Tenet Skids

Endo Pharmaceuticals turns lower; Hewlett Packard advances; plus more of today's stocks in the news

Endo Pharmaceuticals (ENDP ) says results from the second of its three Phase III clinical trials for its development product, MorphiDex, did not meet their objectives. JP Morgan downgraded to underweight.

Infinium Software (INFM ) agreed to be acquired by SSA Global Technologies for $7.00 per share cash. Infinium posted $0.26 fourth quarter earnings per share vs. a $0.51 loss.

UBS Warburg downgraded Tenet Healthcare (THC ) to reduce from hold.

Comcast (CMCSK ) posted 18% higher third quarter operating cash flow, and 13% higher consolidated revenue. The company says it is prepared to complete a merger with AT&T Broadband in the fourth quarter.

Kelllog (K ) posted $0.49 vs. $0.37 third quarter earnings per share despite a 2.5% sales drop and reaffirmed the $1.73 2002 earnings per share estimate, and sees $1.86-$1.90 2003 earnings per share.

Dell Computer (DELL ) reportedly says it is seeing demand for computer hardware.

Adobe System (ADBE ) believes it will achieve previous $0.21-$0.25 fourth quarter earnings per share pro forma, and $285M-$300M revenue targets.

Lehman upgraded Citigroup (C ) to overweight from equal-weight.

Brocade Communications (BRCD ) sees $152M-$153M fourth quarter revenue, and $0.07 earnings per share due to continued weakness in the IT spending environment.

Newell Rubbermaid (NWL ) posted $0.46 vs. $0.34 third quarter operating earnings per share on a 10% sales rise, and maintains the $1.53-$1.58 2002 operating earnings per share forecast. Newell sees $1.73-$1.83 2003 operating earnings per share.

Veeco Instrument (VECO ) posted a $0.07 third quarter loss from continuing operations vs. $0.09 earnings per share on a 36% sales drop, and sees fourth quarter bookings down about 10% sequentially, $62M-$66M sales, and a $0.10-$0.15 pro forma loss.

Lehman reportedly upgraded Hewlett Packard (HPQ ) to overweight.

The FDA approved Merck 's (MRK ) Zetia, a cholesterol absorption inhibitor developed by Merck and Schering-Plough.

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