GE, Honeywell Submit Final Merger Plan

Schlumberger reduces outlook; STMicroelectronics cuts guidance; and more of today's stocks in the news

General Electric (GE ) and Honeywell (HON ) submitted to European authorities a final, detailed package of actions they are willing to undertake to get approval of the deal. GE is not optimistic the proposal will meet European regulatory approval.

Schlumberger ( SLB ) says revenue for recently acquired operations are lower than previously estimated. Pretax operating income is expected to be breakeven for the first six month following the acquisition. Dresdner reportedly downgraded.

Pacific Growth downgraded Digital Lightwave (DIGL ) to buy from strong buy.

STMicroeclectronics ( STM ) cut Q2 revenue guidance to $1.55B-$1.6B. S&P maintains hold.

CNF Inc. ( CNF ) will take a one-time $170M-$200M Q2 restructuring charge to reflect underutilization and disposal of assets at Emery Worldwide Airlines. CNF sees $0.15-$0.20 Q2 EPS from operations. S&P maintains hold.

Promistar Financial ( PRFC ) agrees to be acquired by F.N.B. Corp. (FBAN ) Terms: 0.926 F.N.B. share for each Promistar share.

PS Financial PSFI agreed to be acquired by PNA Holding Co. in a deal valued at about $18M, or $14 cash per PS Financial share.

FMC Technology (FTI ) set an initial offering of 11 million shares at $20.

Gentex Corp. (GNTX ) says Q2 EPS is likely to be about 10%-15% below the $0.24 analysts' consensus estimate. JP Morgan downgraded the shares to market underperform from market perform.

Merrill downgraded Corning Inc. (GLW ) to near term neutral from accumulate.

CIBC World downgraded Micromuse Inc. (MUSE ) to hold from strong buy.

Steelcase (SCS ) posted $0.16 vs. $0.41 Q1 EPS on a 9% revenue decline. The company sees a 15% fiscal 2002 (Feb.) revenue decline and $0.65-$0.75 fiscal 2002 EPS; it cited further scaling back of U.S and European furniture purchases.

Silicon Storage (SSTI ) sees breakeven to $0.03 Q2 EPS on $60-$68 million in revenue. The company cited excess inventory and a slowdown in new orders. It will slash production. CS First Boston cut its estimates.

Century Bancshares (CTRY ) agreed to be acquired by United Bancshares (UBSI). Terms: 0.45 United share, plus $3.43 cash for each Century share.

Due to weak technology demand from U.S. companies and softening international markets, Ingram Micro (IM ) says it may post breakeven to a loss of up to $10 million in Q2, net before taxes, on revenues of $5.8-$6 billion. Salomon SB downgraded the shares to neutral from outperform.

Based on a review of retail accounting systems at its StatScript subsidiary, Chronimed (CHMD ) finds revenue, EPS, and receivables for fiscal 2000 and each of the first three quarters of fiscal 2001 were overstated. The company will adjust these figures.

Fundtech (FNDT ) sees lower than expected $0.17-$0.24 Q2 EPS from operations on $10-$11 million in revenue, citing prolonged sales cycles and more time needed for cost-cutting measures to take effect.

Heinz (HNZ ) posted $0.53 vs. $0.63 Q4 EPS from operations despite a 4% sales rise. Heinz sees $0.60-$0.62 Q1 EPS, citing current U.S. dollar strength, high energy costs, and softness in the quick-serve segment of the U.S. foodservice business.

Quantum Corp. (DSS ) sees $0.10-$0.12 Q1 EPS on revenue of $265-$275 million. The company cites weak demand in U.S. and European markets.

Texas Instruments (TXN ) reportedly reiterates Q2 revenues will fall 20% from Q1, although it says demand remains weak.

Lucent Technologies' (LU ) plan to sell two manufacturing plants has fallen through, according to press reports.

Metro One Telecommunications (MTON ) sees better than expected $57-$59 million in Q2 revenue, and EPS of $0.38-$0.41 vs. the $0.30 analysts' consensus. The company sees $1.33-$1.40 2001 EPS.

CTS Corp. (CTS ) sees $0.05-$0.10 Q2 loss on revenue of about $150 million. The company believes it is close to the bottom in the current business cycle; CTS thinks sales will improve through the year's second half.

In response to questions arising from proposed U.S. legislation, Talisman Energy (TLM ) says it in compliance with all laws in jurisdictions in which it operates, including the laws of the U.S. The company believes its presence in Sudan is positive.

United Technologies (UTX ) set a 20 million share buyback.

Catapult Communications (CATT ) will be added to the S&P SmallCap 600 Index after the close of trading June 14, replacing eLoyalty Corp. (ELOY ).

Before it's here, it's on the Bloomberg Terminal.