Weaker Start
Stocks appear set to open lower
Monday.
According to a report in the Wall
Street Journal, Citigroup
(
C |
Quote |
Chart |
News |
PowerRating) and UBS
(
UBS |
Quote |
Chart |
News |
PowerRating) are working on separate bids to
acquire Enron’s
(
ENE |
Quote |
Chart |
News |
PowerRating) trading operations.
Protein Design Laboratories
(
PDLI |
Quote |
Chart |
News |
PowerRating)
reported data from its Phase II trials of Remitogen, which is used to treat
relapses in non-Hodgkin’s lymphoma. Results were as follows: out of 25 patients,
only one partial response was noted and no complete responses. PDLI plans to
adjust its protocol to include three times weekly doses for four weeks.
Salomon Smith Barney downgraded
Centillium Communications
(
CTLM |
Quote |
Chart |
News |
PowerRating) from Buy to Outperform, citing worries on
slower-than-expected sales of the ADSL platform.
The Packard Foundation has announced
its disapproval of the Compaq
(
CPQ |
Quote |
Chart |
News |
PowerRating) and the Hewlett-Packard
(
HWP |
Quote |
Chart |
News |
PowerRating) merger
according to Banc of America Securities.
Amylin Pharmaceuticals
(
AMLN |
Quote |
Chart |
News |
PowerRating)
started Phase III trials of AC2993 for treatment of type 2 diabetes.
Robertson Stephens upgraded Exar Corp
(
EXAR |
Quote |
Chart |
News |
PowerRating) from Market Perform to Buy.
Hollywood Entertainment
(
HLYW |
Quote |
Chart |
News |
PowerRating)
filed a shelf registration statement for up to $110 million in common stock and
up to $300 million in non-convertible debt.
Stanley Works
(
SWK |
Quote |
Chart |
News |
PowerRating) was upgraded
by Credit Suisse First Boston from Hold to Buy.
Lattice Semiconductor
(
LSCC |
Quote |
Chart |
News |
PowerRating) has
entered an agreement to acquire Agere Systems
(
AGA |
Quote |
Chart |
News |
PowerRating) FPGA business for $250
million in cash.
According to a Merrill Lynch survey on
the semiconductor group, it sees revenues growth and gross margins to come in
below 2000 peak values. Merrill downgraded Texas Instruments
(
TXN |
Quote |
Chart |
News |
PowerRating) and
Atmel Corp.
(
ATML |
Quote |
Chart |
News |
PowerRating) from Buy to Neutral.