Financial services provider
First Tennessee National
was climbing 3% to $39.61 on word that it will replace
( CPQ) in the
after Compaq completes its merger with
( HWP). First Tennessee is currently a component of the
S&P MidCap 400
( MER) Vice Chairman Tom Davis said he is resigning from the company after 25 years, but he said his decision isn't related to the investigation into the firm's research and stock recommendations.
The Wall Street Journal
first reported that Davis will resign Nov. 1 to pursue "other personal and professional goals." Until then, Davis will continue to work on the company's research policies and practices. Merrill was ticking up 0.2% to $43.01.
co-founder Paul Allen has filed with regulators to sell his entire 19.95 million share stake in
for $28.50 a share. USA was gaining 2.2% to $30.
Sinclair Broadcast Group
beat Wall Street's first-quarter expectations on higher revenue and improved cash flow. The company said its first-quarter loss, including charges relating to accounting changes, was $45.6 million, or 54 cents a share, compared with a loss of $38.2 million, or 46 cents a share, in the year-ago quarter. On a pro forma basis, Sinclair posted an operating loss of $630,000, or 4 cents a share, compared with a loss of $36.6 million, or 46 cents a share, a year ago. The results beat the Thomson Financial/First Call consensus estimate, which was for a loss of 8 cents a share. The stock was up 6% to $14.
DVD product maker
( SNIC) beat fourth-quarter estimates after the close Thursday and raised its guidance due to improved demand. Shares of Sonic were climbing 10% to $7.76 Friday. The company reported fourth-quarter net income of $710,000, or 4 cents a share, compared with a loss of $1.2 million, or 9 cents a share, in the year-ago quarter. Analysts had been expecting the company to break even in the quarter.
( IMNX) said Friday that it plans to sell its cancer treatment Leukine to German pharmaceutical company
for $380 million in cash, plus the payment of additional cash consideration upon achievement of certain milestones. Immunex, which was off 1.5% to $25.63, said the sale comes in connection with its pending acquisition by
was falling 5% to $8.12 after Goldman Sachs lowered its estimates for the software company. The firm cut its projection for Oracle's 2002 earnings to 38 cents from 40 cents a share and its 2003 estimate to 35 cents from 40 cents. Both are below the consensus expectation. According to Thomson Financial/First Call, Wall Street, on average, is looking for 40 cents in 2002 and 45 cents in 2003. Goldman also lowered Oracle's fourth-quarter license revenue forecast.
was falling 12% to $14.02 on news that the European mobile phone company cut its forecasts for its German and Italian operations.