Pro Detailing Shares Hit by Court Decision

Semtech sees third-quarter sales growth; Polymedica gets hit with grand jury subpoena; plus more of today's stocks in the news

Merrill downgraded Professional Detailing (PDII ). On Monday, a court vacated a preliminary injunction against Ranbaxy Pharmaceutical; Ranbaxy could market a generic version of Ceftin, an antibiotic Pro Detailing markets for GlaxoSmithKline. That company's action against Ranbaxy remains pending.

Semtech Corp. (SMTC ) posted better than expected $0.08 Q2 EPS (pro forma) and sees 3%-5% sequential growth for Q3 net sales. Banc of America and CIBC World reiterate buy and raise estimates. S&P maintains hold.

Polymedica (PLMD ) reported agents from the FBI executed search warrants Tuesday at two Florida facilities, and served a grand jury subpoena on the company.

Capstone Turbine (CPST ) sees substantially lower than expected Q3 sales, citings a sluggish order flow. S&P downgraded to hold. Robert Baird downgraded.

Celgene Corp. (CELG ) and Novartis received FDA approval for dexmethylphenidate HCl(1); a refined formulation of Ritalin (R) (dl-methylphenidate), and half the dose of Ritalin. S&P upgraded.

Triquint Semiconductor (TQNT ) reiterates second-half 2001 sales and profit guidance. CIBC World reiterates strong buy. Wells Fargo and Banc of America reiterate buy.

Eli Lilly committed more than $200M in funding to Isis Pharmaceuticals (ISIP ) over a four-year period. Lilly will make a $75M equity investment in Isis through the purchase of stock at $18 per share, about 9% ownership.

ABN Amro upgraded Guidant (GDT ) to add from hold.

Electro Scientific (ESIO ) now expects Q1 net sales to be 40%-50% below Q4; as a result, the company expects to report an operating loss for Q1.

Open-Joint/Vimpel Communication (VIP ) posted $0.22 Q2 earnings per ADS vs. an $0.18 loss on 44% higher revenue.

Merrill upgraded Interwoven (IWOV ) to near-term accumulate from neutral, and maintains long term buy.

RW Baird upgraded Lightbridge (LTBG ) to market outperform from market perform.

Merck KGaA will sell its 43% ownership in Pharmaceutical Resources (PRX ). This allows Merck KGaA to raise the money necessary to meet stated its objective of expanding oncology portfolio, and the two companies will maintain a relationship.

Lehman downgraded VF Corp. (VFC ) to buy from strong buy.

SG Cowen reportedly upgraded Waters Corp. (WAT to strong buy.

CS First Boston expects Ulticom Inc. (ULCM ) to exceed Q2 estimates, and maintains buy.

Morgan Stanley downgraded Heidrick & Struggles (HSII ) to outperform from strong buy, and believes business conditions have worsened.

Dain Rauscher upgraded Polycom (PLCM ) to buy from neutral.

AOL Time Warner (AOL ) set a reorganization and will cut 1,200 positions and take a $100M-$125M Q3 charge.

General Motors (GM ) affirmed the $0.83 Q3 EPS outlook, slightly above current estimates. Says Q4 production will be down slightly. Production is currently estimated at about 1%-3% lower than a year ago, consistent with expectations.

Intuit (INTU ) posted a $0.08 Q4 loss vs. a $0.04 loss (pro forma) on a 18% revenue rise. Results were $0.02 better than consensus estimates. Intuit reiterates fiscal 2002 guidance. S&P upgraded. Prudential also upgraded.

Big Lots (BLI ) posted a $0.09 Q2 loss vs. $0.08 EPS from operations as higher costs offset a 5.6% sales rise. Big Lots sees a $0.06-$0.10 Q3 loss on a flat-to-2% same-store sales rise, and sees $0.40-$0.50 2001 EPS on a slight-3% same-store sales rise.

DB Alex Brown upgraded Gillette (G ) to buy from market perform.

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