Imclone Sys (IMCL) 38.55: Reports Q1 loss of $0.02 a share, a penny narrower than consensus, vs a yr-ago loss of $0.26; total revenues were $24.7 mln, compared to $0.25 mln in the yr-ago (includes $24 mln in milestone payments from Merck); see press release.
Pixar Animation (PIXR) 34.09: Prudential upgrades to STRONG BUY from ACCUMULATE after company reported 1Q01 results that were well ahead of firm's expectations; marketing of Pixar's next film, Monsters Inc., begins this summer and firm believes this should serve as a powerful catalyst for the stock; thinks shares could trade up to firm's $50 price target in anticipation of the release of Monsters Inc., but would warn investors that in the past, shares have typically traded flat to down shortly after the film makes its debut.
Compaq (CPQ) 16.10: Announces its decision not to increase its offer to acquire Proxicom (PXCM 7.64). "Compaq intends to aggressively drive its strategy of expanding our services capabilities," said company. "However, at this time, we don't feel current economics warrant increasing our bid for Proxicom"; see press release.
Mercury Interactive (MERQ) 62.93: UBS Warburg initiates coverage with a BUY rating and price target of $80; says that Mercury is top provider of software for testing the functionality and performance of Internet and client/server applications, and while Mercury dominates this market with an estimated 45%-50% share, the market opportunity still remains largely untapped; notes Mercury is not immune to the weak IT spending environment, but merely better insulated.
Rambus (RMBS) 11.76: Announced last night that Bob Eulau has joined the company as CFO and Senior Vice President, replacing Gary Harmon who plans to retire at the close of the current quarter; Eulau previously served as VP and CFO of the Business Customer Organization, the largest business unit at Hewlett-Packard; see press release.
Knight Trading (NITE) 18.94: Salomon Smith Barney downgrades to OUTPERFORM from BUY; firm expects decimalization to be a net near-term negative for principal traders like NITE, putting pressure on profitability; Nasdaq study on preliminary findings shows that average effective spread reduced by 46%; still views NITE as industry leader with great track record of profitable growth, but sees risk profile increasing intermediate term.
JP Morgan Chase (JPM) 47.51: Bear Stearns initiates coverage with an ATTRACTIVE rating and a 12-month price target of $55; as more than 75% of JPM's earnings are derived from capital markets and asset based businesses, firm believes it is more appropriate to analyze and value this company as a broker, not a bank.
BE Aerospace (BEAV) 20.15: Announces the public offering of 5 mln shares of common stock at $19.50 per share; of the total number of shares, about 2 mln shares are being sold by company and 2.9 mln shares are being sold by stockholders; see press release.
IBM (IBM) 115.20: -- Update -- Bear Stearns downgrades to ATTRACTIVE from BUY to reflect firm's concern about the narrowing for the potential upside due to valuation concerns and the potential impact from tougher 2H01 comparisons; firm maintains estimates and company did not give any new financial guidance at its analyst meeting.
Network Access (NASC) 0.58: Broadband solutions provider announces it will significantly reduce the need for external funding by further restructuring its workforce and strengthening its focus on the business-class broadband services market; expects to cut SG&A expenses by approximately 50% by eliminating about 150 positions and reducing other expenses; see press release.
Merck & Co (MRK) 76.52: Announces it has entered into definitive agreement to acquire Rosetta Inpharmatics (RSTA 9.91), an informational genomics company, in a tax-free reorganization; each share of Rosetta stock will be converted into 0.2352 shares of Merck stock, representing a value of $18 per share based on Merck's May 10, 2001 closing price; transaction has a net equity value of approximately $620 million; see press release.
Nortel Networks (NT) 15.22: Announces the resignation of COO Clarence J. Chandran in order to take additional time for the successful completion of his medical leave announced March 13; see press release.
Alcatel (ALA) 33.12: Alcatel announces plans to purchase IBM's CallPath assets (IBM); CallPath is computer telephony software that integrates voice and data communications in contact centers; financial terms were not disclosed; see press release.
Chubb (CB) 68.73: Dresdner Klnwrt Wass upgrades property and casualty insurance company to BUY from HOLD after attending analyst meeting yesterday; views Chubb as an emerging growth story; price target lifted to $85 from $80.
American Intl (AIG) 83.00: Company reaches definitive agreement to acquire American General (AGC 44.62) for $46 per share in stock; American General terminated its previous merger agreement with Prudential plc, paying the $600 million termination fee specified in that agreement; see press release. |
