Updated from 6:11 p.m. ET Tuesday

Maytag

( MYG) said Wednesday its second-quarter earnings should be about 25% lower than its previous expectation of 43 cents a share. Wall Street is currently expecting the company to earn 46 cents a share in the quarter. The company attributed the decline primarily to softening in retail sales of floor care products.

"In major appliances, we continue to operate in a very weak industry, although our performance is modestly outpacing the industry," the company said in a statement. "Price competition continues in the marketplace, suppressing margins. Additionally, we are spending more on brand building and product development in this environment, which also weakens margins."

Mergers, acquisitions and joint ventures

Celera Genomics

( CRA) said on Wednesday that it would acquire

Axys Pharmaceuticals

for about $173.4 million.

Celera, which is based in Rockville, Md., said Axys stockholders will receive $4.65 a share in Celera common stock.

Celera expects the acquisition to complement its chemical libraries and facilities, medicinal chemistry, structural biology, and pre-clinical capabilities.

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Earnings/revenue reports and previews

ChipPac

(CHPC)

said on Wednesday that it now expects revenue for the second quarter to be flat to down 5% from the first quarter. The company previously forecast a 5% to 10% dropoff from the prior period. The company expects its loss for the quarter to be at the low end of its earlier guidance and in line with the current

Thomson Financial/First Call

consensus estimate of a loss of 11 cents a share.

After Tuesday's Close

Avaya

( LU), the communications equipment maker spun off from

Lucent Technologies

( LU), lowered its fiscal 2001 revenue outlook, citing lower-than-expected sales in May and early June. The company also disclosed plans to cut at least 3,000 jobs, or 11% of its workforce.

The company expects ongoing revenue to decline 4% to 6% in the third quarter ending June 30, with earnings per share doubling from the year-ago level. For the fourth fiscal quarter, Avaya forecast that revenue will drop 4% to 8%, while earnings per share will increase six-fold from a year ago.

Internet holding company

CMGI

( CMGI) posted a third-quarter loss of $963.3 million, or $2.80 a share, compared with a year-earlier loss of $428 million, or $1.53 a share. The company reported revenue of $301 million, up 29% from the same quarter a year ago.

CMGI also projected fourth-quarter revenue of $280 million to $290 million, along with an operating loss of $120 million to $130 million.

Loudcloud

(LDCL)

, an Internet infrastructure services provider, missed analysts' expectations for the fiscal first quarter, posting a loss of $60.3 million, or $1.25 a share. According to

Thomson Financial/First Call

, analysts expected the company to lose $1.21. The company, whose chairman is

Netscape

founder Marc Andreessen, lost $58.8 million, or $1.90 a share, in the year-ago period.

Revenue rose to $11.7 million in the first quarter from $8.9 million in the fourth quarter. Loudcloud projected revenue of $14 million for the second quarter and a top line of $53 million to $57 million for the fiscal year.

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Analyst actions

The analyst community was tough on

Nokia

(NOK) - Get Report

this morning after the mobile phone maker issued a

profit warning on Tuesday.

Credit Suisse First Boston

,

Goldman Sachs

,

Salomon Smith Barney

and

UBS Warburg

all issued negative notes on the company this morning.

Nokia, which had been considered a safe haven in the technology sector, warned before the opening bell Tuesday that it expects the global mobile phone market to have only "very modest growth" this year. The Espoo, Finland, company also said weaker market conditions will hurt its financial performance during the second quarter.

After Tuesday's Close

Standard & Poor's

cut its debt ratings on

Lucent Technologies

(LU)

to junk status, citing "significant" concerns about the telecom equipment maker's ability to improve earnings and cash flow.

The downgrade comes two weeks after the company ended merger talks with France's

Alcatel

(ALCATEL)

. S&P cut Lucent's corporate credit and senior unsecured debt rating one notch to double-B-plus from triple-B-minus. The new ratings are S&P's highest junk grades.

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Offerings and stock actions

After Tuesday's Close

Kraft Foods

( KFT) priced its initial public offering of 280 million shares at $31 each -- the high end of the latest expected range -- raising $8.7 billion for the food company.

The highly anticipated IPO ranked as the second-largest in U.S. history, behind only last year's initial public offering of

AT&T Wireless

( AWE) common stock. Kraft's parent company,

Philip Morris

(MO) - Get Report

, sold about 16% of its stake to the public. Philip Morris will retain an 84% interest in Kraft.

Shares of Kraft will begin trading on the

New York Stock Exchange on Wednesday.

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Miscellany

EchoStar Communications

(DISH) - Get Report

is close to lining up $3 billion in short-term financing to make a bid for

Hughes Electronics

( GMH), according to published reports.

The Wall Street Journal's

online edition reported on Wednesday that the loan would come from

UBS Warburg

and

Morgan Stanley

, both of which have indicated that they will commit to supply the bridge financing.

After Tuesday's Close

Health insurer

Aetna

(AET)

will no longer offer its HMO product in certain counties in California as the company trims its membership numbers to focus on improving its financial results.

The company is reviewing its markets, products and customer segments before determining which areas to exit. Aetna has already unveiled plans to discontinue its HMO product offering in at least two markets, including St. Louis and the state of Louisiana.

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