From Briefing.com: 8:58AM Marvell upped to Strong Buy from Buy at Wachovia following earnings (MRVL) 18.98:
8:38AM S&P futures vs fair value: -7.0. Nasdaq futures vs fair value: -8.5. Equity futures continue to point to a lower open and have changed little over the past hour. An expanded investigation into Citigroup's (C) Salomon unit is hurting the overall market... Some bullish comments from UBS Warburg could push steel producer stocks today especially AK Steel (AKS 7.90). Others to watch: NUE, STLD, X... Morgan Stanley is bullish on homebuilders, upgrading LEN, CTX.
8:32AM AXT Inc cut to Hold from Buy at Pru based on near term challenges (AXTI) 8.10:
8:32AM BofA sees semi capex stalling, Bear Stearns cuts Intel estimates : Banc of America slashes 2003 ests for AMAT, BRKS, ASYT, and VSEA based on the expectation that global capex spending will stall for the next 12 months; believes co's have likely revised their outlooks in the last month, sees further downside risk to ASML, and believes that INTC will cut 2003 capex. In a separate note, Bear Stearns says it believes INTC's Sept qtr is tracking slightly below the mid-pt of guidance; firm cuts Q3 est to $0.13 from $0.14, FY02 to $0.55 from $0.57, and FY03 to $0.82 from $0.85.
8:10AM Taiwan Semi intends to cancel "significant" orders - Goldman Sachs (TSM) 9.18: Goldman Sachs says that recent channel checks lead them to believe that TSM intends to cancel significant orders that had previously been placed with their equipment suppliers; says possible cancellations seem to be focused on 300mm orders, and believes that NVLS's mid-qtr update on Aug 29 is likely to reflect some incremental weakness from TSM. Separately, Merrill Lynch is cautious on TSM due to high levels of inventories and potential downside risk to orders in Q3 and Q4.
8:09AM Concurrent beats by $0.04; guides below consensus (CCUR) 4.36: Reports Q4 earnings of $0.08 per share, $0.04 better than the Multex consensus. Revenues rose 39.5% year/year to $27.8 mln vs the $25.8 mln consensus. For Q1, co sees EPS of $0.01-$0.02 (Multex consensus $0.03).
7:44AM Hewlett-Packard: JP Morgan sees risk to July estimates (HPQ) 15.30: JP Morgan believes that tough industry conditions pose a risk to firm's July estimates, particularly the top-line, and could also inspire disappointing OctQ guidance when HPQ releases results August 27. While integration appears on track in early stages, does not believe these cost synergies should overshadow the sluggish demand, aggressive competitive environment and difficult integration challenges H-P is facing. Believes near-term risks should keep a lid on the share price.
7:36AM AOL Time Warner may have another huge charge, SEC investigating upbeat forecasts (AOL) 14.07: -- Update -- The Wall Street Journal reports that another large write-off of intangible assets-- potentially tens of billions of dollars worth-- could be on the way at AOL. Separately, the Financial Times reports that the SEC is set to examine a series of upbeat forecasts made last year by executives of AOL as they sold about $500 mln in shares between Feb and June of last year.
7:19AM AOL Time Warner: questionable revenue came from WorldCom (AOL) 14.07: The Wall Street Journal reports that the biggest chunk of $49 mln in questionable ad rev under investigation at AOL involves money that was inappropriately booked from WorldCom.
7:14AM Duke Energy cut to Hold at CSFB on price (DUK) 28.00: CSFB downgrades to HOLD from Buy after stock recovers to within striking distance of firm's price target. CSFB trimming estimates to reflect announcement of generation plant delays and cancellation, and slightly higher interest expense. FY02 goes to $2.45 from $2.50 and FY03 to $2.55 from $2.70.
7:08AM Citigroup: Spitzer widens probe on AT&T deal (C) 35.18: The Wall Street Journal reports that the NY state attorney general Eliot Spitzer is examining how C's Salomon Smith Barney unit won a $45 mln financing assignment from T and what role C CEO Sanford Weill may have played; Solly was selected as a lead underwriter in 2000 for the $10.6 bln AWE deal only after Jack Grubman upgraded his rating on T to a "buy" after being bearish on T for years; the change by Grubman came after Weill, a T board member, allegedly nudged Grubman to give T a fresh hearing.
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