NEW YORK (CNN/Money) -
Shares of XM Satellite Radio jumped Friday after Bear Stearns upgraded the company and raised its price target on the stock, saying the firm's funding position has improved and auto manufacturers are accepting its products.
Applied Materials dropped after the No. 1 chip equipment firm warned its first-quarter orders came in below previous estimates.
Friday's winners
XM Satellite Radio (XMSR: up $0.32 to $4.57, Research, Estimates). Bear Stearns upgraded the firm to "peer perform" from "underperform," citing reduced funding risk, an improved business model, and demonstrated solid support from automakers. The firm also raised its price target on the stock to $9.
MicroStrategy (MSTR: up $4.63 to $20.77, Research, Estimates). The business software maker said it swung to a fourth-quarter profit from the year-earlier loss on higher key software sales and a 27 percent expense reduction. The firm said its net income was $4.6 million, or 33 cents per diluted share. A year earlier, MicroStrategy had a fourth-quarter net loss of $24 million, or $2.61 per share.
Biogen (BGEN: up $0.29 to $38.28, Research, Estimates); IDEC (IDEC: Research, Estimates). IDEC said late Thursday it plans to co-develop three cancer drugs with Biogen, which has already begun development of the drugs.
Walt Disney (DIS: up $1.15 to $17.50, Research, Estimates). The media and entertainment company posted quarterly earnings after the close Thursday that showed an unexpected boost from last-minute theme park travel, despite a dip in net profit.
Friday's losers
Applied Materials (AMAT: down $1.00 to $11.95, Research, Estimates). The No. 1 chip equipment maker said its first quarter orders were about 35 percent below its fourth-quarter level at $1.56 billion. The company previously expected orders to come in about 20 percent below the fourth-quarter level.
Websense (WBSN: down $4.05 to $17.01, Research, Estimates). Shares of the Internet monitoring firm dropped after the company forecast a first-quarter profit that's flat to slightly lower than Wall Street's estimates.
Cerus (CERS: down $5.81 to $8.51, Research, Estimates). Merrill Lynch downgraded the medical device maker to "neutral" citing "significant launch delays, regulatory uncertainty and a hefty burn rate that will raise liquidity concerns."
Zoran (ZRAN: down $2.50 to $11.23, Research, Estimates). The consumer electronics chip maker said it will earn 1 cent to 3 cents per share in the first quarter and 80 cents to 85 cents per share for the year. Both forecasts exclude one-time items. Analysts have a mean estimate of 14 cents per share on Zoran's first-quarter profit and 90 cents per share for 2003, according to Thomson First Call.
Columbia Sportswear (COLM: down $5.81 to $36.59, Research, Estimates). The outdoor apparel firm warned on its 2003 profit, saying it sees a gain of up to 2 percent from the $2.56 a share it earned in 2002. That estimate would give the company a profit of $2.61 a share in 2003, below Wall Street's estimates of $2.75 a share.
-- from staff and wire reports
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