Lower Opening
Stocks appear set to open lower
Tuesday after the broader markets rallied nicely for two consecutive days.
Goong Hey Fat Choy! as the Chinese New
Year celebration begins today. For those who care to know, it is the Year of the
Horse.
According to a report in the Wall
Street Journal, the Securities and Exchange Commission’s Chief Accountant warned
that even those corporations strictly following accounting rules could still be
accused of securities fraud if there are any discrepancies in their filings.
Curative Health Services Inc
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posted a Q4 loss of $18.9 million, or $2.58 per share, after a settlement and
reorganization charges set by the U.S. Department of Justice.
Salix Pharmaceuticals Ltd.
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reported a net loss of 31 cents a share, or $5.2 million, vs. a loss of 9 cents
a share, or $1.1 million.
Questar Corp
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Q4 net earnings fell to $42.6 million, or 52 cents a share, compared to $50.3
million, or 62 cents a share. The natural gas company cited lower natural gas
prices and Enron’s collapse for the lower numbers.
Life insurer MetLife Inc
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posted a loss of $296 million, or 41 cents a share, for Q4 after the company had
to take two large charges, one for a lawsuit settlement and one for
reorganization of the company’s business.
Maxygen Inc
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narrower-than-expected Q4 loss citing increased revenues. The biotechnology
company posted a loss of $11.5 million, or 35 cents, on a diluted basis, compared
to a loss of $12.9 million, or 41 cents, on a diluted basis for the same period a
year earlier.
Cox Communications Inc
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posted a wider loss after taking some charges. The cable television operator
reported a $110.1 million loss, or 18 cents a share, vs. $71.6 million, or 12
cents a share, for the same quarter a year ago.
Wachovia upgraded NetScreen Tech
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from Buy to Strong Buy saying the recent weakness in the stock price makes it a
buying opportunity.
Lehman Brother upgraded IDEX
Pharmaceuticals
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has already discounted any delays for the Zevalin roll out. The firm also
believes that the company’s sales estimates of approximately $45 million for the
year are achievable.
Overture Services
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upgraded by Goldman Sachs from Market Outperform to Recommended List.