NEW YORK (CNNfn) - Investors bid up shares of Global Crossing after the company reaffirmed its cash revenue target and said the recent selling of its stock is due to rumors and speculation.
Nokia shares dropped as sector report said second-quarter orders for cell phones fell for the first time and Nokia's position as the world's largest wireless phone maker was softening.
Wednesday's winners
Global Crossing (GX: up $0.22 to $4.19, Research, Estimates). Global Crossing reiterated its 2001 cash revenue target of $6.4 billion to $6.9 billion. The company also said the recent dip in its stock price is due to "highly inaccurate rumors and groundless speculation."
Global Sports Inc. (GSPT: up $1.87 to $15.85, Research, Estimates). The Web site developer agreed to develop and operate the online retail site for regional sporting goods retailer Modell's Sporting Goods.
H&R Block (HRB: up $1.16 to $38.90, Research, Estimates). The tax preparation company beat first-quarter estimates to post a loss of 17 cents a share, versus the expected loss of 22 cents a share. Citing strong performance in mortgage operations, H&R Block expects further growth.
Microsemi (MSCC: up $0.92 to $27.75, Research, Estimates). The integrated circuit maker modestly raised its fourth-quarter revenue projections Tuesday. It now expects to see $57 million-to-$62 million versus the $57 million-to-$61 million previously stated. The company also effected a 2-for-1 stock split.
Valero Energy (VLO: up $2.24 to $40.85, Research, Estimates). Both Merrill Lynch and Lehman Bros. upgraded their ratings on the oil services company.
Gateway (GTW: up $0.19 to $8.79, Research, Estimates). The personal computer maker said Tuesday it will cut thousands of jobs and post a loss in the third quarter.
Alloy (ALOY: up $1.10 to $17.35, Research, Estimates). The online teen-oriented marketer said before certain items, its second-quarter net loss was 10 cents a share, a penny narrower than expected. The company also issued positive forward-looking guidance.
FuelCell Energy (FCEL: up $1.69 to $15.01, Research, Estimates). The fuel cell producer posted a third-quarter loss of 8 cents a share, compared with a loss of 4 cents in the year-earlier period but beating expectations by 11 cents.
H Power (HPOW: up $0.30 to $3.30, Research, Estimates). The fuel cell development company formed a joint venture with DuPont Fluoroproducts to develop fuel cell products for scooters, bicycles and golf carts.
Peregrine Systems (PRGN: up $2.70 to $26.47, Research, Estimates). W.R. Hambrecht raised its fiscal 2002 and 2003 revenue and earnings estimates after Peregrine's management made positive comments about the current business environment and reiterated its guidance.
Mead (MEA: up $1.99 to $32.17, Research, Estimates); Westvaco (W: up $2.09 to $29.75, Research, Estimates). The two paper companies agreed to merge in a $3 billion stock swap, adding to the ongoing consolidation in a forest-products industry beset with excess inventory from weakening demand and falling prices.
Andrx (ADRX: up $3.45 to $71.50, Research, Estimates). The generic drugmaker may see its patent on its ulcer drug Prilosec extended after Anglo-Swedish drugmaker AstraZeneca said it will not
list a third new U.S. patent in the FDA's Orange Book which would have allowed for research on the active ingredient in Prilosec.
Wednesday's losers
Nokia (NOK: down $0.67 to $16.13, Research, Estimates). The cell phone maker dropped after an industry report said orders in the second quarter dropped for the first time ever. In addition, the report said Nokia is losing market share to its competitors.
Take-Two Interactive Software (TTWO: down $3.38 to $17.82, Research, Estimates). The company posted a third-quarter profit before charges of 4 cents per share, below the 12 cents per share it earned in the same period last year.
United Technologies (UTX: down $2.10 to $69.00, Research, Estimates). In a joint announcement, the industrial group and Dutch airline KLM called an end to pursuing the aircraft-maintenance business through a joint venture, citing the inability to resolve complex structural and financial issues.
Comverse Technology (CMVT: down $2.50 to $26.05, Research, Estimates). The Israeli telecommunications software maker said Tuesday delayed orders pushed second-quarter earnings before one-time charges about 20 percent lower than a year earlier.
Patterson Dental (PDCO: down $1.75 to $34.05, Research, Estimates). The dental supply company reported that Ronald E. Ezerski, a member of its board and retired chief financial officer, sold approximately 3 million Patterson shares following the close of trading Aug. 28 in a transaction handled by Credit Suisse First Boston.
Ulticom (ULCM: down $1.50 to $12.26, Research, Estimates). Dain Rauscher Wessels analyst Michael Brown cut his rating on the maker of software for wireless e-mail and text messaging to "neutral" from "buy."
Amazon.com (AMZN: down $0.78 to $9.19, Research, Estimates). The retailer opened its new online computer store Wednesday, saying it is confident in the business despite the PC industry's dismal outlook.
Novellus (NVLS: down $2.03 to $47.51, Research, Estimates). SG Cowen expects the company to reaffirm guidance during its mid-quarter conference call Thursday. Cowen also said it expects management to announce that order cancellations have slowed, which should point to a somewhat sustainable current level of activity.
ResMed (RMD: down $2.10 to $57.20, Research, Estimates). Credit Suisse First Boston cut its rating to "hold" from "buy."
Juniper Networks (JNPR: down $1.16 to $15.54, Research, Estimates). Merrill Lynch cut its earnings estimate for the networking equipment provider to 8 cents a share from 9 cents for the third quarter and to 50 cents from 52 cents for the full year.
RF Micro Devices (RFMD: down $2.35 to $24.85, Research, Estimates); Triquint Semiconductor (TQNT: down $0.76 to $22.10, Research, Estimates). The communication chipmakers were among the semiconductor names Lehman Bros. initiated coverage of with a "market perform" rating.
Sun Microsystems (SUNW: down $0.13 to $13.43, Research, Estimates). Merrill lynch cut its first and second quarter estimates, calling for a 2 cents a share loss and 8 cents a share loss, respectively. Sun is holding a mid-quarter update conference call after the close Wednesday. 
-- from staff and wire reports
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