08:49 ET Park Place Entrmnt (PPE) 9.75: Goldman Sachs upgrades to MKT OUTPERFORM from MKT PERFORM based on cash flow characteristics (DCF analysis suggests a price of $13 per share), underlying asset value, historical trading patterns and entering the seasonally strongest season in Atlantic City. Says this is purely a trading and valuation call, as we do not expect a significant turnaround in fundamentals for another 2 quarters.
08:48 ET PacifiCare Hlth (PHSY) 23 15/16: -- Update -- Though company reaffirmed previous guidance, the street sees this as upward guidance. PHSY had indeed previously stated that full year EPS would be $2.94, but many analysts doubted this number and the consensus was only $2.29. One firm -- CSFB -- reiterated a SELL rating after PHSY's last report and said that the company would lose $2.18 instead of earning $2.94.
08:47 ET Audiocodes (AUDC) 8: Prudential downgrading to HOLD from ACCUMULATE and cutting price target to $8 from $0.21; slashes FY01 est. to $0.22 from $0.70 and revenue view to $46 mln from $93.8 mln. Company continues to be impacted by delayed or cancelled orders by both large and small customers.
08:43 ET Novellus (NVLS) 33 7/8: SG Cowen initiates coverage with a BUY and $70 price target. Calls NVLS the best midcap play on technology shifts; 300mm, copper, low-k, and shrinks. Operational outsourcing model & outstanding time to market key competitive differentiators. Expect 15% growth in 2002 after a tough 2001, fueled by market share gains and new products.
08:38 ET Verizon Comms (VZ) 48.90: -- Update -- Merrill Lynch says Verizon Wireless report of a 518K increase in new customers was below firm's range of 575-750K (with most analysts at 700-750K). Thinks shortfall was due primarily to two factors that are, in this case, specific to Verizon Wireless; 1) a one-time adjustment to the prepaid base and 2) an increase in churn, in particular higher analog churn. Nevertheless, expects sector to be under pressure today as investors react to the news.
08:37 ET Genentech (DNA) 41.25: CIBC World Markets upgrades to STRONG BUY from BUY on price basis. Cites strong presentation on broad pipeline at recent conferences. Positive results of RITZ 2 study of tezosentan (acute heart failure) at ACC meeting and positive Phase III data on Xolair for prevention of seasonal allergenic rhinits also cited. Price target is $88.
08:34 ET NetZero (NZRO) 1/2: Inks 2-yr agreement to become a provider of dial access Internet services for IBM's Affinity programs. As part of the relationship, NetZero's new bannerless pay service will become one of the primary choices when Affinity partners require prepaid Internet service.
08:30 ET Economic Data : US jobless claims for the week ended 3/31 rose 18K to 383K, compared to consensus of 372K.
08:30 ET Black & Decker (BDK) 36.88: Goldman Sachs upgrades to MKT OUTPERFORM from MKT PERFORM based on valuation. Strong housing markets, improving consumer confidence, and aggressive new product launches give some optimism for second half results, although the pace of recovery likely will be slower than previously believed. Price target is $45.
08:24 ET PacifiCare Hlth (PHSY) 23 15/16: Reaffirms previously disclosed earnings per share guidance of $0.35 for Q1 and $2.94 for the full yr. |
