15:15 ET Extreme Networks (EXTR) 85 3/8 -11 3/4: Hearing two possible reasons from trading floors for EXTR's weakness today: ongoing rumors that Nortel (NT -3 1/2) will guide numbers lower are hurting entire networking sector; also talk that 3Com (COMS) is either selling EXTR shares or will be selling soon with the ending of a lock-up agreement -- COMS had a warrant to acquire 3 mln EXTR shares at $39.50/share in connection with the transfer of its CoreBuilder customers and sales force to EXTR back in March.
15:10 ET Amazon.com (AMZN) 29 1/2 -1/2 (-1.7%): Internet retailer due to report after-the-close. Wall Street anticipating a loss of $0.33; revenues seen at approx. $608 mln.... Stock has sold off in response to 3 of the last 4 quarterly reports.
14:51 ET Leading Tech Losers : SDLI -20.... VRTS -15 5/8.... EXTR -14 1/4.... PMCS -14.... NSM -12 1/4.... BRCM -11 3/4.... STOR -10 3/4.... MCDT -10 5/8.... AMCC -10 1/2.... Nasdaq (-52) slips to low of session... Weakness in Hewlett-Packard (HWP -7 1/8) weighing on the Dow.
14:35 ET @Road (ARDI) 7 -3/32 (-1.3%): CS First Boston starts coverage of recent IPO with a STRONG BUY rating and $25 target price. ARDI is a provider of location-enhanced wireless Internet solutions. CSFB served as lead underwriter of company's 7 mln share IPO, which priced at $9.
14:17 ET Veritas Software (VRTS) 145 -12 3/8 (-7.9%): Stock has been under pressure most of the session, suggesting that today's analyst meeting was not going well. However, hearing from Lehman that management was upbeat and sales are raging; firm also deflecting concerns that VRTS' relationship with Sun Micro (SUNW) has been hurt.... Salomon Smith Barney also defending, attributing weakness to speculation that LGTO is taking market-share.
14:14 ET TyCom (TCM) 35 1/16 +2 1/2 (+7.7%): Merrill raises rating on provider of undersea fiber optic networks and services from BUY from ACCUMULATE following release of higher than expected earnings.
13:58 ET Avery Dennison (AVY) 43 1/2 -5/16 (-0.7%): Salomon Smith Barney reiterating BUY rating; firm positive on stock going into earnings, expecting AVY shares to head higher assuming no surprises on the conference call.
13:28 ET Optical Sector : Opticals soft due to two factors: Lehman says that it would not buy JDS Uniphase (JDSU -5 7/16) ahead of earnings as the stock is "priced to perfection" (Lehman notes that it also wouldn't short the stock, however). Also, Nortel (NT -3 3/16) trading down on rumors that it might miss quarter or guide down future numbers, though this sounds like an unwarranted reaction to the recent bad news from Lucent (LU) and LU's restraining impact on Corning's (GLW) top-line. But NT is not an LU customer, and is gaining share at LU's expense.
13:19 ET Gilat Satellite (GILTF) 47 -5 1/16 (-9.7%): CE Unterberg Towbin out in defense of stock; believes weakness may be attributable to a large seller; firm expects GILTF to have little trouble meeting Q3 estimates when it reports Nov. 13.
13:12 ET Texas Instruments (TXN) 45 5/8 -3 1/4 (-6.7%): -- Update -- Banc of America Securities downgrades to BUY from STRONG BUY.
12:59 ET M-Wave, Inc. (MWAV) 30 15/16 +1 1/2 (+5%) : -- Update -- Technical -- Profit taking sets in after early surge related to earnings/split (see 8:28 comment). Watching intraday support in the 29 3/4-29 area. Holds firm during current pullback and there is potential for a quick upside reversal.
12:35 ET Apropos Tech (APRS) 8 3/8 +2 3/32 (+26.6%): Forms partnership with Computer Associates focused on providing joint solution integrating Apropos' Multimedia Interaction Management capabilities with CA's Intelligent Customer Relationship Management (CRM) Suite.
12:10 ET Active Power (ACPW) 46 1/2 +6 7/8 (+17%): Surges on news expanding its manufacturing facilities by ten-fold. Increased demand for both the Caterpillar-branded CAT UPS and the CleanSource DC is driving the need for expansion. BLDP (+4 15/16) advances in wake of deal with Matsushita Electric. Also on the rise are CPST (+6 5/16) --earnings due after close-- along with PLUG (+4 5/8), HPOW (+1 5/16) and FCEL (+1 5/16).
12:04 ET Marconi (MONI) 28 5/16 +1 9/16 (+5.8%): Company and Motorola (MOT) selected by Telewest Communications in the UK to provide a trial "end-to-end" Voice over Internet Protocol (VoIP) solution, to be deployed on its broadband cable network.
11:44 ET Hewlett-Packard (HWP) 94 7/8 -3 1/2 (-3.6%): -- Update -- Stock experiencing weakness as another rumor makes the rounds that HWP will preannounce to the downside. At this point, the HWP earnings miss rumor has become a quarterly event.
11:35 ET Nasdaq Composite : -- Technical -- Third session in a row vacillating near long term trendline (1998/May 2000 lows) near 3500 today (broke but failed to close above on Oct 20/23). Consolidative action near trendline and aggressive action off Monday's low indicate index well positioned for a run to a new recovery high. Initial resistance is at 3540 with a secondary barrier between 3550 and 3560..
11:30 ET Qiao Xing (XING) 12 3/4 +2 3/4 (+27.5%): Former momentum favorite trading up on above average volume. Stock typically runs on China-related news, but at this point we have not identified a reason for the advance. So far, seeing little participation by its comrades in the China-theme group.... volume 420K; intraday high 12 7/8; float 3.7 mln.
11:09 ET Semiconductor Group : Philadelphia Semiconductor Index (SOX) falls 4.7% on the session, pressured by National Semi (NSM 25 -11 15/16) earnings warning and disappointing book-to-bill report. SEMI reported a Sept. total equipment book-to-bill of 1.16x, down from 1.23x in August; total orders fell 5% sequentially.
11:01 ET Barr Labs (BRL) 66 1/8 -3 3/16: -- Update -- Hearing that guidance was reduced to $1.50-1.60 for FY01 from $1.78 on the conference call, citing higher R&D spending; some sources noting that higher R&D not necessarily negative in this industry.
10:59 ET Palm Inc (PALM) 59 5/8 +1 1/16 (+1.8%): -- Technical -- Attempting to run with momentum crowd favorite HAND but size of float (560 mln shares) and stubborn resistance at 60/61 (tested over last 4 days) has contained. Ability to maintain posture above support at 58/57 short term leaves door open to a breakout. Next resistances are at 64 and 67/68. Minor profit taking hits HAND but no damage while support at 86 intact. Success suggests another run at the recent high (99 5/16)
10:55 ET Barr Labs (BRL) 67 1/4 -2 1/16 (-3%): Company said to be lowering guidance on the conference call.
10:53 ET Technitrol, Inc. (TNL) 112 1/4 +19 1/8 (+20.5%): Shares of electrical components maker gaps up to $110 at the open after Legg Mason upgraded to STRONG BUY from BUY; firm sets a $160 price target.... volume 141K; intraday range 109 5/16 to 113 1/2; float 13.8 mln.
10:34 ET Advanta Corp (ADVNA) 9 3/8 +2 1/2 (+36.4%): Financial services company accepts proposal to sell its Mortgage business in a cash transaction for a price in excess of book value. Company intends to use a portion of this liquidity to pay off all institutional medium term notes currently outstanding.
10:33 ET Globespan Semi (GSPN) 101 3/16 +10 13/16 (+11.9%): -- Update -- Technical -- Rockets through 200 day simple ma and chart barriers at 98/100 (see 7:27 comment). Posture above this area keeps short term bias firmly bullish with next resistances at 105/106 and 109.
10:25 ET Laboratory Corp (LH) 123 1/2 +10 9/16 (+9.4%): Stock has rallied in response to LH's Q3 earnings report. For the period, the clinical laboratory earned $0.94 a share vs the $0.81 expected by analysts; sales increased 14% to $488.1 mln.... volume 270K; intraday range 123 1/2 to 126.
10:20 ET Stem Cell Research : Federal government has not funded any research into embryonic stem cells because of a congressional ban and it has been reported that Congress will wait until next year before deciding whether to remove key restrictions.
10:12 ET PeopleSoft (PSFT) 45 +2 3/8 (+5.6%): -- Update -- Lehman upgrades to BUY from OUTPERFORM; firm raises price target to $55 (from $44).
10:10 ET Andrew Corp (ANDW) 23 1/2 +1 7/8: Reports Q4 earnings of $0.30 a share, 2 cents above the Zacks mean estimate; sales for the period increased 32% to $283.7 mln.
10:07 ET Geron Corporation (GERN) 25 11/16 -1/4: -- Technical -- Stymied again by resistance near 26 3/4 (50/100 day simple ma). Short term while support near 23 1/2 remains intact damage limited. Next resistance at 29 1/4 (200 day ma)
10:05 ET Broadcom (BRCM) 253 1/4 +1 1/2 (+0.6%): Issue will be added to the Nasdaq-100 Index effective at the beginning of trading Monday.
10:02 ET Blue Wave Sys (BWSI) 7 15/16 -1/16 (-0.8%): Company receives $6.2 mln order from Siemens Information and Communication Mobile. The order is Blue Wave's largest and provides Siemens ICM with an option to increase the order by a further $2.5 mln.
09:56 ET SciQuest.com (SQST) 4 1/32 +11/32 (+9.3%): Procter & Gamble (PG) selects EMAX Substance Manager software for use in its pharmaceutical research operations. EMAX is a unit of SciQuest.
09:52 ET Marconi (MONI) 27 3/4 +1 (+3.7%): Announces major order from Beijing, plus two new alliances that are designed to boost sales of the company's optical technology throughout China.
09:41 ET Acxiom (ACXM) 36 15/16 +4 13/16 (+15%): Posts Q2 earnings of $0.30 a share, 3 cents above Wall Street views; company expects revenue growth for the remainder of the fiscal year to be at least 25% above fiscal 2000.
09:33 ET Be Inc. (BEOS) 3 1/8 +1/8 (+4.2%): Company's BeIA solution for Internet appliances passes Sun Microsystems' (SUNW) certification requirements for PersonalJava technology.
09:27 ET MarchFirst (MRCH) 11 13/16: -- Update -- Salomon Smith Barney downgrading stock to NEUTRAL from OUTPERFORM after company reports major shortfall in Q3 results; firm slashes price target to $11 (from $35).... MRCH has plunged in pre-market, currently trading at $6 5/16.
09:24 ET Eloquent (ELOQ) 2 13/16: Provider of rich media business communications solutions enters strategic relationship with Microsoft (MSFT) to develop an enterprise communications solution for the management and delivery of streaming media.
09:22 ET Silicon Storage (SSTI) 23 11/16: Chase H&Q initiates coverage with a STRONG BUY rating and $50 target price; believes company comes closest to being the only "pure play" public semiconductor supplier in the flash market segment.
09:17 ET Ballard Power Sys (BLDP) 104: Company signs agreement to supply fuel cells to Matsushita Electric Works of Japan. Matsushita will initially use the fuel cells for on-going field testing and demonstration of their 250-watt portable compact power generators for the Japanese market.
09:13 ET DoubleClick (DCLK) 13 1/8: Signs NBC Internet Inc (NBCI) to a long-term, exclusive DART for Publishers agreement.
09:05 ET DSL Stocks : Seeing pre-market uptick in DSL services names Covad Communications (COVD) and Rhythms NetConnections (RTHM) after Metromedia Fiber delivers strong quarterly numbers and brokerage firms issue positive comments on group outlook; in report published by Goldman Sachs, firm has a yr-end price target on Covad of $10.
09:04 ET Crude Oil : Little changed overseas but slightly weaker in pre-market U.S. trading. Near term focus will be on API report of U.S. inventories; previous report showed level at multi-decade low.
08:57 ET National Semi Fallout : Hearing from sources that Lehman cautious on Texas Instruments (TXN) -- and to lesser extent ALTR and XLNX --on the heels of the National Semi (NSM) earnings warning.
08:54 ET Virata (VRTA) 36 5/16: Samsung Electronics to incorporate Virata's Helium communications processor in to its next-generation DSL product family.
08:47 ET National Semi (NSM) 36 15/16: -- Update -- Morgan Stanley downgrading to OUTPERFORM from STRONG BUY on heels of earnings warning; firm cuts price target to $55 (from $110).... NSM shares bid at $23 1/2 this morning.
08:42 ET Metromedia Fiber (MFNX) 17 23/64: Posts a Q3 loss of $0.17 a share, 9 cents narrower than Wall Street views, vs a yr-ago loss of $0.16; revenues rose 385% to $51.9 mln.
08:36 ET MarchFirst (MRCH) 11 13/16: E-consulting company reports a Q3 profit of $0.01 a share, 19 cents below the First Call mean; revenues increased 24% to $369.4 mln.
08:30 ET PeopleSoft (PSFT) 42 5/8: -- Update -- CS First Boston upgrades to BUY from HOLD, citing incremental partner commitments and a strengthening product line; firm sets a near-term price target of $55.
08:28 ET M-Wave, Inc. (MWAV) 29 5/8: Manufacturer of printed circuit boards used in wireless communications reports Q3 net of $0.52 vs a yr-ago loss of $0.52 (no estimates available); sales increased 51% to $18.1 mln; company also declares a 2-for-1 stock split.
08:24 ET Pfizer (PFE) 45 3/8: -- Update -- Bid lower in pre-market after company reports better-than-expected earnings (see 07:01 comment). However, at least one analyst saying that the top-line was light and that R&D spending was down.
08:13 ET Sanmina (SANM) 115 5/8: Contract manufacturer posts Q4 earnings of $0.59 a share, 10 cents above Wall Street views; revenues rose 91.5% to $1.27 bln.... This morning, Goldman Sachs upgrades to MKT OUTPERFORM from MKT PERFORM; raises FY01 cash EPS estimate to $2.74 (from $2.35) and FY02 to $3.53 (from $2.97).
08:09 ET Bed Bath & Bynd (BBBY) 24 9/16: Lehman downgrading retailer to OUTPERFORM from BUY, citing valuation; firm reiterates its confidence in FY00 and FY01 earnings estimates.
08:07 ET Genomica (GNOM) 11 5/8: Prudential starts coverage with a STRONG BUY rating and $26 target price; calls GNOM a "pure-play" bioinformatics company that currently provides broad functionality in an enterprise-wide system.
07:58 ET UTStarcom (UTSI) 17 33/64: CS First Boston starting coverage with a STRONG BUY rating, calling UTSI the leading provider of access equipment in China.
07:51 ET FreeMarkets (FMKT) 49 31/32: Reported a Q3 loss of $0.33 a share, 9 cents narrower than Wall Street views; revenues increased 396.5% to $26.59 mln..... This morning, Prudential upgrading to STRONG BUY from ACCUMULATE; firm raising estimates and accelerating its profitability target to Q1 of FY02 from Q3.
07:44 ET Microsoft (MSFT) 62 1/8: Salomon Smith Barney starts coverage with an OUTPERFORM rating and $70 target price.
07:42 ET StorageNetworks (STOR) 83 1/4: -- Update -- Posts a Q3 loss of $0.37 a share, 7 cents narrower than Wall Street views; revenues for the period increased 523% to $14.32 mln.... Also announces that Thomas Casey has resigned from its board in order to concentrate on his new responsibilities as new CEO of Global Crossing.
07:39 ET StorageNetworks (STOR) 83 1/4: Announces plan to sell 9 mln shares in a follow-on offering, of which 5.4 mln will be sold by the company and 3.6 mln by certain stockholders.
07:35 ET National Semi (NSM) 36 15/16: After the close, chip maker warned that Q2 and Q3 sales will be below Q1; company sees Q2 EPS of $0.69-$0.71 vs the $0.76 anticipated by analysts. NSM attributes weakness to an inventory correction in mobile phone.
07:27 ET Globespan Semi (GSPN) 90 3/8: DSL chip set maker posted Q3 earnings of $0.18 a share, 7 cents above the First Call mean, vs yr-ago net of $0.00; revenues rose 548% to $110.4 mln.
07:20 ET Blue Martini (BLUE) 38 3/4: Enters multi-year strategic alliance with Hewlett-Packard Company (HWP); companies to bring the Blue Martini Customer Interaction System to the HP-UX(1) platform and to implement a multi-year training and co-marketing program.
07:18 ET Ashford.com (ASFD) 2 15/32: Posts a Q2 loss of $0.19 a share, 8 cents narrower than the First Call mean; company sees considerably lower losses than previously expected and reiterates its plan to achieve cash profitability in the qtr ended Dec. 2001
07:12 ET Ameritrade (AMTD) 15 1/2: Online broker posts breakeven Q4 results, exceeding the First Call mean by 3 cents. Earnings from brokerage operations were $0.10; revenues for the qtr increased 80% to $133.8 mln.
07:09 ET U.S. Markets : S&P futures trading at 1395, 12.0 points below fair value, Nasdaq 100 futures trading at 3469, 12.0 points over fair value. Bonds -11/32 at 5.705%.
07:09 ET European Markets : FTSE +1.25%, DAX +1.94% -- European stocks were paced by KPNQwest after it announced plans to scale back high speed internet access so bringing forward the timetable for profitability by a year. Telecom stocks rose after companies paid much less than expected for Italian 3G mobile licenses. Chipmakers bounced from a weak open. Drugmakers gained on the view they are less cyclically vulnerable to a growth slowdown.
07:06 ET ONI Systems (ONIS) 75 9/16: Prices 8 mln share secondary offering at $74.50 per share. Of the shares, 5.65 mln being offered by company and 3.35 mln by certain stockholders.
07:01 ET Asian Markets : Nikkei =0.33%, Hang Seng -1.17% -- Japanese car makers paced gains after Toyota said domestic sales rose 9.8%. Ito-Yokado Co. paced losses after the supermarket operator announced it would sell 7.59 mln shares. The TWSE rose 4.2% in the wake of a sevenfold rise in United Microelectronics Corp’s Q3 profit and on the view this sector is cheap with a p/e of just 16.
07:01 ET Pfizer (PFE) 45 3/8: Reports Q3 net of $0.27 a share, 2 cents above the First Call mean; company "raises" full year EPS view to $1.01, which is in line with the current First Call mean estimate.
06:50 ET Xerox Corp (XRX) 9 1/8: Company posted a Q3 loss before special items of $128 million, or a loss of 20 cents per share, about in line with reduced expectations, and unveiled a $1-billion cost-cutting plan intended to restore profitability.
06:48 ET Metalink Ltd (MTLK) 10 3/4: Copper Mountain Networks (CMTN) selects company's Hydra G.SHDSL chip set. Separately, MTLK reported Q3 earnings of $0.03 a share, 2 cents above the First Call mean; revenues increased 91.9% to $15.94 mln.
06:32 ET AT&T (T) 27 5/8: The board is understood to have approved a plan late Monday to split up the company into four parts, the New York Times reports.
06:30 ET Qwest Comms (Q) 45 3/8: Company posts Q3 earnings of 14 cents per share from 12 cents last year, operating revenues at $ 4.765 bln vs $4.24 bln last year, says it is on track to meet or exceed 2000 revenue targets.
06:26 ET America Online (AOL) 47.94: AOL Europe and Spain's Banco Santander Central Hispano SA (STD : 9 11/16) said they would form a joint venture. Each will own a 40% stake in the venture that will bring AOL services to 10 million of the banks's own customers.
06:19 ET Koninklijke KPN (KPN) 19 3/8: Stock price rose 15% in Europe following better than expected Q3 results. LBITDA losses of euro 31.2 mln were reported vs euro 26.6 mln in Q2. Sales rose to euro 132.7 mln from euro 105.7 mln. KPN said it expected to break even a year earlier than expected due to booming demand in Internet Protocol (IP) data and hosting services.
06:09 ET Autonomy (AUTN) 46 3/8: UK software firm announced a distribution pact with NTT Software Corporation who will sell their products to Japanese customers.
05:57 ET Serono SA (SRA) 26 3/8: Europe's largest biotech company reported a less than expected 35% rise in Q3 profits to $62.3 mln or $3.97 per share versus $70.9 mln expected.
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