Adelphia Seeks to Delay Annual Report Filing
UBS Warburg tied weakness in Bausch & Lomb (BOL ) to negative news from QLT regarding its Visudyne treatment. BAM Entertainment (BFUN ) sees $6.5M-$8.5M Q4 revenue, and a wider than expected loss. The company retained Jefferies & Co. to explore strategic alternatives. BAM says it is in preliminary talks with several parties.
Adelphia (ADLAC ) requested an extension in filing Form 10-K with the SEC, saying it is conducting a review aimed at providing additional clarification of certain co-borrowing credit facilities and related matters.
Nvidia's (NVDA ) regulatory woes are least of its problems as the company now appears to be on the wrong side of a shift in trends in the graphics-chip sector, according to Barron's.
The Power Utility Commission of Nevada will allow Sierra Pacific's (SRP ) Nevada Power unit to recover $485M out of $922M in deferred energy costs. Goldman cut to market perform. AG Edwards cut to sell.
QLT Inc. (QLTI ) now sees $275M-$300M Visudyne 2002 sales. CMS decided not to expand national coverage policy for Visudyne therapy to include patients with CNV and AMD.
Cephalon (CEPH ) ended a joint venture by acquiring the interests of two unaffiliated investors, which was formed to support commercialization activities of two products; Cephalon issued $55M aggregate principal amount of 3.875% convertible sub. notes.
XM Satellite (XMSR ) says it has added over 48,000 subscribers in Q1, exceeding its target by 15%, outpacing most Wall Street expectations.
Banc of America upgraded Ciena (CIEN ) to strong buy.
Digital River (DRIV ) sees lower than expected $0.01-$0.02 Q1 EPS from operations on revenue of $18M; $0.12-$0.14 2002. DB Alex Brown reportedly downgraded to buy from strong buy.
CS First Boston downgraded Eastman Chemical (EMN ) to hold from buy.
Merrill downgraded Wal-Mart (WMT ).
Many industry executives say they think a big local phone company like SBC or Bell South will try to acquire what remains of AT&T (T ), according to press reports. Prudential reportedly downgraded Ford Motor (F ) to sell from hold.
First Albany sees Quest Software's (QSFT ) Q1 results in line at best.