Hot Stocks: Poly cracked

August 21, 2001 Posted: 2046 GMT

NEW YORK (CNNfn) -- The Federal Bureau of Investigation raided four Florida offices of PolyMedica's Liberty Medical unit. The company confirmed its business practices are under federal investigation.

Calpine shares jumped Tuesday after the company said it is on target to meet its goal of producing 70,000 megawatts of power. The company says the power will help in alleviating the nation's power shortages.

Calpine (CPN: up $1.63 to $29.90, Research, Estimates). Shares of power producer climbed after the company said it's on target to generate 70,000 megawatts by the end of 2005 and that the additional supply is needed to help meet a "shortfall" of electricity in the U.S.

Open TV (OPTV: up $0.92 to $8.57, Research, Estimates). IBM agreed to use OpenTV's interactive television software in TV set-top boxes based on the next generation of IBM's PowerPC chips.

Guidant (GDT: up $3.40 to $35.00, Research, Estimates). The cardiovascular device maker said its distribution deal with medical device company Cook Inc. will buy it six months in the race to get a drug-coated stent on the U.S. market. At least three brokerage upgrades followed.

Metro Information Services (MISI: up $4.05 to $7.75, Research, Estimates). Information technology firm Keane said it plans to buy the fellow consulting firm in a stock-for-stock deal valued at about $135 million.

E*Trade Group (ET: up $0.24 to $5.81, Research, Estimates). The online broker said it had bought 2.2 percent of its outstanding shares from Japanese Internet investor Softbank.

Coach (COH: up $0.92 to $34.04, Research, Estimates). UBS Warburg upgraded the retailer to "strong buy" from "buy."

Spectra-Physics (SPLI: up $7.16 to $20.85, Research, Estimates). Thermo Electron said it plans to take its laser-optics subsidiary private at a cash price of $20 per share.

Medtronic (MDT: up $0.87 to $45.55, Research, Estimates). The medical-device company beat first-quarter earnings expectations by a penny a share Monday, with revenue rising 14 percent from the same period a year earlier.

Immunex (IMNX: up $0.64 to $16.86, Research, Estimates). The biotech company said initial results of its arthritis drug Enbrel show effectiveness in treating the skin disease psoriasis.

PolyMedica Corp (PLMD: down $2.42 to $15.18, Research, Estimates). FBI agents raided four Florida offices of a unit of the nation's largest distributor of diabetes home-testing kits, which has acknowledged it is the target of a federal probe. About 85 agents raided two offices of Liberty Medical Supply.

Target (TGT: down $1.74 to $35.36, Research, Estimates). The Minneapolis, Minn.-based retailer backed its long-term projection of 15 percent annual growth in earnings per share, but the company also said its third-quarter profits were likely to come in at the low end of analysts' estimates of 25 cents to 31 cents per share, according to First Call.

Triquint Semiconductor Inc (TQNT: down $2.82 to $19.40, Research, Estimates). Shares of the chipmaker dropped amid concern that the company will cut earnings expectations during an investor meeting after the market close.

Venator (Z: down $0.79 to $17.65, Research, Estimates). The company said it had a fiscal second-quarter net loss of $14 million and announced plans to change its name to Foot Locker Inc., the current name of its sports apparel subsidiary.

American Eagle Outfitters (AEOS: down $9.06 to $23.21, Research, Estimates). The youth-oriented apparel chain said that it expects fiscal third-quarter earnings to rise 10 to 15 percent, below analysts' estimates of an increase of 19.5 percent. The company also reported second-quarter results in line with estimates. Rivals Abercrombie & Fitch (ANF: down $2.18 to $28.90, Research, Estimates) and Too (TOO: down $1.12 to $26.45, Research, Estimates) also fell.

C&D Technologies (CHP: down $6.71 to $20.30, Research, Estimates).  The maker of electrical power storage products said that second-quarter sales fell 18 percent and could decline again in the current quarter.

Staples (SPLS: down $0.93 to $15.29, Research, Estimates). The office retailer posted lower fiscal second-quarter results Tuesday that matched Wall Street expectations.

BJ's Wholesale Club (BJ: down $2.53 to $52.74, Research, Estimates).  Shares of the warehouse club chain fell even after it reported a 17 percent increase in second-quarter earnings that matched forecasts.

THQ (THQI: down $0.87 to $50.35, Research, Estimates). The video game publisher filed with the U.S. Securities and Exchange Commission to sell 2.5 million shares of common stock.

Hain Celestial Group (HAIN: down $2.71 to $21.53, Research, Estimates). The natural foods maker warned that its fiscal fourth- quarter earnings would fall below estimates due to higher marketing expenditures and increased production costs for its Terra brand.

Sorrento Networks (FIBR: down $1.15 to $3.66, Research, Estimates). The optical networking equipment maker said it expected second-quarter revenue to fall 45 percent from the first quarter on weak economic conditions and the timing of customer orders.

--from staff and wire reports

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