-- =DJ BEFORE THE BELL: Score One For Sun Microsystems, Amgen --
By Michelle Rama
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Shares of Sun Microsystems (SUNW) leaped 14.5% Tuesday
after a court ordered Microsoft Corp. (MSFT) to distribute Sun's Java
programming pending the outcome of Sun's private antitrust suit against the
software company.
The order is considered a triumph for Sun Microsystems, which is suing
Microsoft for anticompetitive acts it claims has hurt Sun's business.
Shares of Sun Microsystems recently rose 38 cents to $3.34 on heavy volume
according to Island ECN.
Microsoft Corp.'s (MSFT) shares fell merely .58%, or 31 cents, on the news to
trade at $53.68, according to Island ECN.
Amgen Inc. (AMGN) also notched a victory late Monday, when the Food and Drug
Administration approved a new manufacturing plant for its rheumatoid-arthritis
drug Enbrel, which has been in short supply for more than two years.
The plant will more than double the Thousand Oaks, Calif., company's
manufacturing capacity for the drug, which Amgen gained as a result of its $11
billion acquisition of Immunex Corp. earlier this year.
Shares of Amgen, according to Island ECN, recently changed hands at $52.24, up
59 cents or 1.14%.
Xoma Ltd. (XOMA) was among the Christmas Eve gainers, rising 10% in premarket
trading after it said late Monday that it issued about 1.44 million shares to
Millennium Pharmaceuticals, Inc. (MLNM) for roughly $7.5 million. The deal
follows the companies' existing collaboration and investment arrangement
announced in November of 2001.
Under the agreement, Millennium said it will buy, at Xoma's option, up to an
additional $37.5 million of Xoma's common shares over the next 18 months, at
then prevailing market prices.
Millennium Pharmaceuticals' share price remained unchanged in early trading,
while Xoma's stock rose 47 cents to $5.00, according to Island ECN.
Ultimate Electronics Inc. (ULTE) didn't share in the good tidings, seeing
itself forced to lower sales and earnings estimates for the fourth quarter
citing the lack of large ticket holiday purchases this year.
Late Monday, the home entertainment and electronics retailer said it now
expects fourth-quarter earnings of 15 cents to 25 cents a share if same-store
sales decrease 15% this month and decline in the low single digits in January.
Shares of Ultimate Electronics slid 23% or $2.55 to $8.50 in premarket
action, according to Island ECN.
-By Michelle Rama, Dow Jones Newswires; 201-938-4046;
michelle.rama@dowjones.com
(END) Dow Jones Newswires
12-24-02 0916ET- - 09 16 AM EST 12-24-02
24-Dec-2002 14:16:00 GMT
Source DJ - Dow Jones |
