Wal-Mart Slides

Texas Instruments advances; Pentair drops; plus more of today's stocks in the news

Banc of America downgraded Wal-Mart (WMT ) to neutral from buy.

Wedbush Morgan raises its estimates and target, and reiterates buy on Texas Instrument (TXN ).

J.P Morgan downgraded Pentair (PNR ), a maker of woodworking machinery, to neutral from overweight.

Andrx (ADRX ) reached agreements with Pfizer and Alza Corp. under which those companies will drop lawsuits against Andrx related to a patent dispute over their Glucotrol XL drug.

CarMax (KMX ) posted 6% higher same-store used unit sales, and 14% higher total sales. The company raised the 33 cents to 35 cents second-quarter earnings per share guidance to 36 cents.

Lehman upgraded American Airlines parent AMR Corp. (AMR ) to equal-weight from underweight.

The FDA granted fast-track designation for the development of Intrabiotics (PHA ) iseganan for use in patients receiving mechanical ventilation to reduce the risk of pneumonia.

AG Edwards upgraded Sypris Solutions (SYPR ) to buy from hold. On Thursday Dana Corp. announced plans to sell some axle production assets to Sypris as part of an eight-year outsourcing contract.

Banc of America downgraded Wal-Mart (WMT ) to neutral from buy.

Eli Lilly (LLY ) expects $2.55 to $2.60 earnings per share, at the high end of its previously given projections. The drugmaker said its earnings outlook for the second half of the year supports its positive sales outlook.

Intel (INTC ) revised the $7.3 billion to 7.8 billion third-quarter revenue forecast to $7.6 billion to $7.8 billion. Intel says its Architecture business continues to experience strong broad-based demand, while communications products remains soft. Also, Intel didn't give profit guidance, but raised the third-quarter tax-rate forecast. S&P keeps buy.

Prudential upgraded Tyson Foods (TSN ) to buy from hold.

UBS Financial downgraded First Health (FHCC ) to neutral from buy.

UBS Investments upgraded National Semiconductor (NSM ) to buy from neutral.

PeopleSoft (PSFT ) set a $350 million stock buyback. Deutsche Bank upgraded to buy from hold.

S&P Ratings placed Royal & Sun Alliance's (RSA ) long-term counterparty credit and insurer financial strength ratings on various operating entities on CreditWatch with negative implications.

Video game publisher Atari (ATAR ) sees second-quarter earnings per share and revenue lower year-over-year. Atari sees $560 million to $590 million in fiscal 2004 net revenue, and $35 million to $45 million in net income. Also, Atari sees fiscal 2004 income available to stockholders as $39.2 million less than net income, as a result of stock issuance.

Microsoft (MSFT ) will provide the operating system for a mobile phone made by Motorola (MOT ). The move is part of Microsoft's effort to dominate the mobile handset operating systems market, reported the Financial Times.

New York Attorney General Eliot Spitzer's office has subpoenaed a number of large hedge funds and mutual funds to provide data about mutual-fund trading activity, including hedge fund Millennium Management, fund company Vanguard Group and Invesco Funds Group, according to the Wall Street Journal. Millennium, Vanguard and Invesco said they were cooperating in the probe, the report said.

Lexar Media (LEXR ) intends to offer a number of shares of its common stock that will result in gross proceeds of $75 million.

PeopleSoft (PSFT ) set a $350 million stock buyback. Deutsche Bank upgraded to buy from hold.

I-Stat (STAT ) received FDA clearance to market its 10-minute i-STAT System Cardiac Troponin I test.

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