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TECHNOLOGY
Key HP proxy report is imminent
The influential Institutional Shareholder Services is expected to give its report Monday on Hewlett-Packard's planned buy of Compaq. A thumbs-up or down from the proxy group could sway enough HP shareholders to OK or reject the controversial deal on March 19.
Chips surge on Novellus, others
IBD's chip-gear group rallied 8.7% and chipmakers jumped 8.3% to lead the way after bullish news from several firms. Chip-equipment firm Novellus saw "continued signs of recovery." Marvell Technology beat profit views and Chartered Semiconductor raised its outlook. Novellus rose 14%, Marvell 15% and Chartered 13%. Intel gained 8.5% and Applied Materials 10%.
PerkinElmer warns, clips workers
The scientific instrument firm now expects 16-17 cents a share in Q1 vs. analyst views of 23 cents and 21 cents a year ago. For all of '02 it sees $1.05-$1.10 vs. targets of $1.24. PerkinElmer cited a big drop in volume in its optoelectronics unit. It expects weakness in its life sciences and analytical instrument units due to the recession. It'll cut 500 jobs. PerkinElmer crashed 7.25, or 32%, to 15.75, its lowest level since June 1999. Varian Inc. fell 7% and Waters lost 6%.