i2 Technologies (ITWO) 27.10: SG Cowen initiates coverage with a BUY rating and price target of $33; says ITWO is clear leader
in supply chain market; adoption driven by significant ROI and competitive necessity; leveraging dominance in supply chain to expand
product footprint into CRM, SRM; early in full penetration of existing customer base; economic uncertainty continues to hang over
industry, and firm believes spending malaise may last through Q3 with resumption of growth in Q4.
Motorola (MOT) 16.54: Company's Global Telecom Solutions Sector (GTSS) announces that China Unicom, China's second largest
telecom service operator, has awarded Motorola three contracts, totaling $141 million, for GSM900 and 1800 networks expansion
and installation in China's three provinces; see press release.
King Pharms (KG) 45.44: Manufacturer and marketer of branded prescription pharmaceutical products issues upside
preannouncement for Q2, expecting $0.29-0.30 vs current First Call EPS estimate of $0.27; company cites continued net sales growth
of its branded pharmaceutical products during first half of the current second quarter; see press release.
Labranche & Co. (LAB) 41.76: NYSE specialist firm announces that it has signed a letter of intent to acquire Bocklet & Co., LLC,
the tenth largest Specialist firm on the NYSE; Bocklet acts as the Specialist for 60 listed companies; terms of transaction were not
disclosed; see press release.
Target Corp (TGT) 37.75: General merchandise retailer reports Q1 earnings of $0.28 a share, in line with the First Call consensus, vs
year-ago earnings of $0.26; revenues rose 7.7% to $8.35 bln from a year-ago of $7.75 bln. "We remain comfortable that we are
well-positioned to meet near-term economic and competitive challenges and deliver reasonable growth in earnings per share for the full
year. Over the long-term, we remain confident in our ability to achieve average annual earnings per share growth of 15% or more," said
CEO; see press release.
Redback Ntwrks (RBAK) 19: USB Piper Jaffray downgrades to NEUTRAL from BUY following resignation of company's CEO;
also cites slips in SmartEdge IP card development schedule.
FuelCell Energy (FCEL) 88.30: CIBC World Markets upgrades to STRONG BUY from BUY rating with price target of $120
based on increased confidence that deregulation will happen; says FCEL is a major beneficiary as 1) the trend toward distributed power
will ultimately reward the most efficient technology, and FCEL's Direct FuelCell systems achieve conversion efficiencies of 80% or more
and is ready today for orders; also, political expedience will expose commercial and industrial customers to the full impact of market
prices for power and FCEL is totally focused on this market.
AOL Time Warner (AOL) 56.60: Announces that the monthly price of AOL's Unlimited Use plan will increase by $1.95 to $23.90
beginning in the July billing cycle; this is the first time AOL has increased the price of its unlimited service option since April 1998; see
press release.
BJ's Wholesale (BJ) 45.10: Operator of general merchandise and warehouse clubs reports Q1 earnings of $0.31 a share, $0.02
better than the First Call consensus of $0.29, vs year-ago earnings of $0.24; revenues rose 11.1% to $1.16 bln from a year-ago of
$1.05 bln. "BJ's quarterly financial results reflect good sales, with a favorable merchandise mix, and excellent expense controls. We are
pleased to note that the first quarter was BJ's thirty-second consecutive quarter of improved profitability," said CEO; see press release.
Talbots (TLB) 48.80: Specialty retailer reports Q1 earnings of $0.62 a share, in line with the First Call consensus, vs year-ago
earnings of $0.52; revenues rose 10.3% to $401.07 mln from a year-ago of $363.50 mln; company remains comfortable with current
financial plan, which calls for a minimum 15% growth in earnings for the first half of the year; see press release.
Staples (SPLS) 15.52: Retailer of office supplies reports Q1 earnings of $0.09 a share, in line with the First Call consensus, vs
year-ago earnings of $0.09; revenues rose 4.4% to $2.67 bln from a year-ago of $2.56 bln; for Q2, the company does not expect to
register growth and anticipates earnings in range of $0.08-$0.10 per share (First Call estimate is $0.10); see press release.
Ballard Power (BLDP) 58.50: Fuel cells company announces that it has signed an agreement with Textron Systems of Massachusetts
under which Ballard will acquire the company's carbon products business unit for US$12.8 mln; this unit develops and manufactures
carbon materials for automotive and fuel cell applications, including a gas diffusion layer (GDL) for use in proton exchange membrane
(PEM) fuel cells; acquisition is expected to close on May 25, 2001; see press release.
Ask Jeeves (ASKJ) 1.97: Announces it has acquired certain key assets of eTour, a direct marketing and Internet media company,
for an undisclosed amount of cash; ASKJ says transaction will be accretive to earnings in Q4 and beyond; company continues to expect
to achieve pro-forma profitability in Q4 2001; see press release.
Utd Parcel Svc (UPS) 59.91: Company acquires Stamps.com's (STMP 3.04) iShip multi-carrier shipping service assets; the
transaction is part of a Stamps.com strategy announced last month to focus the company's attention on its core mailing and shipping
services for small business and home offices; see press release.
Lucent Tech (LU) 9.90: Announces an agreement with Qwest (Q) making Lucent Qwest's key supplier of digital subscriber line
(DSL) systems; Qwest will significantly expand its high-speed DSL Internet connection coverage area in 11 of 14 states where it
provides local phone service by adding approximately 1.3 mln additional DSL-capable homes and businesses by the end of 2001 and
1.2 mln by end of 2002; see press release.
AFTER THE CLOSE (21-May-01)******
Bristol-Myers (BMY) 55.29 -0.71: -- Update -- Company and privately-held PharMetrics announce a three-year databse
agreement for Bristol-Myers Squibb to license PharMetrics' Integrated Outcomes Database; see press release.
Ford Motor (F) 26.38 -0.75: -- Update -- Reuters reporting that Ford (F) will replace between 10-13 mln additional Firestone
tires.
Allied Riser (ARCC) 1.02 -0.06: Facilities-based provider of broadband data, video and voice communications services announces
further cost reductions, reduces workforce by 117, roughly 23%; see press release.
Active After Hours : Nasdaq 100 After Hours Indicator currently trading down 6.67...stocks on the move (change vs. close)...CHRT
trading down 1.75 following its downside warning after the close today...SVVS trading up 1.14, almost 83% after it announced a 5-year
contract with Reuters...CRDS trading down 1.07 after it missed the consensus estimate by $0.03.
EchoStar (DISH) 36.58 +1.03: -- Update -- Company issues press release confirming what Briefing.com reported earlier - they are
offering $1 bln in convertible notes due 2008; see press release.
SAVVIS Comm (SVVS) 1.31 -0.03: -- Update --In their 10-Q filing, provider of high performance global data networking and
Internet-related services reports Q1 loss of $0.62 a share, $0.01 better than the First Call consensus of ($0.63).
SAVVIS Comm (SVVS) 1.65 +0.31: Announces that it has entered into a commitment with a Reuters subsidiary on a five-year
contract for payments totaling $366 mln to provide networking services to customers of the BRIDGE businesses that are to be acquired
by Reuters; see press release.
Mercury Interactive (MERQ) 74.21 +4.59: Provider of software for testing the functionality and performance of Internet and
client/server applications announces acquisition of privately held, Freshwater Software, for $147 mln in cash for all of Freshwater's
outstanding capital stock; see press release.
Chartered Semi (CHRT) 32.85 +1.75: -- Update -- Will host a conference call at 9:00 pm ET (9:00 am Singapore time): (913)
981-5520 Res# 431647, replay (719) 457-0820. Stock trading down to $31.05 after hours.
Allergan (AGN) 84.76 +1.67: Global health care company and Oculex Pharmaceuticals announce that they have entered into a
license and research collaboration agreement to discover, develop and commercialize compounds for ophthalmic use, based on
Oculex's proprietary biodegradable and resevoir drug delivery technologies; see press release.
Rural Cellular (RCCC) 36.60 +4.58: Company announces the signing of a definitive agreement with Country Road Communications
selling certain assets, primarily from its Saco River ILEC operations, for approximately $35.5 mln; see press release.
Phillips Petro (P) 67.27 -0.25: Phillips Alaska, a wholly owned subsidiary of Phillips Petro, and Anadarko Petroleum Corporation
(APC 68.48 +0.14) announce the first discoveries in the National Petroleum Reserve-Alaska since the area was reopened to
exploration in 1999; see press release.
Iomega (IOM) 3.48 +0.02: Company announces the resignation of Bruce Albertson as President and Chief Executive Officer and as
a Member of the Board of Directors; a special committee of the Board will oversee management of the company until a successor is
named; see press release.
EchoStar (DISH) 36.58 +1.03: Stock trading down sharply to 34.00 after hours; Briefing.com is hearing that UBS Warburg priced a
convertible note offering after the close; still awaiting details of the offering.
Chartered Semi (CHRT) 32.75 +1.65: Semiconductor foundry warns Q2 will be a loss of $0.76-0.78; current First Call estimate is
($0.52); cites weaker-than-expected market conditions and the prolonged process of bringing inventories into balance throughout the
supply chain; see press release. |
