Powerwave Strikes Supplier Deal with Motorola

SAP will increase stake in Commerce One; Southtrust will acquire Community Bankshares; plus more stocks in the news

Powerwave Technology (PWAV ) finalized a pact to become the exclusive external supplier of ultra-linear high-powered multi- carrier RF power amplifiers to Motorola. Wells Fargo upgraded Powerwave to buy from market perform.

Community Bankshares (CBIV ) agreed to be acquired by Southtrust Corp. (SOTR ). Terms: 1.5904 Southtrust shares per Community Bankshares share.

Adolor Corp. (ADLR ) announced results from three separate Phase II studies of ADL 8-2698. Merrill says two ileus studies with regard to the recovery of bowel function was less than observed in a previous study.

Cardiac Pathways (CPWY ) agreed to be acquired by Boston Scientific (BSX ) for $5.267 per share.

SAP AG will pay up to $225M for an increased stake in Commerce One (CMRC ). Separately, Commerce sees lower than expected $100M-$120M Q2 revenues. S&P reiterates hold.

CIBC World initiated coverage on enterprise storage stocks Brocade Communications (BRCD ), Network Appliance (NTAP ) and QLogic Corp.(QLGC ) with buy.

J.P. Morgan reinitiatd coverage of Advanced Micro (AMD ) Altera Corp. (ALTR ), Intel (INTC ) and Xilinx (XLNX ) with long-term buy.

Dain Rauscher remains very comfortable with the Q1 estimates and reiterates strong buy on Intranet Solutions (INRS ).

Hawk Corp. (HWK ) lowered its Q2 guidance to a $0.15-$0.20 loss, including severance and other cost cuts, on revenues 10%-15% lower than a year ago. Hawk cited economic conditions and a larger slowdown in sales activity.

Key Energy (KEG ) raised Q4 guidance to $70M-$72M EBITDA on $245M-$247M revenues.

T B Woods (TBWC ) began a tender offer for 150,000 shares of stock at a price per share of $8.50-$11.50.

Amgen (AMGN ) says although talks with FDA are progressing, Amgen did not receive FDA approval for Aranes in the first half of year as expected; notes FDA has not asked for additional data.

Honeywell (HON ) offered to cut the ratio for GE from 1.055 to 1.01; and asked GE to reinstate divestitures to satisfy the EU Commission. GE says the proposal makes no sense for its shareholders.

Duramed Pharmaceutical (DRMD ) agreed to be acquired by Barr Laboratories (BRL ). Terms: 1 Barr share for every 3.9032 Duramed shares.

Millennium Chemicals (MCH ) plans to idle its titanium dioxide facility in Maryland, and reduce workforce by 10% as part of cost savings strategy. The company will take a $30M Q2 charge.

PMC-Sierra (PMCS ) lowered Q2 guidance to a $0.07-$0.09 loss (pro forma) on $93M-$95M revenue, citing continued weakness in customer demand during the quarter. Robertson Stephens cut estimates and maintains buy.

S&P says although Microsoft (MSFT ) held an upbeat conference call regarding the reversal of ruling to break the company up, the positive news is reflected in the stock price. S&P maintains hold.

Dow Chemical (DOW ) lowered its Q2 EPS expectations, noting demand wasn't as strong as anticipated. Though it no longer expects to meet the previous $0.35-$0.45 estimate, Dow expects EPS to be within the current range of analyst estimates.

Scotts Co. (SMG ) sees $1.88-$1.98 Q3 EPS, citing lower than expected sales in the U.S. and Europe. Scotts sees $2.33-$2.63 fiscal 2001 EPS, and set a restructure plan. S&P maintains hold.

National Service (NSI ) will split into two independent public companies. The Lithonia Lighting Group and the NSI Chemicals Group will become a new company.; the two remaining business units will remain as core businesses of restructured National Service.

Brooks Automation (BRKS ) agreed to acquire Progressive Technologies, maker of high-precision air flow, pressure control systems for semiconductor processing, in a deal valued at $31.5M.

Amerco (UHAL ) posted a $2.34 Q4 loss vs. $0.60 loss as losses from insurance operations, the adverse settlement of the Crandall lawsuit, weather problems, startup costs from storage centers and increased utility costs, offset a 6.8% revenue rise.

Durect Corp. (DRRX ) says preliminary results from Phase II study showed patients had clinically significant improvement in pain control, and reductions in some opioid side effects when treated with Chronogesic vs. previous opioid therapies.

Crescent Real Estate (CEI ) is in a deal with Crescent Operating, Inc. to acquire certain resort/hotel lease interests, residential development corporations, and other assets for $78.4M.

Tommy Hilfiger (TOM ) is in a deal to acquire all outstanding shares of T.H. International N.V., owner of its European licensee, for $200M in cash.

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