From Briefing.com: Close Dow -78.19 at 9771.85, S&P -11.30 at 1127.58, Nasdaq -55.48 at 1930.34: The major averages finished lower on earnings and economic data with mixed implications. For the week, the Nasdaq fell 4.5% while the Dow put in a 1.7% decline. On the earnings front, investors were considering reports from two top-tier technology names. First, IBM met analyst expectations on earnings but came in somewhat short on revenues. The difference in revenues was due to weaker sales of services such as consulting though the IBM's services bookings (unrecognized revenue for services) increased to $15 billion from $10 billion in the prior quarter...
The second big earnings report came from Microsoft (MSFT). Despite posting better-than-expected results for the first half of its fiscal year, the company maintained its full-year operating income guidance. Put another way, it lowered its operating income expectations for second half of its fiscal year citing continued economic weakness in Japan, a modest reduction in its previous expectations for enterprise, and reduced PC shipment expectations for the second half of the year...
On the positive side, Dell Computer (DELL) issued an upside pre-announcement during market hours. The company has increased its fourth quarter revenue guidance to $0.17 per share which compares favorably with the consensus estimate of $0.16 per share. DELL also guided higher on revenues, raising its fourth quarter outlook to the $8 billion area versus the current consensus estimate for sales of $7.67 billion...
On the economic front, the University of Michigan consumer sentiment index was released earlier this morning -- it rose to 94.2 in early January, up from 88.8 in December. Notably, the number comfortably exceeded the consensus expectation of 90.0 and provides additional evidence that both the consumer and the economy are on the mend. In addition, the favorable January number represents the fourth consecutive rise in the index as well as its highest number since a year ago. Note that the expectations component, which tracks consumer attitudes about the year ahead, climbed to 91.7 in January from 82.3 in December...
Next week, things are relatively quiet on the economic front which means investors will be focused on corporate earnings. The markets are closed for the holiday on Monday, but on Tuesday look for reports from Lucent Technologies (LU), Merck (MRK), Millenium Pharmaceuticals (MLNM) and Novellus Systems (NVLS). That's followed by reports from Merrill Lynch (MER) and Pfizer (PFE) on Wednesday. For a complete list of what to expect on the earnings front, please visit Briefing.com's Earnings Calendar.DJTA -0.3%, DJUA +0.1%, Nasdaq 100 -3.4%, Russell 2000 -1.7%, SOX -3.1%, S&P Midcap 400 -1.0%, XOI -0.7%, NYSE Adv/Dec 1221/1867, Nasdaq Adv/Dec 1220/2319
3:25PM : Things are relatively quiet on the economic front next week which means investors will be focused on corporate earnings. The markets are closed for the holiday on Monday, but on Tuesday look for reports from Lucent Technologies (LU), Merck (MRK), Millenium Pharmaceuticals (MLNM) and Novellus Systems (NVLS). That's followed by reports from Merrill Lynch (MER) and Pfizer (PFE) on Wednesday. For a complete list of what to expect on the earnings front, please visit Briefing.com's Earnings Calendar. DJTA -0.2%, DJUA +0.1%, Nasdaq 100 -3.8%, Russell 2000 -1.5%, SOX -3.5%, S&P Midcap 400 -1.1%, XOI -0.5%, NYSE Adv/Dec 1251/1857, Nasdaq Adv/Dec 1150/2337
11:04AM TranSwitch (TXCC) 4.26 -0.14 (-3.2%): Frost Sec. upgrades stock to STRONG BUY from Buy following co's report of Q4 results. Believes co's rev performance has found a base from which further declines are unlikely. At current valuations, believes that all fear and negative info is more than reflected in the stk and downside risk is minimal. Firm maintains its 12-month price target of $14.
10:03AM Genesis Microchip (GNSS) 63.92 -4.29 (-6.3%): -- Update -- In pre-market note, SoundView Technology indicated that it would be a buyer of the stk in the $60s, and more aggressive on a break below $60. Following co's Q3 earnings report, firm is raising FY02 est to $1.25 from $1.12 and FY03 to $1.81 from $1.56. While 1st-half growth will be constrained by panel capacity, expects growth to reaccelerate in 2nd-half of the yr.
9:33AM Transmeta (TMTA) 2.23 +0.04 (+1.8%): Pacific Growth upgrades to BUY from Mkt Perform pre-open. Following last night's report, believes that TMTA is just a couple weeks away from ramping its rev back up towards previous levels. While does not expect co to overtake Intel and take over the computing world, believes co has uniquely differentiated technology that is not only well designed for existing mkts, but also for creating new mkts.
8:55AM Xilinx (XLNX) 42.10: Needham downgrades to UNDERPERFORM from Hold based on valuation. After co beat ests last night, firm raisesFY02 rev/EPS est to $977.3 mln/$0.09 from $951.8 mln/$0.03 and raises FY03 to $1.066 bln/$0.32 from $1.012 bln/(no prev est).
8:44AM Celeritek (CLTK) 11.25: CIBC World Mkts downgrades to HOLD from Buy due to continuing pushouts and weak visibility except in defense.
8:39AM Microsoft (MSFT) 69.86: -- Update -- Pacific Crest downgrades to BUY from Strong Buy; says that company always takes a conservative tone on its calls, but that this call was more pessimistic than others over the past 12 months.
8:06AM Taiwan Semi (TSM) 18.09: Hearing from traders, citing Dow Jones, that co plans to significantly cut capex spending in 2002 from the $2.19 bln level budgeted in 2001.
6:26AM European Markets : FTSE -0.18%, DAX -1.08% -- European stocks lower. Nokia and Ericsson hit hard after Nortel Networks said that sales will fall another 10% in the first quarter. Technology as whole underperforming on the back of disappointing news from both IBM and Microsoft. IBM reported its third straight quarterly revenue fall, while Microsoft offered conservative guidance for the coming quarters.
finance.yahoo.com
Can anyone explain why TWAV and ANAD were up today? ANAD looks like it has turned to me.
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