12:17 ET Sector Watch: Storage : -- Technical -- Another sector on the mend; QLGC (+6.6%) works back above trendline off April/May lows with initial resistance at 53.30; NTAP (+4.5%) bounces off retrace support now eyeing 50 day simple ma (20.9); MCDT (+6.2%) extends recovery off 50 day ma, headed back toward gap resistance at 32.67/33.82. Both JNIC (+4.5%) and EMLX (+6.2%) attempting similar feat with gap between 13.85-15 and 36.91-37.88, respectively.
12:14 ET Sector Watch: Internet : A rare occasion that we have the opportunity to highlight Internet stocks as a strong group. Today, the AMEX Internet Index is trading up 2.6%; pacing the move: STRM (+45%), YHOO (+9%), ELNK (+8%), DCLK (+8%), PCLN (+6%), AMZN (+6%), ATHM (+5%).
11:51 ET Celestica (CLS) 50.15 +1.31: Announces it has entered into a strategic agreement with SAGEM SA that includes a three-year supply agreement worth approximately $500 mln in total revenue.
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Concord Comms (CCRD) 7.00 +0.22: In morning note, Banc of America initiates coverage with a MARKET PERFORM; CCRD provides network, system and application performance and analysis tools; although firm's current FY01 revenue and EPS estimates of $90.3 mln and ($0.50) may prove conservative, firm remains cautious about the growth of CCRD's new products in a market that firm believes may consolidate rapidly in next 12-24 months.
Peregrine Sys. (PRGN) 28.74 +1.19: In morning note, Pacific Crest initiates coverage with a STRONG BUY rating and price target of $45; cites reasonable valuation and strong management team; also says Peregrine's products (1) reduce IT infrastructure costs; (2) maximize the life of existing assets; (3) enable B2B transactions; (4) have a relatively low cost; and (5) result in a quick ROI.
11:00 -- 12:00 ET (Updated throughout the hour)******
Home Depot (HD) 48.96 -1.03: Home improvement retailer says it is on track to meet its goal of 200 new stores in 2001, and is celebrating the opening of its 1,200th store today; while Home Depot's growth will come mostly from expansion in the United States, its place in the global market continues to grow with 83 stores outside the U.S.; expects to hire roughly 40,000 new associates in 2001; see press release. |
