Updated from 9:46 a.m. EST
plans to raise $500 million through an offering of senior notes. Separately, the company said in a regulatory filing that the office of the chief accountant of the Securities and Exchange Commission believes Xerox's methodology for accounting for sales-type leases doesn't follow the requirements of a statement of financial accounting standards. Xerox said its own accounting treatment shouldn't result in a "material difference," and said it believes its financial results comply with generally accepted accounting principles.
Earnings Reports & Outlooks
( KRON) raised its guidance for the first quarter and now expects income of 27 cents to 30 cents a share. The company projected revenue of $74 million to $76 million. Analysts expect the company to earn 19 cents on revenue of $72.9 million.
forecast fourth-quarter earnings of 15 cents to 16 cents a share on revenue of $118 million to $120 million. Analysts are projecting income of 14 cents with a top line of $117.3 million. The company also filed with U.S. regulators to sell 7 million shares.
Mergers, Acquisitions & Joint Ventures
agreed to acquire
for $5.30 a share. The deal will be valued at about $115 million, half to be paid in stock and half in cash.
agreed to acquire H.O. Systems for $340 million in cash and stock. H.O. Systems provides billing and customer care software to wireless carriers. VeriSign also bought the .tv Corp. for $45 million in cash. The company is the exclusive worldwide registry for Web addresses ending in .tv.
J.P. Morgan downgraded
to market perform from long-term buy.
Robertson Stephens upgraded
to buy from market perform and raised its price target on the computer maker to $35 from $26. The firm said Dell is seeing stronger-than-expected demand for PCs in the fourth quarter.
ABN Amro upgraded
to buy from add and raised its price target on the stock to $85. The firm cut its second-quarter estimate for the software maker but increased its expectation for the third quarter.
Goldman Sachs listed its best ideas for 2002 in technology and telecom as
Research in Motion
AOL Time Warner
Electronic Data Systems
Maxim Integrated Products
( AWE) and
named Lynn Anderson chief financial officer. Anderson replaces Anne Stuart, who has taken an executive position with a biotech company. Prior to joining Corvis, Anderson was financial chief of Optical Capital Group, a technology investment firm.
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