Stocks to Watch: Adelphia Tops Estimates, WWF Cuts Jobs

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Adelphia Communications

(ADLAC)

posted a third-quarter loss of $1.20 a share, beating First Call estimates by 6 cents. Revenue rose 23.5% to $898.6 million. The company also said it might provide up to $100 million of additional credit support to divisions of its Adelphia Business Solutions unit.

Briefing.com

also said rumors are circulating that the company is planning an offering of convertible securities.

Earnings Reports & Warnings

Heinz

(HNZ)

lowered its second-quarter guidance, citing post-Sept. 11 weakness and higher supply chain costs. The company also expects earnings to weaken in the third quarter before rebounding in the last quarter of the fiscal year.

Offerings

Critical Path

(CPTH)

closed a $95 million equity financing transaction. The deal will give the company about $30 million in cash proceeds and eliminate $65 million of Critical Path's convertible subordinated notes. The company will also issue about 52.4 million new convertible preferred shares and warrants to purchase 2.5 million shares.

Verizon Wireless, a unit of

Verizon

(VZ) - Get Report

, filed a registration statement with the

Securities and Exchange Commission

for a potential IPO of common stock. Verizon Wireless hopes to complete the offering by mid-2002.

Miscellaneous News

Gilead Sciences

(GILD) - Get Report

reported positive results from a Phase III clinical trial of adefovir dipivoxil, a treatment for patients with chronic hepatitis B and liver disease.

Maxim Pharmaceuticals

(MAXM)

said its lead drug candidate Ceplene was shown in a preclinical study to protect critical immune cells commonly found in the liver against programmed cell death, thereby preserving the ability of these immune cells to kill malignant cells and virally infected cells.

World Wrestling Federation

(WWF)

set plans for a restructuring program that will result in the elimination of about 9% of the company's workforce. In addition, the company's president and chief operating officer, Stuart Snyder, resigned.

After Thursday's Close

AstroPower

(APWR)

, a supplier of solar electric power products, posted third-quarter income of 10 cents a share, 3 cents shy of estimates.

Level 3 Communications

(LVLT)

said it signed an agreement to provide network services to

AT&T Wireless

(AWE)

. Financial terms of the deal weren't disclosed.

Nvidia

(NVDA) - Get Report

said strong sales of video games and PCs will raise its financial performance over 2002 and 2003. The Santa Clara, Calif., chipmaker earned $44.7 million, or 26 cents a share, in the third quarter, topping estimates and beating the year-ago earnings number of $28.1 million, or 17 cents. On a pro forma basis, the company earned 28 cents a share in the latest third quarter. Nvidia also said it expects to earn $1 a share on revenue of $1.27 billion for 2002, and earnings of $1.30 a share on a 40% revenue jump.

Palm

(PALM)

CEO Carl Yankowski abruptly resigned after the market closed Thursday. The handheld maker announced that he would be replaced by Palm Chairman Eric Benhamou while a search is started for a full-time CEO.