MIM Raises EPS Outlook
MIM Corp. (MIMS ) shares jumped after the company raised 2002 EPS forecast to $0.90, excluding a $0.03 one-time gain. In 2003, the company believes revenues will grow about 50% and margins will remain steady.
CS First Boston reiterated strong buy on Dynegy (DYN ), saying it views the crisis at as solvable with equity, asset sales, and business restructuring. S&P upgraded the stock to hold.
ImClone (IMCL ) and Bristol-Myers (BMY ) say that in a Phase II trial of Erbitux in 57 patients with colorectal cancer, 6 achieved a partial response, while 21 achieved stabilization of the disease.
S&P says Expedia (EXPE ) was down on news that Orbitz Inc., the third-largest online travel site based on gross travel bookings, filed a registration statement for an IPO. S&P reiterated accumulate on the stock.
Advent Sofware (ADVS ) shares fell after the company announced CFO Irv Lichtenwald will retire at the end of August. Wachovia says his departure could unsettle investors.
Prudential downgrades Humana (HUM ) and WellPoint Networks (WLP ) to hold from buy.
Legg Mason downgrades Symantec (SYMC ) to market perform from buy.
JP Morgan downgrades Finisar (FNSR ) to market perform from long term buy.
Deutsche Bank downgrades AMR Corp. (AMR ) to market perform from strong buy, and Northwest Airlines (NWAC ) to market perform from buy.
Lowe's (LOW ) posted $0.44 vs. $0.29 first quarter EPS on a 7.5% same-store sales rise and a 23% total sales increase. The company sees $0.53-$0.54 second quarter EPS and $1.66-$1.69 for all of fiscal 2003. Lehman raised its estimates.
UBS Warburg upgrades generic drug makers Alpharma (ALO ) and Teva Pharmaceutical (TEVA ) to strong buy from hold. The brokerage also upgrades Ivax (IVX ) and Mylan Labs (MYL ) to buy from hold.
JP Morgan upgraded Cablevision (CVC ) to buy from long term buy.
Titan Pharmaceuticals (TTP ) says that in a completed Phase II study, its novel drug Pivanex demonstrated clinical benefit, showed promise for treatment of refractory non-small cell lung cancer (NSCLC).
Salomon SB downgrades Eastman Kodak (EK ) to neutral from outperform.
American Pharmaceutical Partners (APPX ) says results from Phase II study of ABI-007 provide clinical evidence that it has the potential to be important advancement in taxane therapy for treatment of metastatic breast cancer and other solid tumors.
Protein Design (PDLI ) says Phase III results of its Zamyl in patients with relapsed or refractory acute myeloid leukemia did not achieve a statistically significant overall response.
Limited (LTD ) posted $0.15 vs. $0.05 Q1 EPS (adjusted) on a 4% same-store sales rise and a 7.3% total sales increase.
Spectrian SPCT ) agreed to be acquired by REMEC INC. for about $160 million in stock and cash (up to $45 million), valuing each Spectrian share at $14.
Charming Shoppes (CHRS ) posted $0.14 vs. $0.08 Q1 EPS despite slightly lower same-store sales. The company raised its $0.16 Q2 EPS forecast to $0.17-$0.19 and its $0.34-$0.36 projection for fiscal 2003 to $0.41-$0.43.
Vical (VICL ) says that based on the most recent database update, the estimated median survival for all 78 patients treated in its Phase II Allovectin-7 gene-based cancer vaccine program for metastatic melanoma trial was 14.3 months.
Telik (TELK ) says preliminary results of a Phase II clinical trial of its TLK286 in patients with advanced, platinum resistant non-small cell lung cancer showed significant single agent anti-tumor activity.
The board of Goodrich (GR ) approved a special stock dividend of all outstanding shares of EnPro Industries, the parent company of the Engineered Industrial Products business being spun off by Goodrich. Terms: 1 EnPro share per 5 Goodrich shares.
Juniper Networks (JNPR ) agrees to buy Unisphere Networks Inc. from Siemens AG for $375 million in cash and 36.5 million shares. The company sees the deal being slightly dilutive to earnings in '02, but adding to earnings in 2003. S&P maintains hold.