Lower Opening For Broader Markets

Stocks appear set to open lower Monday.

Immunogen (IMGN | Quote | Chart | News | PowerRating) said it's has learned that GlaxoSmithKline (GSK | Quote | Chart | News | PowerRating) has decided not to move forward with Phase II trials of the drug cantzumab mertanisine due to the current licensing agreement. In addition, IMGN said that Genentech (DNA | Quote | Chart | News | PowerRating) plans to continue with additional pre-clinical research on Trastuzumab-DMI.

ESS Technologies (ESST | Quote | Chart | News | PowerRating) once again has upped its guidance, but this time for Q3. The company sees earnings of 35 cents to 38 cents a share vs. 25 cents to 30 cent previously. Analysts' consensus was for 34 cents according to Multex.

According to a report in the Wall Street Journal, people close to the matter concerning Martha Stewart (MSO | Quote | Chart | News | PowerRating) and her Imclone (IMCL | Quote | Chart | News | PowerRating) trade, said that the Merrill Lynch sales assistant who handled the trade has supplied new information which contradicts Ms. Stewart's claims on the trade.

The U.S. Commodity Futures Trading Commission has subpoenaed Avista (AVA | Quote | Chart | News | PowerRating) for records with regard to any "roundtrip" trades which have been executed since January 2000.

Microsemi (MSCC | Quote | Chart | News | PowerRating) has reduced its Q3 outlook to a range of 4 to 5 cents a share from prior guidance in the range of 9 to 11 cents a share. Multex consensus was for 10 cents.

Moody's downgraded the long-term debt ratings on France Telecom (FTE | Quote | Chart | News | PowerRating) from Baa1 to Baa3.

UBS Warburg lowered its estimates on Andrx (ADRX | Quote | Chart | News | PowerRating). The firm lowered estimates from $2.25 to $2.00 a share for 2003 and 2004 estimates from $2.75 to $2.40 a share. In addition, UBS lowered its price target on the company from $50 to $34.

RJ Reynolds (RJR | Quote | Chart | News | PowerRating) was downgraded at Prudential from Buy to Hold based on valuation. The firm's price target for RJR is $70.

Goldman Sachs downgraded Gemstar-TV Guide (GMST | Quote | Chart | News | PowerRating) from Recommended List to Market Perform after the judge's ruling on Friday that respondents had not infringed any patents held by GMST.

Wachovia Securities lowered its rating on KPMG Consulting (KCIN | Quote | Chart | News | PowerRating) from Strong Buy to Buy.

Goldman Sachs lowered its estimates on Siebel Systems (SEBL | Quote | Chart | News | PowerRating) for calendar year 2002 estimates from 40 cents to 35 cents and calendar year 2003 estimates from 50 cents to 40 cents.

Raytheon (RTN | Quote | Chart | News | PowerRating) was downgraded at Morgan Stanley from Equal Weight to Underweight based on valuation.

Wachovia Securities upped its rating on King Pharmaceuticals (KG | Quote | Chart | News | PowerRating) from Buy to Strong Buy, citing the stock's current price lowers the risk of the company's generic Levoxyl.

Greg