Updated from 10:06 a.m. EST
expects to earn $4.32 a share in 2002, which would be 2 cents ahead of the current First Call consensus estimate. Additionally, the company said revenue for this year will be about the same as in 2001, when the top line came to $27.9 billion.
Earnings Reports & Outlooks
posted a fourth-quarter loss of $1.04 a share, topping estimates by 4 cents. Revenue rose 13.6% to $1.1 billion. For 2002, the company expects top line growth of 12% to 14% and operating cash flow growth of 11% to 13%.
Mergers, Acquisitions & Joint Ventures
agreed to acquire certain assets from
, a unit of
. J.B. Oxford will acquire about $400 million in customer assets and 11,500 customer accounts. Financial terms of the deal weren't disclosed.
signed an agreement to acquire
for $4.50 a share in cash and stock. Based on the number of Toymax shares outstanding, the transaction is valued at about $54.5 million.
to sell from hold and lowered its price target on the stock to $10 from $21.
Credit Suisse First Boston upgraded
to buy from hold. The firm set a price target of $30 on National and a target of $26 on Micrel.
is creating a textiles and interiors subsidiary and realigning its operations into five business segments. The five divisions are: DuPont Electronic & Communication Technologies; DuPont Performance Materials; DuPont Coatings & Color Technologies; DuPont Safety & Protection; and DuPont Agriculture & Nutrition. The company also said it will consider an initial public offering of the textiles and interiors division.
received an "approvable letter" from the Food and Drug Administration for its drug Remodulin to treat pulmonary arterial hypertension. The biotech firm said final approval is contingent on discussions with the FDA over the drug's labeling.