NeoRx (NERX Quote - Cramer on NERX - Stock Picks) was soaring 35 3/4, or 166.7%, to 58 after it said the Proceedings of the National Academy of Sciences, a peer-reviewed manuscript, reported that a single dose of NeoRx's proprietary Pretarget technology cured human lung, colon and breast cancers implanted in mice. The company said the manuscript appears in the Feb. 15 issue of the journal. NeoRx said the results were accomplished with a single dose of radioactivity developed with NeoRx's Pretarget technology.
MGM Grand (MGG Quote - Cramer on MGG - Stock Picks) has agreed to buy Mirage Resorts (MIR Quote - Cramer on MIR - Stock Picks) for $21 a share in cash, or $4.4 billion. MGM Grand previously offered to buy Mirage for $17 a share. MGM Grand will also assume Mirage's outstanding debt of about $2 billion. The companies expect the deal to be completed during the fourth quarter. MGM Grand expects the acquisition to be accretive to earnings per share immediately and increasingly so in subsequent years. MGM Grand bounced 1/2 to 19 1/2 and Mirage popped 2 7/8, or 18.1%, to 18 3/4. Mergers, acquisitions and joint ventures
In conjunction with its pending merger with AMFM (AMFM Quote - Cramer on AMFM - Stock Picks), Clear Channel Communications (CCU Quote - Cramer on CCU - Stock Picks) said it has entered into pacts regarding the proposed divestiture of 72 stations in 27 markets. One of the companies buying some of those radio stations is Infinity Broadcasting (INF Quote - Cramer on INF - Stock Picks), which is acquiring 18 radio stations from Clear Channel for $1.4 billion. Clear Channel declined 3 3/8 to 69, while Infinity fell 15/16 to 33 13/16. Eclipsys(ECLP Quote - Cramer on ECLP - Stock Picks) stumbled 2, or 7.4%, to 24 7/8 after it said it would try to oust the majority of Shared Medical Systems'(SMS Quote - Cramer on SMS - Stock Picks) board after Shared Medical rejected a $2 billion takeover bid from Eclipsys on Friday. Eclipsys said that it has filed a formal proposal to elect four independent directors to Shared Medical's board. Shared Medical shed 2 7/8 to 60 5/8. Elan (ELN Quote - Cramer on ELN - Stock Picks), an Irish pharmaceutical firm, is buying Liposome (LIPO Quote - Cramer on LIPO - Stock Picks). Under terms of the deal, Liposome shareholders will receive 0.3850 of an Elan ADS for each share of Liposome stock they own, or $15.28 a share, based on Elan's closing price last Friday, for an aggregate amount of $575 million. Liposome, a biopharmaceutical company that develops, manufactures and markets therapeutic products to treat cancer and related diseases, closed Friday at 14 3/8. Also, Elan may make a cash payment to Liposome shareholders of up to $98 million, contingent in part on the approval of Evacet by the European Union, and in part on Evacet reaching certain sales milestones outside the U.S. Elan gained 5/8 to 40 5/16 and Liposome lifted 1/2 to 14 7/8. Genzyme(GENZ Quote - Cramer on GENZ - Stock Picks) said it has entered a cash and stock deal to buy BioMatrix(BXM Quote - Cramer on BXM - Stock Picks). According to the terms, the deal would merge Genzyme Tissue Repair(GZTR Quote - Cramer on GZTR - Stock Picks) and Genzyme Surgical Products(GZSP Quote - Cramer on GZSP - Stock Picks) with BioMatrix to form a new division called Genzyme Biosurgery. The new unit, which would have a combined market cap of $1.3 billion, will manufacture biosurgury products including films and gels. Genzyme tacked on 1 1/4 to 61 5/8 and BioMatrix bounced 1 9/16 to 35 7/8. Genzyme Tissue Repair advanced 1 3/8, or 15%, to 10 1/2 and Genzyme Surgical Products gained 1 13/16, or 10.9%, to 18 5/16. Hain Food (HAIN Quote - Cramer on HAIN - Stock Picks) said it has entered a $390 million stock deal to buy Celestial Seasonings (CTEA Quote - Cramer on CTEA - Stock Picks). Hain Food slipped 3 3/4, or 11.5%, to 28 5/8 and Celestial Seasonings declined 3/4 to 34 3/4. Lockheed Martin(LMT Quote - Cramer on LMT - Stock Picks) said it was awarded a $6.4 billion contract to supply the United Arab Emirates with 80 F-16 fighter jets, reported The Wall Street Journal. Goldman Sachs upped its rating on Lockheed and Northrop Grumman(NOC Quote - Cramer on NOC - Stock Picks) to market outperformer from market performer ratings. Lockheed climbed 1 3/16, or 6.9%, to 18 1/8 and Northrop Grumman lifted 1 7/8 to 46 1/4. Nortel Networks(NT Quote - Cramer on NT - Stock Picks) and Koor said they agreed to a deal to set up Nortel Networks Israel. Nortel Networks added 2 1/4 to 122 3/4. Qwest(Q Quote - Cramer on Q - Stock Picks) confirmed that it was negotiating with a large telecom carrier, The Wall Street Journal reported. Qwest said any agreement would be made in conjunction with its planned merger partner,
U S West (USW Quote - Cramer on USW - Stock Picks). Last week, media outlets reported that Qwest was in talks with Deutsche Telekom(DT Quote - Cramer on DT - Stock Picks). Qwest shed 5 9/16, or 8.6%, to 58 7/16 and U S West stumbled 13/16 to 74 5/16, while Deutsche Telekom tacked on 1/16 to 98 11/16. Telewest(TWSTY Quote - Cramer on TWSTY - Stock Picks) advanced 2 to 75 after it said it has entered a joint venture with Andersen Consulting to create interactive broadband communication services. The company would focus on interactive TV on the Web, music pay per view and e-banking. VS&A Communications Partners III, a private equity affiliate of New York media merchant bank Veronis, Suhler & Associates, is buying Data Transmission Network (DTLN Quote - Cramer on DTLN - Stock Picks) for $29 a share in cash. Data Transmission Network hopped 3 3/4, or 15%, to 28 3/4. Earnings/revenue reports and previews
(Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.) Circuit City(CC Quote - Cramer on CC - Stock Picks) declined 2 5/16, or 5.6%, to 39 after it said it expects to post fiscal 2000 earnings of $1.60 a share, beating the 19-analyst estimate of $1.57. LCA-Vision (LCAV Quote - Cramer on LCAV - Stock Picks) added 9/16, or 10.4%, to 5 15/16 after it expects first-quarter laser vision correction procedures to be at least 20% higher than the 8541 it did in the fourth quarter and 40% higher than the year-ago period. United Natural Foods(UNFI Quote - Cramer on UNFI - Stock Picks) slid 1/8 to 10 3/4 after it posted a second-quarter loss of 7 cents a share, wider than the six-analyst estimate of a 5-cent loss. Offerings and stock actions
China.com(CHINA Quote - Cramer on CHINA - Stock Picks) jumped 5 1/8 to 152 after it set a 2-for-1 stock split. CVS (CVS Quote - Cramer on CVS - Stock Picks) tacked on 9/16 to 31 after it said it will buy back up to $1 billion of its stock. Dow Chemical (DOW Quote - Cramer on DOW - Stock Picks) plans a future 3-for-1 stock split, pending shareholder approval to authorize additional shares in proportion to the planned stock split. Dow said the proposal isn't related to Dow's pending merger with Union Carbide (UK Quote - Cramer on UK - Stock Picks). Dow Chemical slid 4 3/8 to 105 3/8 and Union Carbide stumbled 2 7/16 to 50 1/2. Predictive Systems(PRDS Quote - Cramer on PRDS - Stock Picks) slipped 1 3/16 to 56 5/16 after it said it filed for a 3.8 million secondary offering. Williams-Sonoma (WSM Quote - Cramer on WSM - Stock Picks) Sank 13, or 42%, to 17 7/8 after it estimated fourth-quarter earnings will come in between 81 to 82 cents a share, well below the First Call/Thomson Financial 16-analyst estimate of 94 cents. Analyst actions
Bear Stearnssliced its rating on Anchor Gaming(SLOT Quote - Cramer on SLOT - Stock Picks) to neutral from attractive. Anchor Gaming tumbled 1 7/16 to 37 1/2. Merrill Lynch cut its rating on American Tower(AMT Quote - Cramer on AMT - Stock Picks) to an intermediate-term accumulate, long-term buy rating from an intermediate- and long-term buy rating. Banc of America upped the stock's price target to 61 from 37. American Tower skidded 13/16 to 50 1/16.J.P. Morgan upgraded AK Steel (AKS Quote - Cramer on AKS - Stock Picks) to buy from market perform. AK Steel declined 1/4 to 8 1/4. Salomon Smith Barney cut its rating on Bristol Myers(BMY Quote - Cramer on BMY - Stock Picks) to outperform from buy. Bristol Myers lost 4 9/16, or 8.9%, to 46 15/16. U.S. Bancorp Piper Jaffray initiated coverage of Buy.com (BUYX Quote - Cramer on BUYX - Stock Picks) as a strong buy with a price target of 30. Buy.com hopped 1 11/16, or 12.8%, to 14 7/8. J.P. Morgan upgraded Caterpillar (CAT Quote - Cramer on CAT - Stock Picks) to buy from market perform. Caterpillar gained 3/4 to 37 1/8. U.S. Bancorp Piper Jaffray raised Dell's (DELL Quote - Cramer on DELL - Stock Picks) price target to 65 from 55. Dell rose 7/8 to 47 1/16. First Albany rolled out coverage of FastNet(FSST Quote - Cramer on FSST - Stock Picks) with a price target of 30, while ING Barings initiated coverage with a price target of 28. FastNet bounced 3 5/16, or 22.8%, to 17 13/16. Lehman Brothers upgraded financial services company Franklin Resources (BEN Quote - Cramer on BEN - Stock Picks) to buy from outperform. Franklin Resources moved up 1/2 to 28 5/16. J.P. Morgan upgraded Ingersoll-Rand (IR Quote - Cramer on IR - Stock Picks) to buy from market perform. Ingersoll-Rand bounced 1 3/16 to 38 1/8. Lehman downgraded railroad company Kansas City Southern (KSU Quote - Cramer on KSU - Stock Picks) to outperform from buy. Kansas City Southern shed 3/16 to 88 13/16. Lehman upped KLA-Tencor's (KLAC Quote - Cramer on KLAC - Stock Picks) price target to 110 from 70. KLA-Tencor advanced 1 1/4 to 84 1/2. Wit SoundView upped its price target on Motorola(MOT Quote - Cramer on MOT - Stock Picks) to 215 from 175. Motorola shot up 6 3/16 to 181 9/16. Lehman initiated coverage on Network Peripherals (NPIX Quote - Cramer on NPIX - Stock Picks), a manufacturer of ethernet and gigabit ethernet switching products, as a buy with a 90 price target. Network Peripherals skidded 1 5/8 to 66.. Goldman Sachs initiated coverage of Organic (OGNC Quote - Cramer on OGNC - Stock Picks) as a market outperformer. Organic slipped 3 5/16, or 9%, to 33 1/4. J.P. Morgan upped the rating of Parker Hannifin (PH Quote - Cramer on PH - Stock Picks) to buy from market perform. Parker Hannifan declined 7/16 to 35 1/2. Credit Suisse First Boston analyst Charlie Glavin upped chipmaker PMC-Sierra's (PMCS Quote - Cramer on PMCS - Stock Picks) price target to 250. PMC-Sierra soared 30, or 14.6%, to 230 3/8. Merrill Lynch rolled out coverage of Samina(SANM Quote - Cramer on SANM - Stock Picks)with an intermediate, long-term buy rating. Samina hopped 3 1/16 to 120 5/8. Merrill Lynch upped its price target on SAP(SAP Quote - Cramer on SAP - Stock Picks) to 110 from 87 citing the increased acceptance of mysap.com. SAP advanced 6 5/8, or 8.8%, to 81 9/16. CSFB analyst James Parmalee raised Scientific-Atlanta's (SFA Quote - Cramer on SFA - Stock Picks) fiscal third-quarter earnings estimate to 41 cents per share from 40 cents and fourth-quarter estimates to 46 cents a share from 44 cents. The firm also raised estimates for fiscal 2001 to $1.80 from $1.75. Scientific-Atlanta was unchanged at 134. Wit SoundView initiated coverage of Witness Systems(WITS Quote - Cramer on WITS - Stock Picks) with a buy rating and a price target of 60. Witness Systems climbed 3 5/8, or 10.3%, to 38 1/2. Bear Stearns analyst Robert Fagin initiated coverage of Vicinity (VCNT Quote - Cramer on VCNT - Stock Picks), an Internet-based marketing firm, with a buy rating and a 12-18 month price target of $80. Vicinity leaped 14, or 28.7%, to 62 3/4. Merrill Lynch rolled out coverage of webMethods(WEBM Quote - Cramer on WEBM - Stock Picks) with an intermediate accumulate, long-term buy rating. webMethods plummeted 27 1/2, or 9.8%, to 252 1/2. Miscellany
Agilent(A Quote - Cramer on A - Stock Picks) leaped 28 3/4, or 26.6%, to 136 3/4 after it said it created a telecom switching technology that can carry and direct optical signals with voice, data and video without converting them from photons to electrons. The company said the product, known as a Agilent Photonic Switching Platform , would be available by the end of the year and would be displayed next week at the Optical Fiber Conference in Baltimore. Ingram Micro(IM Quote - Cramer on IM - Stock Picks) stumbled 5/16 to 11 1/4 after it said it tapped Kent Foster as its president and CEO. Red Hat (RHAT Quote - Cramer on RHAT - Stock Picks) has named former Adobe (ADBE Quote - Cramer on ADBE - Stock Picks) exec Harold Covert as its CFO. RedHat stumbled 5 1/8, or 7.2%, to 65 1/2.
Tara Murphy
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