From Briefing.com: 12:50PM Motorola: positive comments from Morgan Stanley (MOT) 12.56 +0.29: We are hearing that Morgan Stanley is positive on MOT shares at current levels, especially given statements from NXTL regarding strong demand for MOT's new I95 phone as well as prospects for MOT's new vocoder product, due to be rolled out in Q1.
12:09PM AOL Time Warner: Merrill comments on revised guidance (AOL) 12.60 -0.53: -- Update -- --Update-- Merrill Lynch reduces CY02 AOL division rev by $100 mln to $1.7 bln after mgmt revised guidance. Firm maintains FY02 overall company EBITDA est of $9.8 bln. Merrill believes that co's revised guidance is indicative of 1) increasingly limited visibility within the AOL segment, 2) segment results that have yet to hit bottom, 3) mgmt not fully having their "hands around" segment problems. Merrill maintains Neutral rating.
11:41AM Siebel Systems defended by Pac Crest (SEBL) 8.03 -0.40: -- Update -- Pacific Crest believes that Bill McDermott's departure is not as significant as some may think (see JMP's downgrade at 8:32), as Mark Hanson has been running sales at SEBL for over a year; also, channel checks as well as comments from Tom Siebel lead firm to believe that Q3 ests are achievable.
11:01AM New 52-Week Lows : PMC-Sierra (PMCS), National Semi (NSM), Business Objects (BOBJ), URS Corp (URS), Gateway (GTW), Cirrus Logic (CRUS), Semtech (SMTC), Curagen (CRGN).
10:45AM EMC under pressure following Barron's article; faces 52-wk low at $5.85 (EMC) 5.98 -0.43:
10:23AM Nasdaq slides towards session's worst levels : -- Technical -- Nasdaq currently testing support in the range of 1270 to 1273 -- on a clean break lower, look for subsequent support at 1264 followed by a more significant floor in the range of 1251 to 1254. To the upside, look for initial resistance at 1280 followed by additional overhead at 1287.
10:02AM Technical Levels : When we last reviewed the Nasdaq, we were looking for near-term overhead in the range of 1,290 to 1,292. As it turns out, the index topped out on a closing basis at 1,295 last week which matched relatively well with our expectations. This means that at this point, we can look towards the 1,290 to 1,295 area as a notable support/pivot point on a closing basis. This area is notable for several reasons: 1) it approximates a 62% retracement of the prior leg higher, 2) it matches up with the 1,290 close on the powerful July 24th reversal, which many analysts have called the market bottom, and 3) it served as closing resistance in two separate instances last week. Outside of the 1,290 to 1,295 range, look for overhead at 1,322 which represents the index' 20-day exponential moving average, followed by additional resistance at 1,337 which marks its 50-day simple moving average. So what about support? To the downside, look for initial closing support at 1,280 which represents both the September 6th open and intraday low point. For those that have already forgotten, September 6th marks last Friday's rally which was driven by the favorable August Employment Report as well as Intel's well received guidance. That's followed by subsequent support in the range of 1,261 to 1,264 which approximates the August 14th low. If 1,261 should fail on the close, the 1,245 to 1,251 range continues to look like the next 'good candidate' for subsequent support -- note that 1,245 represents a 76% retracement of the prior leg higher, and 1,251 marks the index' lowest point over the prior one-month time frame. -- Mike Ashbaugh, Briefing.com
12:27PM Qualcomm (QCOM) 28.62 +0.16: Before open, Wachovia reiterated Strong Buy rating, continuing to believe that QCOM shares are the best way to be invested for those who want to be exposed to a recovery in the demand for wireless handsets. Firm's price target is $50, but notes that stock is not likely to reach target until a recovery in the demand for handsets is underway.
12:07PM Foundry Ntwks (FDRY) 8.54 -0.21: In morning note, CE Unterberg Towbin initiated with a short-term Buy/long-term Buy rating and price target of $12. Although current consensus calls for a sequentially flat top line, firm's checks indicate that new product acceptance remains ahead of views, potentially positioning company for upside surprise. Firm notes that FDRY's family of Jet Core-based products continues to be well accepted by both domestic enterprise customers and government agencies. While it is still too early to gauge a rebound in the networking industry, company's share gain is likely to warrant the stock a premium to the group.
11:22AM Agilent (A) 14.34 +0.19: Stock has been on a steady decline since April levels of more that $35. Providing some lift today, JP Morgan resumed long-term Buy, seeing growth opportunities in semiconductors, optoelectronics, semiconductor test, life sciences, and wireless. Firm believes share gains in various end markets are not likely to counteract broad end market weakness near-term. While firm believes stock to be undervalued and attractive long-term , expects it to be range bound near-term as end market demand, particularly wireline, remains weak.
11:10AM Benchmark Elec (BHE) 26.63 -0.62: Stock trading slightly lower (-2.3%), despite upbeat analyst comments... Needham & Co upgraded to STRONG BUY from Buy as company could compound EPS at a 40% annual rate over the 2001/2004 period, representing the fastest growth of any major EMS firm. Firm notes that BHE has strongest balance sheet among tier two EMS suppliers with estimated cash of $180 mln, a debt/capital ratio of 24% and positive cash flow from operations of over $10 mln in Q3.
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