NEW YORK (CNN/Money) - Shares of independent power producer Calpine Corp. fell in heavy trade after an analyst downgraded the unregulated power sector and a New York Times report cited similarities between Calpine and bankrupt Enron Corp.
Meanwhile, Yahoo! gained after a U.S. Bancorp Piper Jaffray analyst raised his estimates for the company.
Monday's losers
Calpine Corp. (CPN: down $3.58 to $17.79, Research, Estimates). Morgan Stanley analyst Kit Konolige downgraded the unregulated power sector to "market weight" from "overweight" in his model portfolio, and a New York Times report likened Calpine and bankrupt Enron Corp.
Oracle (ORCL: down $0.49 to $15.42, Research, Estimates). The software company's shares fell as investors awaited the company's earnings report Thursday.
Protein Design Labs (PDLI: down $7.21 to $30.74, Research, Estimates). The biotechnology company said that in Phase II trials of its non-Hodgkin's lymphoma drug, Remitogen, only one out of 25 patients showed a partial response to the drug, while no patients saw a complete response.
PacifiCare Health Systems (PHSY: down $1.90 to $16.15, Research, Estimates). The health insurer said it would sell $150 million of common stock to an institutional investor at a small discount to help pay off its bank debt.
Compaq Computer (CPQ: down $1.62 to $9.70, Research, Estimates). The board of the David and Lucille Packard Foundation said it made a preliminary decision to vote its shares against Hewlett-Packard's acquisition of Compaq.
Haemonetics (HAE: down $4.11 to $33.40, Research, Estimates). The healthcare products company Baxter International (BAX: up $0.13 to $51.10, Research, Estimates) signed an agreement with the medical devices firm under which Haemonetics could pay a total of $24.5 million in licensing fees for a blood screening system Baxter is co-developing with health care company Cerus (CERS: up $1.90 to $47.54, Research, Estimates).
Anadigics (ANAD: down $2.09 to $16.25, Research, Estimates). The wireless device maker said it expects to post a fourth-quarter loss of 44 cents per share, in line with analysts' estimates. The company also said it sees an operating loss of 38-to-42 cents per share in the first quarter, when Wall Street expected Anadigics to report a loss of 35 cents per share.
AES (AES: down $1.75 to $14.75, Research, Estimates). Shares of the power plant operator fell more than 10 percent after the debt of the company's U.K. power unit was downgraded to "junk" status. Lehman Brothers analyst Daniel Ford cut his rating on AES to "market perform" from "buy."
AOL Time Warner (AOL: down $1.98 to $31.00, Research, Estimates). CNN, a unit of the integrated media communications company, has cut about 30 jobs and canceled four of its shows as the 24-hour news network tries to move toward more personality-driven programming.
Texas Instruments (TXN: down $1.59 to $31.11, Research, Estimates). Merrill Lynch cut its rating on the chipmaker to "neutral" from "buy." Merrill analyst Joseph Osha said the firm had completed preliminary 2003 revenue and earnings forecasts for semiconductor companies and found that "companies sticking with the strategy of growing their way out of the current downturn are not positioned to put up impressive 2003 recovery."
Monday's winners
Yahoo! (YHOO: up $0.15 to $17.82, Research, Estimates). Shares of the Internet search engine gained ground after a U.S. Bancorp Piper Jaffray analyst raised his current-quarter revenue and earnings estimates, citing an increase in traffic to the online shopping page.
Network Appliance (NTAP: up $0.92 to $19.95, Research, Estimates). Shares of the company rose after Wedbush Morgan upgraded the networking company to "buy" from "hold."
Visionics (VSNX: up $5.39 to $18.08, Research, Estimates). The maker of identification technologies and systems announced a collaborative alliance with defense company Raytheon (RTN: down $0.56 to $31.44, Research, Estimates) to provide integrated facial recognition biometrics systems to airport, government, commercial and private entities.
Mohawk Industries (MHK: up $3.13 to $53.40, Research, Estimates). The rug and carpet maker on Friday raised its fourth-quarter earnings forecast, citing improved sales in the second half of the year. Mohawk said it expects to report earnings in the range of 90 cents to 95 cents a share. It had previously expected to earn 74 cents per share.
Halliburton (HAL: up $2.00 to $14.00, Research, Estimates). The stock rebounded somewhat from Friday's 42% drop, even though Morgan Stanley cut its stock price target on the oil services firm to $25 from $50, citing the company's continued financial exposure to its asbestos litigation. On Friday, the company said it will appeal a $30 million verdict against its Dresser Industries unit for asbestos contamination.
American Healthways (AMHC: up $2.61 to $36.01, Research, Estimates). The company, which helps managed-care providers control costs, said it has signed a 10-year alliance with Blue Cross and Blue Shield Minnesota to improve the quality of care.
Stanley Works (SWK: up $2.17 to $45.70, Research, Estimates). Credit Suisse First Boston upgraded its investment rating on the toolmaker "buy" from "hold." 
--from staff and wire reports
|
