Updated from 11:33 a.m. EST
is negotiating to acquire specialized equipment and usable inventory from
for $250 million to $290 million in cash. As part of the prospective agreement, Solectron would be awarded a multiyear contract to provide supply-chain services for selected Lucent optical networking products.
Earnings Reports & Outlooks
reported fourth-quarter earnings from continuing operations of 33 cents a share, excluding items. According to First Call, analysts were looking for 34 cents. Including items, the toy company earned 31 cents. Sales rose 2% to $1.6 billion.
Qiao Xing Universal Telephone
will restate its financial results for the first half of 2001. After the restatement, the company will have earnings $28,000, breaking even on a per share basis, for the first half. Previously, the company indicated earnings of $1.3 million, or 10 cents a share. The company attributed the action to an $800,000 understatement related to the issuance of convertible debentures, a $500,000 overstatement of tax provisions and a $1 million increase in the provision for doubtful debt. Separately, the company received a $32 million contract to deliver CDMA phones to a branch of Guangdong Jin Zhong Hua Telecom Service, the sales agent for
posted second-quarter earnings, before items, of 12 cents per American depositary share, a penny ahead of the consensus estimate. Revenue rose to $41.3 million from $11.9 million in the same quarter a year ago. Including items, the company lost 8 cents per ADS.
posted a fourth-quarter loss of 19 cents a share, excluding items, topping expectations by 6 cents. Including charges, the company lost $1.36. Revenue rose to $31.6 million from $21.2 million.
to buy from hold based on the company's valuation and the possibility that investors stand a better chance of seeing the stock rise rather than decline further. The firm's price target is $7.
Merrill Lynch analyst Joe Osha upgraded
to near-term strong buy from buy. The analyst raised his fiscal 2002 earnings estimate to 73 cents from 70 cents. His price target on the stock is $42.
Advanced Micro Devices
, a chip foundry based in Taiwan, will hold a joint conference call at 5:30 p.m. EST. Details weren't provided, but the companies have been rumored to be holding talks regarding a joint venture or investment arrangement.
received an approvable letter from the Food and Drug Administration for lipid-lowering agent Altocor. Final marketing approval requires Andrx to complete certain conditions detailed in the FDA's letter.
received Food and Drug Administration approval to market Xopenex, an inhaled solution for the treatment or prevention of bronchospasm in children aged 6 to 11 who have a reversible obstructive airway disease, such as asthma.