Affymetrix Shares Plunge as Firm Sees Loss

Praecis shares fall after FDA fails to approve new drug application; Merrill downgrades Research in Motion; plus other stocks in the news

Nokia ( NOK ) sees Q2 sales growth below 10%, earnings per ADR of EUR 0.15-0.17. S&P maintains its accumulate rating. CS First Boston cut its estimates on Nokia.

Affymetrix Inc. (AFFX ) shares are sharply lower after the company said it sees $44M-$50M Q2 revenue, and a $4M-$7M operating loss. S&P, Robertson Stephens, Merrill, and Banc of America downgraded the shares.

Praecis Pharmaceuticals (PRCS ) shares plunged after the company received a letter from the FDA with respect to its new drug application (NDA) for Plenaxis for treatment of hormonally responsive prostate cancer indicating information inadequate for approval.

Merrill downgraded Research in Motion (RIMM ) to near term neutral from accumulate.

Merrill initiated coverage of F5 Networks (FFIV ) with near- and long-term buy.

Hughes Electronics (GMH ) trimmed the 2001 revenue growth forecasts and cut the Q2 and 2001 net subscribers estimates for DirectTV U.S. and Latin America. Prudential reportedly downgraded to hold from buy.

Morgan Stanley reportedly upgraded Dell Computer (DELL ) to outperform from neutral.

Exar Corp. (EXAR ) sees about 35%-45% Q1 sequential revenue decline, $0.02-$0.04 Q1 EPS, citing slow demand throughout communications industry.

Nanogen (NGEN ) was awarded an additional U.S. patent relating to methods for using its electronic microarray technology for DNA fingerprinting.

MDS Inc. (MDZ ) received marketing approval from FDA for its Dose Modelling independent dose calculation software.

Remec Inc. (REMC ) posted a $0.21 Q1 loss vs. $0.03 EPS as lower gross profit offset a 4.1% revenue rise.

Infonet Services (IN ) posted $0.02 vs. $0.01 Q4 EPS on a 16% revenue rise. Infonet posted $32.7M vs. $15.6M EBITDA and reconfirmed prior fiscal 2002 projections of total revenue growth of more than 25%. Infonet still is exploring alternatives.

Stanley Furniture (STLY ) expects a Q2 sales decline of more than 20%, with EPS of $0.35-$0.40, citing continued weakness in retail furniture activity. Stanley does not expect positive comps in sales and EPS until Q4.

Factset Research (FDS ) posted $0.25 vs. $0.20 Q3 EPS on a 32% revenue rise. Factset expects fiscal 2001 EPS to slightly exceed consensus estimates of $0.96, with revenue in a range between $175M-$177M. Factset expects fiscal 2002 revenue growth to about mid-20% range.

Huffy Corp. (HUF ) sees $0.04-$0.07 Q2EPS from continuting operations and $0.50-$0.75 in 2001, saying the overall economy and retail environment continue to be a challenge.

Decode Genetics (DCGN ) is in a deal with Genmab A/S to develop new antibody therapeutic products.

Rex Stores ( RSC ) set an additional 300,000 share buyback.

FuelCell Energy ( FCEL ) agreed to sell 3 million shares in a public offering.

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