NEW YORK (CNN/Money) - Shares of Halliburton lost almost half of their value on Friday, falling to their lowest level in almost nine years on news of mounting asbestos problems for the Dallas-based oilfield services and engineering company.
AOL Time Warner, the parent of CNN/Money also fell sharply after Merrill Lynch lowered its revenue and cash flow estimates for the media powerhouse.
But shares of Advanced Micro Devices jumped a day after the chipmaker bumped up its quarterly revenue expectations.
Friday's losers
AOL Time Warner (AOL: down $1.77 to $32.98, Research, Estimates). Merrill Lynch analyst Jessica Reif Cohen estimated AOL's fourth-quarter revenue would be $10.7 billion, up 4 percent from a year ago. Her earlier estimate was for growth of closer to 6 percent.
Sun Microsystems (SUNW: down $0.76 to $13.39, Research, Estimates). The network computer maker said after Thursday's close that business was showing signs of stabilizing and was meeting its expectations for the current quarter, but Sun executives held back from making hard forecasts in the face of an unsteady economy.
Gannet Co. (GCI: down $2.22 to $68.23, Research, Estimates). The newspaper publisher's CEO, Douglas McCorkindale, said he is comfortable with 2001 earnings estimates, and he believes the economy will turn in the second half of 2002.
Halliburton (HAL: down $8.85 to $12.00, Research, Estimates). The provider of services and equipment to energy and industrial companies said a jury in Baltimore awarded $30 million in damages against its Dresser Industries subsidiary in a case involving asbestos claims.
Biopure (BPUR: down $1.35 to $15.95, Research, Estimates). The maker of oxygen therapeutics said Thursday it has delayed by about six months plans to file for U.S. regulatory approval of its blood substitute product Hemopure because it first needs to increase manufacturing capacity.
Coldwater Creek (CWTR: down $9.19 to $17.71, Research, Estimates). The retailer of women's apparel and jewelry items in stores and catalogs warned that its third quarter will be sharply below a year ago due to poor fall sales for its Northcountry catalog. The company also warned of a loss in its fourth quarter.
Integrated Device Technology (IDTI: down $5.33 to $25.75, Research, Estimates). The maker of microchips for networking and communications devices warned Thursday that its third-quarter revenue will fall 15 percent to 20 percent below the previous quarter on slackening orders.
Eastman Chemical (EMN: down $1.91 to $36.11, Research, Estimates). The global chemical maker said Friday sustained weakness in the global economy will push fourth-quarter earnings down to between 5 cents and 20 cents a share, far below expectations. Analysts had forecast 38 cents, according to First Call.
PEC Solutions (PECS: down $3.05 to $34.00, Research, Estimates). J.P. Morgan downgraded the professional services company to "market perform" from "buy."
Protein Design Labs (PDLI: down $2.62 to $37.95, Research, Estimates). The company said it received positive clinical results from a Phase III trial of its Zamyl medication for acute myeloid leukemia, but the drug fell short of showing improvement before its target of 70 days.
Gildan Activewear (GIL: down $1.70 to $12.60, Research, Estimates). The apparel maker said it posted a fourth-quarter loss after a series of adjustments and charges as sales fell from a year earlier.
CryoLife (CRY: down $3.08 to $27.65, Research, Estimates). The medical device company said it is cooperating with regulatory agencies in an investigation into the deaths of knee-surgery patients in Minnesota, one of whom used a CryoLife product.
St. Jude Medical (STJ: down $2.81 to $74.09, Research, Estimates). UBS Warburg downgraded the maker of medical devices for cardiac care to "hold" from "buy."
Friday's winners
Advanced Micro Devices (AMD: up $1.60 to $17.85, Research, Estimates). The second-largest chipmaker said it expects fourth-quarter revenue to increase 10 percent from the $765.9 million it reported in the third quarter. AMD previously said it expected fourth-quarter sales growth to be flat or increase in the high-single digits.
Calpine (CPN: up $0.88 to $21.37, Research, Estimates). The California-based independent power producer said it entered into an agreement to receive the money owed for the purchase of electricity from the regulated utility of San Francisco-based PG&E Corp (PGC: unchanged at $36.75, Research, Estimates).
IKOS Systems (IKOS: up $3.70 to $11.75, Research, Estimates). Mentor Graphics (MENT: down $0.39 to $23.65, Research, Estimates) said it offered to acquire the emulation technology firm for $11 per share cash, a bid it said topped one by semiconductor equipment maker Synopsys (SNPS: down $0.09 to $55.52, Research, Estimates) . 
--from staff and wire reports
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