Plane Crash Hurts Travel Stocks
Royal Caribbean (RCL ) is among several leisure, hotel and restaurant stocks trading lower on renewed fears of slowing travel activity following today's plane crash.
Four Seasons (FS ) stock is downgraded by Morgan Stanley, Robertson Stephens and ABN Amro after the company posted third-quarter EPS of $0.51 on Friday.
Among airline stocks, AMR Corp. (AMR ) is seen lower following the crash of American Airlines jetliner Monday morning in New York City.
Arnold & Bleichroeder downgrades Home Depot (HD ) to reduce from neutral.
RF Micro Devices (RFMD ) Merrill says the company is exhibiting market share gains. Merrill reiterates ratings of near term accumulate, long term buy.
Enron Corp. (ENE ) inks a definitive pact to be acquired by Dynegy (DYN ). Enron shareholders will receive 0.2685 Dynegy shares per Enron share. Separately, press reports say that J.P. Morgan (JPM ) and Citibank (C ) are mulling a $500 million investment in Enron.
Ciena Corp. (CIEN ) sees fourth-quarter EPS of $0.04-$0.06 excluding items, versus $0.04 consensus, on 27% higher revenues. The company plans to cut its workforce by 380 employees, about 10%.
Needham downgrades Applied Materials (AMAT ) and Novellus (NVLS ) to buy from strong buy.
McKesson (MCK ) extends its current supply agreement with Wal-Mart (WMT ). McKesson will be awarded the pharmaceutical repackaging business previously managed by Wal-Mart.
Intermune (ITMN ) says it saw positive interim results from a post-marketing clinical trial comparing use of Infergen plus ribavirin to use of interferon alfa-2b plus ribavirin for treatment of chronic hepatitis C infections.
Loews Corp. (LTR ) files with the SEC to offer shares of Carolina Group stock, a new class of its common stock.