Stocks appear set to open lower
Monday.
Immunogen
(
IMGN |
Quote |
Chart |
News |
PowerRating) said
it's has
learned that GlaxoSmithKline
(
GSK |
Quote |
Chart |
News |
PowerRating) has decided not to move forward with
Phase II trials of the drug cantzumab mertanisine due to the current licensing
agreement. In addition, IMGN said that Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating) plans to continue with
additional pre-clinical research on Trastuzumab-DMI.
ESS Technologies
(
ESST |
Quote |
Chart |
News |
PowerRating) once
again has upped its guidance, but this time for Q3. The company sees earnings of
35 cents to 38 cents a share vs. 25 cents to 30 cent previously. Analysts'
consensus was for 34 cents according to Multex.
According to a report in the Wall
Street Journal, people close to the matter concerning Martha Stewart
(
MSO |
Quote |
Chart |
News |
PowerRating)
and her Imclone
(
IMCL |
Quote |
Chart |
News |
PowerRating) trade, said that the Merrill Lynch sales assistant
who handled the trade has supplied new information which contradicts Ms.
Stewart's claims on the trade.
The U.S. Commodity Futures Trading
Commission has subpoenaed Avista
(
AVA |
Quote |
Chart |
News |
PowerRating) for records with regard to any
"roundtrip" trades which have been executed since January 2000.
Microsemi
(
MSCC |
Quote |
Chart |
News |
PowerRating) has reduced its
Q3 outlook to a range of 4 to 5 cents a share from prior guidance in the
range of 9 to 11 cents a share. Multex consensus was for 10 cents.
Moody's downgraded the long-term debt
ratings on France Telecom
(
FTE |
Quote |
Chart |
News |
PowerRating) from Baa1 to Baa3.
UBS Warburg lowered its estimates on
Andrx
(
ADRX |
Quote |
Chart |
News |
PowerRating). The firm lowered estimates from $2.25 to $2.00 a share for
2003 and 2004 estimates from $2.75 to $2.40 a share. In addition, UBS lowered its
price target on the company from $50 to $34.
RJ Reynolds
(
RJR |
Quote |
Chart |
News |
PowerRating) was downgraded
at Prudential from Buy to Hold based on valuation. The firm's price target for
RJR is $70.
Goldman Sachs downgraded Gemstar-TV
Guide
(
GMST |
Quote |
Chart |
News |
PowerRating) from Recommended List to Market Perform after the
judge's
ruling on Friday that respondents had not infringed any patents held by GMST.
Wachovia Securities lowered its rating
on KPMG Consulting
(
KCIN |
Quote |
Chart |
News |
PowerRating) from Strong Buy to Buy.
Goldman Sachs lowered its estimates on
Siebel Systems
(
SEBL |
Quote |
Chart |
News |
PowerRating) for calendar year 2002 estimates from 40 cents to 35
cents and calendar year 2003 estimates from 50 cents to 40 cents.
Raytheon
(
RTN |
Quote |
Chart |
News |
PowerRating) was downgraded at
Morgan Stanley from Equal Weight to Underweight based on valuation.
Wachovia Securities upped its rating
on King Pharmaceuticals
(
KG |
Quote |
Chart |
News |
PowerRating) from Buy to Strong Buy, citing the
stock's current
price lowers the risk of the company's generic Levoxyl.
