ImClone's Revises Key Deal with Bristol Myers
Lucent (LU ) introduced two CDMA2000 base stations, the first be introduced as part of the company's Flexentr OneBTS base station portfolio for 3G wireless networks.
Christopher & Banks (CHBS ) posted 2% higher February same store sales, and 4% higher total sales. Brean Murray reportedly upgraded to strong buy from buy.
Nucor Corp. (NUE ) is among steel issues trading higher on Bush's decision to impose punitive tariffs on steel imports.
Hycor Biomedical (HYBD ) says it is no longer in talks to be acquired.
Emulex (EMLX ) is among the stocks trading lower on McData's preannouncement. RW Baird downgraded Emulex to market outperform from buy.
Salomon Smith Barney reportedly downgraded TicketMaster (TMCS ) to neutral from buy.
Chattem (CHTT ) agreed to buy Selsun Blue shampoo from Abbott Labs for $75M and inventories. Banc of America upgraded Chattem to buy from market perform.
Sprint PCS Group (PCS ) says it is on track to meet its 2002 financial targets, and sees 700,000-750,000 Q1 net customer additions, with EBITDA from operations approaching $600M. Sprint PCS sees 3M 2001 net customer additions, with $3B EBITDA.
Sprint FON Group (FON ) says it is on track to meet its 2002 financial targets, and expects Global Markets division will show sequential revenue, and EBITDA growth in Q1. The company sees $4.6B 2002, with EPS approaching $1.40, excluding Integrated On-Demand Network (ION) service, which Sprint FON recently discontinued.
Circuit City (CC ) posted 9% higher Q4 Circuit City Store sales and remains with recent guidance for Q4 and fiscal 2002 EPS.
Amazon.com (AMZN ) says CFO Warren Jenson intends to resign later this year. S&P called the news a blow to Amazon.
Hewlett-Packard (HWP ) won the backing of Institutional Shareholder Services for its offer to acquire Compaq Computer (CPQ ). Walter Hewlett, on behalf of the William R. Hewlett Revocable Trust, strongly disagrees with this decision.
McData Corp. (MCDT ) sees a $0.02-$0.04 Q1 loss (pro forma) on revenue of $73M-$78M. S&P and Robertson Stephens cut estimates.
American Eagle Outfitters (AEOS ) posted $0.60 vs. $0.68 Q4 EPS as higher costs offset 9.5% lower sales, and 2.4% lower consolidated Feb. sames store sales.
ImClone Systems (IMCL ) and Bristol Myers (BMY ) revised the terms of a pact to develop Erbitux, including Bristol Myers' payment of $140M cash upon the signing of pact, and $60M cash on the one-year anniversary of signing in lieu of a $300M milestone payment agreed upon in the original pact.
SeaChange International (SEAC ) posted $0.09 Q4 EPS vs. a $0.05 loss on a 29% revenue rise. SeaChange sees $0.01-$0.04 Q1 EPS on sales of $30M-$33M.
Morgan Stanley downgraded DoubleClick (DCLK ) to neutral from outperform.
Williams Cos. (WMB ) confirmed its responsibility for semiannual interest payments on $1.4B in trust notes for its unit, Williams Communications. As a result, any change in the business conditions of Williams Communications will have no impact on this note.