Dynegy

(DYN)

is under increasing pressure to renegotiate or walk away from its agreement to acquire

Enron

(ENE)

, whose stock has continued to plummet as more financial problems come to light, according the

The Wall Street Journal

. Separately, Enron has been sued by members of its employee-retirement plan, which has suffered losses because of the company's falling stock price, the paper said.

Analyst Actions

Robertson Stephens expects

Medtronic

(MDT) - Get Report

to meet the firm's estimates when it reports second-quarter earnings later this month. According to First Call, analysts, on average, expect the company to earn 29 cents a share.

Offerings

Shaw Communications

(SJR) - Get Report

filed with the

Securities and Exchange Commission

to periodically sell up to $800 million of debt securities and preferred shares. The company will use the proceeds from any sales for debt repayment, general corporate purposes and working capital.

Miscellaneous News

Angiotech Pharmaceuticals

(ANPI)

said Alcon plans to stop taking part in a research pact the companies formed to develop therapeutic implants for treating proliferative ophthalmic conditions.

The Food and Drug Administration on Wednesday approved

Eli Lilly's

(LLY) - Get Report

drug Xigris for use by patients with severe sepsis who have a high risk of death. Sepsis is a disease caused by infections in the blood that proves fatal 30% to 50% of the time. Separately, Morgan Stanley downgraded Lilly to neutral from outperform, citing the stock's valuation. The firm recommended selling Lilly and buying

Bristol-Myers Squibb

(BMY) - Get Report

.

Ivax

(IVX)

said its generic version of

Bristol-Myers Squibb's

(BMY) - Get Report

Glucophage has been deemed approvable by the Food and Drug Administration. The company's Ivax Pharmaceuticals unit plans to start selling the drug after receiving final approval, which hinges on the resolution of issues involving pediatric labeling for the brand drug. U.S. sales of Glucophage tablets totaled $1.8 billion during the prior 52 weeks.

Microsoft

(MSFT) - Get Report

said its top attorney William Neukom will step down at the end of the current fiscal year. Brad Smith, who has been Microsoft's deputy general counsel for worldwide sales for the past five years, was named to succeed Neukom, who will stay on at the company until the end of July 2002.