70M-$80M Q2 sales, citing lower demand for 2G single carrier products and ongoing softness in the network operator market.

Alliance Semiconductor (ALSC ) says Q1 revenue will be about 50%-55% below Q4 fiscal 2001's $33M, citing very weak demand for both DRAM and SRAM products.

Spectrian Corp. (SPCT ) reduced Q1 guidance to a $0.70-$0.87 loss (pro forma) on revenues of $27M-$33M, citing poor visibility into duration and the breadth of an economic downturn. Needham slashed estimates.

Morgan Stanley Dean Witter has approached American Express (AXP ) about a possible merger, according to people with knowledge of talks: Barrron's.

Boeing Co. (BA ) is close to announcing deals with United, American and Delta to begin testing e-mail and Internet access for airline passengers, acording to The Wall Street Journal.

Alex & Baldwin (ALEX ) expects Q2 EPS to be 10%-15% below year ago's $0.69, citing differences in property sales, where Q2 2000 included a large property sale.

Autozone Inc. (AZO ) will close 30-60 auto parts stores throughout the U.S. and will take a $50-$75M after-tax non-recurring charge for Q4. Autozone continues to explore alternatives for its heavy-duty truck parts unit and says it's comfortable with the Q4 consensus estimate.

Plug Power Inc. (PLUG )filed to offer 4.75M shares.

Greenbrier (GBX ) says reduction in its North American new railcar production and lower margins on certain car types is expected to result in Q3 and Q4 net losses. Greenbrier sees breakeven to a small loss from operations for fiscal 2001.

European Commission approved Amgen's ( AMGN ) Aranesp for treatment of anaemia in chronic kidney failure including patients on and not yet on dialysis.

Sybase (SY ) set an additional $150M stock buyback.

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