Trading Points
07:40 ET Juniper Fallout : Stocks to watch in sympathy with Juniper (JNPR) include EXTR, FDRY, and RBAK, CSCO.
07:37 ET Juniper Networks (JNPR) 46.63: -- Update -- Company to reduce headcount by 8%-9%... Will host conference call at 8:30 ET; dial-in 888-740-8120.
07:33 ET Juniper Networks (JNPR) 46.63: -- Update -- JNPR sees Q2 earnings of $0.08-$0.09 (consensus $0.24); projects revenues of $200-$210 mln, down from original guidance of $300-$330 mln; revised expectations are a result of a challenging service provider and global carrier business environment, brought about by a capacity absorption cycle taking place currently throughout the industry.
07:33 ET Juniper Networks (JNPR) 46.63: Company warning.
07:31 ET Broadcom (BRCM) 40.24: Prudential upgrades to BUY from Hold; believes pre-announcement earlier this wk brings out the last of the bad. Although visibility remains poor, feels company is starting to experience an up tick in orders from the cable and LAN markets... Revises FY01 est. to ($0.33) from ($0.05).
07:28 ET Chip Upgrades : Prudential upgrades chip names ALTR, ATML, LSCC, LSI, MCHP, PSEM, STM to BUY from Hold; sees 50% return on each over next 12-24 months... Raises sector rating to Mkt Outperform from Mkt Perform based on data points from our European Semiconductor Conference and Intel's positive view of 2H01.
07:23 ET Liberate Tech (LBRT) 7.98: WSJ reports that company is scaling back plans to develop a sophisticated interactive-TV service, in favor of a less-complex version that has yet to be developed. News seen as a blow to Microsoft (MSFT), which invested $5 bln as part of a deal to deploy its software in TV set-top boxes. Move to a lower-end box could be a boon for Liberate, which is already testing software with AT&T.
07:13 ET Openwave (OPWV) 42.30: -- Update -- The "Father of WAP Resigns." However, ABN AMRO does not feel that resignation of OPWV board member and EVP of Strategy Alain Rossmann comes as a complete surprise, noting that Rossmann has not been active in day-to-day operations since last yr. While OPWV stock may decline in the short-term, firm does not believe that resignation materially impacts the stk.
07:04 ET Cell Therapeutics (CTIC) 27.08: Prices $150 mln Convertible Subordinated Notes offering with an initial conversion price of $34.00 per share.
06:57 ET IBM (IBM) 117.25: Announces breakthrough method to alter silicon which is expected to boost chip speeds by up to 35%. The "Strained Silicon" speeds the of electrons through transistors to increase performance and decrease power consumption in semiconductors. Could find its way into products by 2003.
06:50 ET Callaway Golf (ELY) 18.46: Warns of Q2 earnings in the $0.35-$0.38 range (consensus $0.70); cites bad weather in the US and Europe, as well as heavy discounting; revenue expectations also seriously impacted by USGA action against company's ERC II Driver.
06:42 ET NetZero (NZRO) 0.95: Provider of Internet access services announces it will merge with Juno Online Services (JWEB 1.48). Under terms of agreement, NetZero and Juno will become wholly owned subsidiaries of a newly formed company called United Online. NetZero stockholders will own approxx 61.5% of the new company.
06:35 ET Openwave (OPWV) 42.21: Announced that Alain Rossmann, Chairman of the Board and Executive Vice President, Strategy, is leaving the company to be CEO of Secret Seal Inc., a newly formed security infrastructure software company. |
