Ebb & Flow

Investors playing the Transkaryotic-Amgen roulette wheel found their chips stuck on the table Friday, when U.S. District Court Judge William Young issued his final ruling in the EPO litigation between TKTX and AMGN after the market closed. Young ruled that TKTX and partner Hoechst Marion Roussel (now Aventis) literally infringed two of five AMGN patents in the dispute (see Cover Story). Now that the ball has stopped rolling, the chips will be cleaned off the table unless today's conference call by TKTX raises optimism about an appeal.

TKTX closed Friday down $1 to $34 on 146,000 shares, but was up $1.875 on the week before trading was halted shortly before the close. AMGN, which was up only $0.25 to $60 in regular trading on the week, shot up $12.375 (21 percent) to $72.375 in after-hours trading on Friday.

Earnings watch

The bad news is that DNA lost $8.1 billion in valuation after announcing in a conference call on Friday morning that its earnings growth would come in at 20-25 percent this year compared to 28 percent in 2000. DNA slid $7.688 (13 percent) to $53 on 9.3 million shares on Friday, and was down $15.50 (23 percent) on the week. Spokesperson Sabrina Johnson said DNA remains on track with its goal of providing 25 percent average annual EPS growth over the five years starting in 1999, pointing out that the company has delivered 31 percent average annual growth

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