PolyMedica Denies Medicare Fraud Probe
Polymedica (PLMD ) says it has no knowledge of a federal grand jury probe for possible Medicare and investor fraud reported in Barron's on August 6. CIBC World downgraded to hold from strong buy.
Advanced Micro (AMD ) shares are seen lower on news of Intel's price cuts.
Robinson Humphrey downgraded SeaChange (SEAC ) to outperform from buy.
Robertson Stephens reiterates buy and the $67 target on CV Therapeutics (CVTX ).
Colt Telecom (COLT ) reportedly posted a 53.8M British pound pretax loss in Q2 vs. a GBP33.7M loss, saying it's not immune to the effects of the economic slowdown.
Merrill initiated coverage of Ventas Inc. (VTR ) with near and long-term buy.
Lehman says that on August 26, Intel Corp. (INTC ) will cut prices by 50% on its high-end chips. Salomon cut estimates.
Genesco (GCO ) sees $0.23-$0.25 Q2 EPS on a 3%-5% same store sales drop and sees $0.34-$0.36 Q3 EPS, $0.67-$0.69 for Q4, and $1.58-$1.64 for 2001. Banc of America downgraded to buy from strong buy. Bear Stearns also downgraded.
Motorola (MOT ) General Dynamics will acquire Integrated Information Systems Group, and will assume certain liabilities and ongoing business obligations for $825 million in cash.
Echostar Communications (DISH ) offered to acquire General Motors H 's (GMH ) Hughes Electronics in a deal valued at $32.3B, including debt assumption. Terms: 0.75 Echostar share per General Motors share. GM is currently in talks with News Corp. S&P maintains hold and Lehman reiterates strong buy on General Motors H.
Global Airlines reportedly will offer $1.8 billion, or $27 per share in cash, to acquire US Airways Group (U ).
Medarex (MEDX ) posted better than expected $0.06 Q2 EPS vs. a $0.08 loss on sharply higher sales and says it does not anticipate it will be consistently profitable for the foreseeable future.
Radioshack ( RSH ) posted 6% lower July same store sales, and 5.5% lower total July sales. Merrill downgraded to near term neutral.
Signal Technology (STCO ) is in deals with Northrop Grumman Vitesse Semiconductor to translate its expertise in RF and microwave modules for defense, broadband wireless applications into advanced semiconductor modules for mobile phones and wireless appliances.
Cell Genesys (CEGE ) says in preclinical studies of cardiovascular gene therapy in porcine models, the novel cell cycle inhibitor fusion gene demonstrated potent inhibition of coronary artery occlusion resulting from restenosis.