was the subject of speculation that it could be a candidate for a takeover by
quoted industry experts who consider Take-Two the most attractive player in the video game software business and believe Microsoft might be preparing a foray after releasing its Xbox console.
Earnings Reports & Outlooks
Advanced Micro Devices
raised its fourth-quarter revenue guidance. The maker of microprocessors said that fourth-quarter revenue will be about $840 million, ahead of the $779 million Wall Street estimate, and said its loss would narrow from the third quarter's 28 cents a share. The company hopes to turn a profit in the second quarter of 2002.
raised its earnings estimate for 2002 to a range of 40 cents to 50 cents a share. Analysts are expecting income of 32 cents. The company also set plans to buy 20 million common shares from Japan's Softbank for $7.28 each.
Integrated Device Technology
said third-quarter revenue would be lower than previously expected. The company now foresees a decrease of 15% to 20% from its second-quarter revenue of $97.1 million. Analysts polled by Thomson Financial/First Call are currently expecting third-quarter revenue of $95.4 million. The maker of microchips for communications devices said the reduced forecast is due to the decline in economic and business conditions in Europe and Japan. Projected order rates from customers have been lower than expected, leading to the warning.
is now forecasting fourth-quarter revenue of $6.7 billion to $6.9 billion. The company previously expected a top line of $6.2 billion to $6.8 billion.
said its third-quarter loss was $15.9 million, or $1.11 a share, compared with a loss of $6.9 million, or 63 cents a share, in the year-ago quarter. Wall Street was expecting a loss of 39 cents, according to analysts polled by Thomson Financial/First Call. Third-quarter revenue was $10.1 million, down from $10.8 million in the year ago quarter, but up 26% from second-quarter revenue. The optical networking solutions supplier said it has also undertaken substantial cost-cutting measures such as a workforce reduction of 20%. It expects these measures to save about $6 million a year.
said Thursday that problems with its human blood substitute Hemopure are forcing it to delay filing an approval application with U.S. drug regulators for at least six months.
settled an ongoing accounting case with the
Securities and Exchange Commission
. Without admitting guilt, the company agreed not to violate accounting rules in the future. The company was being probed in connection with its acquisition of
North American satellite antenna site business in 1999.
Protein Design Labs
reported mixed results in a test for its experimental cancer treatment Zamyl. The company said the treatment improved patients' response to chemotherapy by 65% but failed to achieve the trial's primary goal of improving the rate of complete remission after 70 days. The study was a Phase 3 trial of Zamyl in patents with acute myeloid leukemia, a form of blood cancer.
Mergers, Acquisitions & Joint Ventures
Bank of America
agreed to sell its subprime real estate servicing operations to Fairbanks Capital. Terms weren't disclosed.