Updated from 8:00 p.m. ET Monday

Today is

Cisco's

(CSCO) - Get Report

lucky day -- at least on the analyst front.

Ahead of its earnings report that will be released after the close of trading today, the networking giant got a thumbs up from

Morgan Stanley Dean Witter

analyst Christopher Stix. He upgraded the company to market outperform from neutral.

Last Wednesday, Stix published a report that told clients that it saw better data points in Cisco's channel, but he didn't touch the company's rating -- advising that Cisco's price was too rich at those levels. But since that note, Cisco is up 23%. In an about-face, Stix upgraded the company.

Another networker,

Ciena

(CIEN) - Get Report

made noise this morning after signing a contract to supply optical switching and transport systems for

TyCom's

(TCM)

global communications network.

The two-year agreement is initially valued at more than $150 million. TyCom will buy Ciena's MultiWave CoreDirector and MultiWave CoreStream systems for an undersea optical network that will ultimately span about 250,000 kilometers and connect the six inhabited continents. Shares of Ciena rose sharply on the news.

Mergers, acquisitions and joint ventures

After Monday's Close

AmeriSource Health

(AAS)

and

Bergen Brunswig

(BBC) - Get Report

said Monday that federal regulators have requested more information from the two companies regarding their proposed merger. In March the two companies reached an agreement to merge and create a new company called

AmeriSource-Bergen

. The merged company would become one of the largest distributors of pharmaceuticals in the U.S.

Back to top

Earnings/revenue reports and previews

Internet services provider

America Online Latin America

(AOLA)

said on Tuesday that its first-quarter loss widened, though the loss was narrower than expected.

The Ft. Lauderdale, Fla., company, which is backed by

AOL Time Warner

(AOL)

and Venezuela's media conglomerate

Cisneros Group

, said its pro forma loss widened to $85 million, or 29 cents a share. The company lost $23.1 million in the year-earlier period. Analysts expected the company to post a loss of 35 cents a share, according to

Thomson Financial/First Call

.

Terra Lycos

(TRLY)

said first-quarter revenue rose to $164 million, up 60% from the year-ago period, but the company also set plans to cut 15% of its workforce. The company lost $153.9 million for the quarter.

The Internet network, which is based in Spain, acquired

Lycos

, of Waltham, Mass., last year and has been through a number of executive changes in recent months. The latest results represent the first full quarter Terra Lycos has operated as a single company.

MetLife

(MET) - Get Report

said its first-quarter operating income rose 1%, beating Wall Street's lowered estimates, as strong sales of retirement and savings products to companies offset a weak quarter for annuities and storm-related claims on its car and home insurance unit.

The New York-based company said operating income, excluding one-time items, rose to $384 million, or 49 cents a share, up from $379 million, or 48 cents a share, in the year-ago quarter. Analysts had expected the company to earn 47 cents, according to

Thomson Financial/First Call

.

Cable television operator and sports team owner

Cablevision

(CVC)

on Tuesday reported improved first-quarter results, as the sale of cable assets helped prop up the bottom line.

Cablevision reported a profit of $1.13 billion, or $4.97 a share, including $1.43 billion in cable asset sales. In the year-ago period, the company lost $115.5 million, or 67 cents a share.

In addition to its cable assets, the company also owns the New York Knicks and New York Liberty basketball teams and the New York Rangers hockey franchise.

After Monday's Close

PC maker

Dell

(DELL) - Get Report

is standing by its prior first-quarter earnings and revenue guidance, but the computer maker set plans to eliminate 3,000 to 4,000 regular full-time jobs during the next two quarters, largely in the company's central Texas operations.

The company's first quarter ended last Friday. Dell still expects to post revenue of $8 billion with earnings of 17 cents a share for the quarter -- the same guidance the company gave a month ago. Dell will report its first-quarter results on May 17.

The company also plans to combine certain manufacturing functions and has limited the hiring of new employees. Additionally, the company expects to require unpaid time off for most U.S. salaried employees in the second quarter. Dell expects to record a pretax charge of $250 million to $350 million in the second quarter, primarily related to the job reductions and the consolidation of facilities.

Wireless telephone company

VoiceStream

(VSTR)

posted a first-quarter loss of $2.54 a share, beating Wall Street's estimates by a penny. The company, which is based in Bellevue, Wash., said its first-quarter loss totaled $651.2 million, compared with a loss $203.3 million a share in the year-ago period. VoiceStream cited higher-than-expected costs, which offset its strong subscriber base and increased revenue stream.

Chipmaker

Genesis Microchip

(GNSS)

said its fourth-quarter results came in ahead of analysts' expectations. The company posted a loss of 15 cents a share, compared with earnings of 3 cents a share a year ago.

Back to top

Miscellany

After Monday's Close

priceline.com

(PCLN)

named Chairman Richard S. Braddock chief executive, allowing him to reclaim the post he previously held from July 1998 to May 2000.

Braddock's appointment is effective immediately. He replaces Daniel H. Schulman, priceline.com's prior president and CEO. The company also named Chief Operating Officer Jeffery H. Boyd to fill the position of president.

The company, which is best known for operating a Web site that allows users to bid for surplus airline tickets, rental cars and hotel rooms, said Braddock will continue to serve as chairman of the board. Boyd has served as priceline's chief operating officer since October.

Back to top