(V) - Get Report

will make a $1.5 billion equity investment in


(DISH) - Get Report

to provide the satellite TV provider with a portion of the funding for the acquisition of

Hughes Electronics

( GMH). The companies also signed an eight-year agreement in which Vivendi will develop and provide EchoStar's DISH Network customers in the U.S. with programming and interactive television services. Separately, a unit of EchoStar set plans to offer $700 million of senior notes due 2009.

Earnings Reports & Outlooks

Adobe Systems

(ADBE) - Get Report

reported fourth-quarter income before items of 20 cents a share, missing Wall Street's consensus estimate by a penny. Revenue fell to $264.5 million from $355.2 million in the year-ago quarter and came in below the company's estimates of $275 million to $285 million. The software maker also said Thursday that its first-quarter earnings would be lower than expected, falling in the range of 20 cents to 22 cents a share. Analysts had been expecting 23 cents, according to First Call.

Bristol-Myers Squibb

(BMY) - Get Report

warned Thursday that 2002 earnings would come in below expectations. The drugmaker said it expects to earn between $2.25 a share and $2.35 a share next year, well below the Wall Street consensus estimate of $2.57 a share. The company reiterated its guidance for 2001, saying it expects to earn $2.41 a share, matching consensus estimates.


(CLX) - Get Report

raised its second-quarter earnings forecast to 35 cents to 37 cents a share and its full-year projection to a range of $1.82 to $1.87. According to First Call, analysts expect Clorox to earn 33 cents in the second quarter and $1.79 for the year.


(ORCL) - Get Report

earned $549 million, or 10 cents a share, on revenue of $2.36 billion in the fiscal second quarter. Analysts were expecting earnings of 10 cents a share on $2.46 billion in revenue for the quarter, according to They had expected 11 cents in earnings before CEO Larry Ellison warned in November that he probably couldn't make that number. During a Thursday conference call with analysts, the company said the current quarter would see earnings of 10 cents a share, flat with the year-ago quarter. For the company's fiscal fourth quarter, earnings should grow 2 cents to 3 cents a share over the 15 cents earned a year earlier. Analysts expect Oracle to earn 11 cents in its fiscal third quarter and 15 cents during the fourth quarter.


( TEK) posted second-quarter earnings of 12 cents a share, 3 cents ahead of estimates. Sales for the quarter fell 34% to $214.6 million from $325.1 million a year ago. For the third quarter, the electronic test equipment maker expects sales to be 37% lower than last year's $326.9 million. For the full fiscal year, the company expects revenue to be 30% lower than its 2001 revenue of $1.24 billion. Tektronix also said it will buy the rest of its joint venture with


(SNE) - Get Report

for about $65 million.

Mergers, Acquisitions & Joint Ventures


( IMNX) is rumored to be holding merger talks with fellow biotech company


( Amgen). Talk of a deal between the companies hit Wall Street early Thursday morning, driving shares of Immunex higher. The rumors were then given more credence by a later


report that said the companies are in advanced merger talks. The deal would have Amgen acquiring Immunex for as much as $18 billion in cash and stock, according to the report.


AirGate PCS


priced an offering of 4 million common shares at $50 each. The shares are being offered by former stockholders of iPCS, which AirGate recently acquired.

Miscellaneous News

Moody's placed



and its affiliates on review for a possible credit downgrade. The agency said it will examine Calpine's ability to raise money to complete planned energy projects given its tumbling stock price and expected lower electricity prices for power it generates.

has been examining Calpine lately, including a

column on Thursday, in the wake of


( ENE) collapse.



said an advanced clinical trial of the Xcytrin injection, a proposed treatment for cancer that has spread to the brain from another part of the body, failed to produce positive results. Pharmacyclics said Thursday the trial was designed to compare the safety and effectiveness of standard whole brain radiation therapy alone to radiation therapy with the addition of Xcytrin. The use of the injection, according to the company, didn't increase longevity or affect patients' quality of life with any statistical significance. Investors sent the company's shares sharply lower in extended-session Instinet trading after the close.