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BUSINESS BRIEFS.(TO THE POINT)

Investor's Business Daily

| July 02, 2004 | COPYRIGHT 2004 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

TECHNOLOGY

DRS rejects hostile bid from L-3

DRS Technologies jumped 16% to 37 after it disclosed it turned down an unsolicited proposal from defense contractor L-3 Communications for $42 a share in cash, a 32% premium to its shares on Wed. DRS, which makes equipment for U.S. Navy combat ships, said the offer wasn't in its shareholders' interest. L-3, which makes bomb-detection equipment for airports and train stations, has purchased more than 50 companies in the past 5 years. L-3 fell 2.5% to 65.20.

Amkor warning pulls down rivals

The provider of semiconductor assembly and test services cut its Q2 profit outlook to 6 cents a share vs. 10 cents expected, citing weaker-than-expected sales of high margin products. Shares in Amkor Technology fell 29% to 5.79. Applied Materials dropped 3% to 19, KLA-Tencor fell 4.5% to 47.16, Novellus Systems dropped 3.3% to 30.40 and Teradyne fell 6.3% to 21.28.

Emulex warns, competitors fall

The provider of networked storage products expects to make 18 cents a share in Q4, far short of ...

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