J2 Global Jumps
In an 8K filing, messaging services provider j2 Global Communications (JCOM ) announced price increases of $2.50 to $3.00 per month for its existing base of paying Web channel customers. Pacific Growth reiterates overweight.
Citigroup upgraded Dow Jones (DJ ) to in-line from underperform, saying a recent Wall Street Journal page count suggested a dramatic ramp-up in advertising page growth.
Adobe Systems (ADBE ) posted 27 cents vs. 19 cents third-quarter earnings per share on a 12% revenue rise. Adobe sees $330 million to $350 million in fourth-quarter revenue, and 30 cents to 32 cents earnings per share. Merrill upgraded to buy from neutral. S&P reiterates hold.
Insurance giant American International Group (AIG ) will pay $10 million to settle accounting fraud charges. The Securities and Exchange Commission claims AIG colluded with Brightpoint to conceal significant losses from investors.
Galen Holdings (GALN ) says Barr Labs agreed to acquire from Galen exclusive rights in the U.S. and Canada for Loestrin and Loestrin FE oral-contraceptive products. The transaction includes a settlement of pending litigation between the two companies.
Dendreon (DNDN ) says in preclinical testing to date, data on a lead compound from its new Protease Activated Therapy therapeutic platform, CVS 10290, has demonstrated signficiant reduction in tumor volume vs. conventional chemotherapy.
Goldman upgraded ITT Industries (ITT ) to outperform from in-line.
Jefferies upgraded Investment Technology Group (ITG ) to buy from hold.
Quiksilver (ZQK ) posted 21 cents vs. 18 cents third-quarter earnings per share on a 44% revenue rise. S&P reiterates buy.
UBS Financial downgraded Biomarin Pharmaceuticals (BMRN ) to reduce from neutral.
BB&T Capital downgraded Wabash National (WNC ) to buy from strong buy.
Citigroup downgraded Applied Micro Circuits (AMCC ) to underperform from in-line on valuation.
Raymond James upgraded Micromuse (MUSE ) to strong buy from outperform.
Citigroup reportedly upgraded Wyeth (WYE ) to outperform from in-line.
Campbell Soup (CPB ) posted 18 cents vs. 13 cents (including items) fourth-quarter earnings per share on a 19% sales rise, a penny ahead of analysts' average estimates. Campbell sees 48 cents to 50 cents first-quarter earnings per share, and $1.58 fiscal 2004 earnings per share (including items).
Harrah's Entertainment (HET ) agreed to acquire privately-held Horseshoe Gaming for $1.45 billion, including debt assumption. Additionally, Harrah's plans to sell its Harrah's brand casino in Shreveport to avoid overexposure in that market, but will keeps its Louisiana Downs horse racing track and casino in Bossier City.
Citigroup downgraded IBM Corp. (IBM ) to underperform from in-line, saying "sentiment appears ahead of reality." IBM had been upgraded on Sept. 8 to "outperform" by CS First Boston, which had said IBM was the ideal "late cycle tech spending recovery play."
First Financial (THFF ) set a 2-for-1 stock split.
Banc of America upgraded Chiron (CHIR ) to buy from neutral.
TriQuint Semiconductor (TQNT ) raised the $70 million to $74 million third-quarter revenue guidance to $75 million to $77 million, and narrowed the 8-cent to 11-cent loss forecast to a 6-cent to 8-cent loss. TriQuint believes fourth-quarter revenue will be at the high end of its $72 million to $76 million guidance. DA Davidson upgraded to buy from neutral. S&P upgraded to accumulate.
Johnson & Johnson's (JNJ ) Cordis unit reported the results of its Cypher Sirolimus-eluting Coronary Stent trials in Canada and Europe demonstrate reduction of restenosis rates to 5.1%, surpassing those of Sirius.
Southwest Airlines (LUV ) requested the assistance of the National Mediation Board to conclude negotiations and reach a new contract with the TWU Local 556, which represents its 7,200 flight attendants.
Ingram Micro (IM ) sees up to a $20 million third-quarter charge (about $13 million net of tax) related to accounts receivable from Micro Warehouse, or 9 cents per share. Ingram now sees $5.175 billion to $5.350 billion in third-quarter sales, and 5 cents to 8 cents operating earnings per share.
Verity (VRTY ) posted 5 cents vs. 4 cents first-quarter earnings per share on a 21% revenue rise. Verity sees $27 million to $29 million in second-quarter revenue, 6 cents to 8 cents earnings per share, $111 million to $115 million fiscal 2004 revenue, and 28 cents to 33 cents earnings per share.