Street Dislikes Rumored Amgen-Immunex Deal

Nastech saw positive results from test of its nasal drug for impotence; Oracle Corp. posts upbeat earnings forecast; plus more of today's stocks on the move

Neurocrine Biosciences (NBIX ) says it saw positive Phase II efficacy results with NBI-34060 immediate release in elderly patients with primary insomnia. Deutsche Banc Alex Brown reiterates its strong buy rating.

Banc of America upgrades Circuit City (CC ) to buy from market perform.

RBC Dain Rauscher reiterates its strong buy rating on Nastech Pharmaceutical (NSTK ). Yesterday Nastech announced positive results from a Phase II trial of its nasally administered apomorphine for erectile dysfunction.

Bank of America says although acq. of Immunex (IMNX ) makes some strategic sense for Amgen (AMGN ), the acquisition would be dilutive and would shift the company's focus away from the launch of Aranesp. S&P is reviewing is rating.

WF Van Kasper reportedly downgrades Nike Inc (NKE ) to market perform from buy.

Goldman says weak relative performance creates compelling buying opportunity on shares of AOL Time Warner (AOL ). The firm reiterates its recommended status.

Goodrich (GR ) expects 2001 EPS from continuing operations to exceed $2.80, excluding special items, and $2.45 to $2.55 in 2002. The company says significant progress has been made on the spin-off of its engineered industrial products business.

Moody's reportedly places Calpine Corp. (CPN ) on review for a downgrade. ITT Industries (ITT ) wees $3.07 to $3.11 in 2001 EPS, before one-time items. It says that are expected to be off about 4% from 2000, it sees operating margins increasing 20-50 bps due to process improvements and cost control.

Oracle Corp. (ORCL ) posts $0.10 compared with $0.11 Q2 EPS on an 11% revenue decline. S&P maintains its accumulate rating.

Tektronix Inc. (TEK ) posts $0.12 vs. $0.36 2Q EPS from operations on a 34% sales drop. It sees Q3 revenue down 37%. S&P maintains a hold ratings.

Adobe Systems (ADBE ) posts $0.20 compared with $0.34 Q4 EPS from operations on a 26% revenue decline. The company aims for $0.20 to $0.22 Q1 EPS on revenue of $265M to $280M. S&P cuts estimate, maintains accumulate ratings.

Bristol-Myers (BMY ) sees lower than expected $2.25 to $2.35 2002 EPS. The company raises its quarterly dividend 2%.

JNI Corp. (JNIC ) sees 2002 revenue growth of up to 15% through concurrent expansion of its core fibre channel business, favorable progress with SUNW's server transition, execution of complementary InfiniBand initiatives.

California Micro (CAMD ) sees wider than expected $0.38 to $0.40 Q3 loss from operations on revenue of $7M to $7.5M.

Danaher Corp. (DHR ) sees $2.30 2001 EPS on essentially flat revenues. The company says Q4 revenue declines will likely be 11% to 13%, with EPS of $0.52. It plans to close 16 facilities and eliminate another 1,100 positions.

Echostar Communications (DISH ) is reportedly in talks for a U.S. distribution pact with Vivendi Universal. The deal could lead to Vivend investing about $1.5B in Echostar.

Trimble Navigation (TRMB ) sees between breakeven and $0.04 Q4 EPS (adjusted) on $105M to $110M in revenue.

Tribune Co. (TRB ) says that November consolidated revenue fell 7%, year-to-date declined 7%.

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