I'm confused SSB raises ratings now on TXN, AMD, etc??
Tech Stocks To Watch: Wednesday, July 5
Wed Jul 05 11:30:00 EDT 2000
Jul 05, 2000 (Tech Web - CMP via COMTEX) -- Among the stocks in the news
Wednesday:
Shares of Computer Associates International (stock: CA) plunged on Wednesday
after the company warned that first quarter earnings would come in short of
analysts' consensus expectation of 55 cents. The company said revenue will be
between $1.25 billion and $1.3 billion, compared with $1.22 billion in the
year-ago quarter.
On Monday, CA closed at 51 1/8, but shares in the Islandia, N.Y., company
plummeted 21 7/8, or 42.79 percent, in early trading Wednesday, to 29 1/4.
One analyst said the results at the business software maker points to a shift in
spending priorities.
"Their mainframe business was terrible," said Bert Hochfield, an analyst at
Josephthal & Co. "Suffice it to say that there's plenty of money around to buy
software. But people are reallocating it toward Internet software and other new
technologies. There's not as much money left for the old technology."
Comverse Technology (stock: CMVT) said Wednesday that it will buy Israeli
start-up Exalink for about $480 million in stock. Comverse said it will issue
about 5.26 million new shares for Exalink, which makes gateways for cellular
networks that allow access to IP networks. Comverse, Woodbury, N.Y., makes
software systems for wireless communications systems. Comverse shed 1 1/4, to
90, in early Wednesday trading.
724 Solutions (stock: SVNX) has allied with Mexico's largest bank to offer
wireless financial services. 724 creates software to let consumers bank through
cell phones, pagers, and handheld computers. The deal is with Grupo Financiero
Bancomer, whose shareholders last week approved a takeover by Banco Bilbao
Vizcaya Argentaria. In early trading, 724 was up 1 13/16, to 48.
In analyst actions:
PaineWebber increased its earnings forecast for Intel's June quarter, from 71
cents to 98 cents, and its fiscal 2000 earnings estimate from $3.09 to $3.35
based on the company's one-time investment gains. Intel (stock: INTC) stock is
rated "attractive," with a price target of $170.
Salomon Smith Barney raised its ratings on Texas Instruments (stock: TXN),
Advanced Micro Devices (stock: AMD), and National Semiconductor (stock: NSM) to
"buy" from "outperform."
techweb.com
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