09:01 ET Brocade Comms (BRCD) 40.85: CSFB initiates coverage with a BUY rating and a 12-month price target of $52; says Brocade has carved out a commanding share of the budding fibre channel switch market; company is laying the groundwork for the build-out of more scalable and distributed storage fabrics.
08:56 ET Rambus (RMBS) 11.76: Appoints Bob Eulau to the CFO position. He replaces Gary Harmon, who plans to retire at the close of the current quarter.
08:55 ET IDEC Pharm (IDPH) 52.81 : Morgan Stanley upgrades to STRONG BUY from Outperform; anticipates additional appreciation potential for IDPH now that Zevalin concerns with the FDA have been addressed and focus returns to strong Rituxan growth.
08:32 ET Economic Data : April PPI rises 0.3%, in-line with consensus; core PPI up 0.2%, above the 0.1% expectation... April retail sales surge 0.8%, well above the 0.2% expected by economists... Initial reaction to strong retail sales number was a sell off in the futures on fear that number will take pressure off Fed to lower rates 50 bp next week. However, have snapped back into positive territory.
08:26 ET Siebel Systems (SEBL) 42.03: Robertson Stephens comments on stock following analyst day; believes that SEBL will continue to be the dominant franchise in the space longer term, making issue a name to own for investors with a 12-14 month horizon; however, would not be aggressive buyers of SEBL at this time based on current valuation levels (73 p/e, based on CY01 est.), which are not compelling, and additional downside risk to the numbers.
08:03 ET Nortel Networks (NT) 15.22: -- Update -- Announces the resignation of COO Clarence J. Chandran in order to take additional time for the successful completion of his medical leave announced March 13.
08:00 ET Electronic Arts (ERTS) 54.52: -- Update -- CSFB adjusting estimates in response to management guidance on the conference call last night; raises 2002 revenue projection to $1.6 bln from $1.5 bln, but lowers EPS estimate to $0.68 from $0.75 to reflect forecast of increased costs in the dot-com business.
07:50 ET Digital Lightwave (DIGL) 41.96: After the close, CSFB initiated coverage with a BUY rating; believes that telecom test equipment company is in the right place with the right product at the right time
06:48 ET Electronic Arts (ERTS) 54.52: After the close of trading, gaming software developer reported a Q4 loss of of $0.09 a share, 5 cents narrower that consensus, vs a yr-ago profit of $0.08. Revenues rose 4.4% to $307.3 mln.
06:40 ET Imclone Sys (IMCL) 38.55: Reports Q1 loss of $0.02 a share, a penny narrower than consensus, vs a yr-ago loss of $0.26. Total revenues were $24.7 mln, compared to $0.25 mln in the yr-ago (includes $24 mln in milestone payments from Merck). |
