IBM Falls on Accounting Concerns
King Pharmaceutical (KG ) posted $0.31 vs. $0.24 Q4 EPS on a 44% revenue rise and remains comfortable with projected ranges for estimated net sales of Altace, as well as total revenue and EPS from operations for 2002.
NVIDIA (NVDA ) dropped further. On Friday the company said it was reviewing recording of reserves and the timing of recording costs. NVIDIA also posted $0.43 Q4 EPS.
Honeywell (HON ) will appoint David Cote as CEO.
Southwest Airlines (LUV ) add 4,000 people to its payrolls in 2002 to meet demand.
Revlon (REV ) appointed Jack Stahl as president and CEO, effective immediately, and notes Mr. Stahl is the former president and COO of Coca-cola Co.
Ceradyne (CRDN ) expects 2002 shipments to increase by as much as 30%-40% over 2001 levels.
According to a recent Form 8-K filed with the SEC, American Spectrum (AQQ ) announced Arthur Andersen has resigned as the company's auditor.
Commerzbank reportedly downgraded Deutsche Bank (DB ) to hold from accumulate.
Intervoice-Brite (INTV ) says it is unable to establish its Q4 loss until certain previously announced cost cutting measures are completed; related charges could be $20M-$30M. SWS Securities downgrades to neutral.
Omnivision Technology (OVTI ) Robertson Stephens remained cautious on the company's near term outlook, and reiterates market perform.
Digene (DIGE ) agreed to be acquired by Cytyc for $28.81 in cash and stock.
Gerard Klauer believes Circuit City's (CC ) remodeling costs may exceed previous forecasts.
Protein Design (PDLI ) is seen lower on concerns over Zenapax psoriasis data.
AES Corp. (AES ) announced additional capital expenditures and other spending cuts. Also, AES will divest certain assets. S&P says the divestitures are probably near low valuations, but he upgraded to hold.
UAL Corp. (UAL ) and the machinists union reached a tentative deal, averting a possible strike.
Sabre Holding plans to make a $23 per share cash tender offer for all shares of Travelocity.com (TVLY ) it does not own. Sabre currently has about a 70% stake.
CS First Boston downgraded Boeing (BA ) to buy from strong buy on valuation.
Sharper Image (SHRP ) posted better than expected $0.92 vs. $1.00 Q4 EPS on 6% lower total company revenue.
Triad Hospitals (TRI ) posted $0.19 vs. $0.11 Q4 EPS from continuing operations on a sharp revenue rise, and restated upward Q1, Q2, and Q3 EPS due to the pro forma impact of appraisals and allocations. Triad says it's comfortable with previous $1.40-$1.48 2002 EPS guidance.
ONI Systems (ONIS ) agreed to be acquired by Ciena in a deal valued at about $900M. Terms: 0.7104 Ciena share per ONI share.
IBM Corp. (IBM ) plans to start releasing details of financial income that it previously recorded as offsets to its expenses, according to press reports. Prudential reportedly cut the price target to $100.
Analogic (ALOG ) announced the resignation of president and CEO Thomas Miller.