Gemstar Shares Tumble
Liberty Media agreed to buy Wink Communications (WINK ) for $3 per Wink share.
Moody's downgraded France Telecom 's (FTE ) long term debt rating to Baa3 from Baa1, and cut the short term rating to Prime-3 from Prime-2.
RJ Reynolds (RJR ) is ordered to pay $15 million in punitive damages by a federal judge in a Kansas cigarette-smoking case: according to The Wall Street Journal.
A FDA advisory committee recommended the approval of over-the-counter sales of Procter & Gamble and AstraZeneca's Prilosec heartburn drug. Andrx Group (ADRX ) manufactures the prescription version. UBS Warburg cut estimates. Wachovia says the weakness in Andrx's share price is unwarranted.
Oshkosh Truck (OTRKB ) says in response to its stock drop on Friday, it has not made any recent announcements regarding material adverse developments. BoA rates buy. RW Baird upgraded to strong buy.
A Merill Lynch sales assistant who handled the controversial trade of ImClone stock for Martha Stewart, CEO of Martha Stewart Omnimedia (MSO ) provided new information that contradicts what she and her broker said about why the stock was sold when it was, according to The Wall Street Journal.
Gemstar- TV Guide (GMST ) requested the International Trade Commission review a final determination issued by a judge with respect to set-top boxes. Deutsche Bank and Goldman downgraded. The judge rule against the maker of VCR Plus on-screen television program guides in a patent dispute.
Williams Cos. (WMB ) announced it will lay off about 125 employees, or about 16% of its trading-floor staff, according to press reports.
Endo Pharmaceutical (ENDP ) says it is disappointed by the first of three Phase III clinical trials for its development product, MorphiDex.
Dynegy (DYN ) set a $2B capital plan; the partial sale of certain joint ventures, and the IPO of a limited partnership, as well as a $100M capital expenditures reduction.
IMC Global (IMC ) says Q2 EPS from continuing operations will be lower than the current $0.11 consensus estimate due to higher costs related to the outage of a phosphate plant turbogenerator, ane the non-cash impact of foreign exchage.
The FDA voted to recommend Procter & Gamble (PG ) Prilosec be approved for over-the-counter use at full prescription strength for the prevention of frequent heartburn symptoms.
Walgreen (WAG ) posted $0.25 vs. $0.21 Q3 EPS on a 12% same store sales rise, and 17% total sales rise.
Microsemi (MSCC ) cut its $56M-$58M Q3 sales forecast to $51M-$52M, and cut its $0.09-$0.11 EPS projection to $0.04-$0.05, citing the sale of its Low-Frequency RF Transistor business in Q3 and lower demand, which is expected to extend into Q4.
Equity Inns (ENN ) sees $0.29-$0.31 Q2 funds from operations, citing increased expenses related to management effort to maintain market share at the property level.
ESS Technology (ESST ) raised $82M-$87M Q3 revenue guidance to $86M-$90M, and upped the $0.25-$0.30 EPS to $0.35-$0.38. ESS reiterated the $84M-plus Q2 revenue guidance, to $0.34-plus EPS. S&P maintains accumulate.
GlaxoSmithkline elected not to advance Immunogen's (IMGN ) cantuzumab mertansine into Phase II under present terms of Immunogen and GlaxoSmithkline's license deal. Immunogen plans to renegotiate the deal.
Intertan (ITN ) sees a Q4 loss from operations of up to $0.03; and now sees fiscal 2002 EPS of $0.62-$0.65, and fiscal 2003 of $0.85-$0.95. Intertan will eliminate certain products, and also set a 1.2M share buyback.
Neurocrine Biosciences (NBIX ) announced positive efficacy and safety results with its indiplon-MR tablets in a Phase II clinical trial in 79 elderly patients with Primary Insomnia characterized by sleep maintenance difficulties.
Oxford Glycoscience (OGSI ) received a complete response letter from FDA on its new drug application for Vevesca. The FDA says the product is not approvable as Oxford did not provide sufficient support for safety and efficacy.
Multimedia Games (MGAM ) says a federal court judge in Oklahoma recommended a preliminary injunction be issued in favor of Multimedia and its tribal partners regarding the MegaNanza family of games.