Mylan Labs Loses Appeal in Patent Case
Robertson Stephens upgraded Visible Gene (VGIN ) to strong buy from buy.
Immucor (BLUD ) posted $0.17 Q1 EPS vs. a $0.03 loss on a 9% revenue rise.
Concord Communications (CCRD ) posted a $0.09 Q3 loss vs. $0.05 EPS on flat revenue. The loss is narrower than some estimates. Concord reaffirmed it will deliver between breakeven to slightly profitable levels in Q4.
Versar (VSR ) shares are higher after the company announced it has responded to a confidential "Fortune 500" firm's concern about the risk of bioterrorism associated with mailroom operations.
Mylan Labs (MYL ) shares are lower on news that late Friday, a U.S. appeals court sided with Bristol Myers (BMY ) in its appeal against Mylan in a case regarding the listing of Bristol Myers' patent on BuSpar in the FDA's "Orange Book."
J.P. Morgan downgraded Altera (ALTR ) Applied Micro Circuits (AMCC ), PMC Sierra (PMCS ), Vitesse Semiconductor (VTSS ), Xilinx (XLNX ) to market perform from long-term buy.
Dain Rauscher upgraded Amazon.com (AMZN ) to buy from neutral.
Visionics Corp. (VSNX ) received new live scan orders from the U.S. INS office for its TENPRINTERS and FingerPrinter CMS systems; the value of the two orders combined exceeds $1M.
Needham downgraded Cisco Systems (CSCO ) to buy from strong buy.
Robertson Stephens trimmed Intel (INTC ) estimates, and maintains market perform.
Vulcan Materials (VMC ) sees $0.90 Q3 EPS, at the lower end of the range communicated on July 25.
IMC Global (IGL ) will sell its salt and Ogden businesses to a entity formed by affiliates of Apollo Management L.P. of New York in a merger deal valued at about $640M.
UBS Warburg and Goldman cut estimates on Xerox (XRX ) on Friday. The company forecast a wider than expected $0.22-$0.25 Q3 loss from operations, citing the foreign exchange impact, a tax rate change and the September 11 tragedy.
Dynegy (DYN ) posted $0.85 vs. $0.55 on a slight revenue rise and sees $2.09-$2.10 2001 EPS.
American International's (AIG ) board revoked previously existing authorizations to buy back over 10M shares. The board had approved a purchase of up to 10M shares on September 5, and authorized a buyback of an additional 40M shares on September 14, for a total of 50M.
Lehman reportedly downgraded Applied Material (AMAT ) and Asyst Technologies (ASYT ) to market perform from buy.
Fannie Mae (FNM ) posted $1.33 vs. $1.09 Q3 EPS from operations on a 31% revenue growth, and expects 2002 EPS from operations growth to meet or exceed mid-teens rates.
IPC Holdings (IPCR ) increased estimated losses from the September 11 terrorist attacks for Q3 from $75M to $95M.
Adtran (ADTN ) posted $0.13 vs. $0.54 Q3 EPS on a 33% revenue drop.
Global Marine (GLM ) posted $0.34 vs. $0.18 Q3 EPS on a 15% revenue rise.
Drexler Tech (DRXR ) posted $0.12 vs. $0.16 Q2 EPS on a 6.7% revenue drop.
Mettler Toledo (MTD ) agreed to acquire Rainin Instrument, a leading manufacturer of pipetting solutions used in pharmaceutical, biotech and medical research applications, for $292.2M in cash and stock.