11:32 ET Proxim (PROX) 16.20 -0.04 (-0.3%): Agere Systems (AGR.A) files lawsuit against company charging Proxim with infringing three patents related to wireless local area networking (LAN) products.
11:24 ET Oracle Corp (ORCL) 15.22 +0.71 (+4.9%): -- Update -- Technical -- Despite early estimate cuts (see 08:39 comment) ORCL has posted a solid advance. Thus far stymied by early/Mid-May lows (15.45/15.52) but short term indicators are in a favorable position. Key to neutralizing the recent negative bias is follow through beyond the 16.1/16.6 resistance (50 day simple ma/chart barrier)..
11:17 ET Nextel Comms (NXTL) 15.65 +0.56 (+3.7%): Wireless communications company reaffirms its guidance for 2001 subscriber growth, revenues and operating cash flow.
11:14 ET Manugistics (MANU) 36.42 +1.77 (+5.1%): Hearing from sources that First Union commented before the open that MANU is a must-own and is negotiating large contracts with Ford (F) and Nissan; talk of these contracts appears to be weighing on competitor i2 (ITWO 19.62 -0.52).
11:10 ET XM Satellite (XMSR) 14.83 -1.17 (-7.3%): Heavy selling in stock as investors respond to news that company's SVP of Engineering and Operations, Jack Wormington, has been hired away by Boeing Satellite Systems. (Volume 967K; intraday range $13.20-$16.00).
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11:30 ET Dow +28, Nasdaq +27, S&P +4.92: [BRIEFING.COM] Modest gains for the major indices with the Dow showing an aversion for red figures in the past half hour... 3M (MMM +1.49) and United Technologies (UTX +1.20) are providing the leadership for the Dow where roughly half of its 30 Dow components are posting a modest gain... The Dow's resilience, combined with the resilience of the big-cap tech stocks in the face of more EPS reductions from Wall Street brokerages, has been an encouraging point for investors looking for a reason to buy the recent dip... NYSE Adv/Dec 1743/1063... Nasdaq Adv/Dec 1961/1301.
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Handspring (HAND) 8.86 -0.17: Robert W. Baird initiates coverage with a MARKET PERFORM rating and price target of $12; firm has a positive long-term view of company, but recommends near-term caution as high channel inventory and weak pricing are having a negative impact on the industry; says HAND has strong market position as the No. 2 market player with nearly 25% market share; believe HAND's innovative capability and ability to bring products to market will continue to lead to market-share gains; key near-term catalyst is improvement in the channel inventory position, which will likely improve pricing.
Nextel Comms (NXTL) 15.37 +0.28: At its annual shareholder meeting today, company reaffirmed its domestic guidance for subscriber growth, revenues and operating cash flow. "We expect to report approximately 2 mln domestic net subscriber additions, total domestic revenues of approximately $7 bln, and domestic operating cash flow of approximately $1.9 bln for the full year of 2001,'' said CEO. "Our recent actions designed to boost domestic operating cash flow are gaining traction."; see press release.
Visual Networks (VNWK) 6.38 +0.43: Banc of America initiates coverage with a BUY rating and price target of $8; believes that Visual has regained its footing and is starting to gain momentum; new markets could be a catalyst for Visual's growth; company has a solid customer base of leading service providers, with the majority of revenues coming from such leading carriers as AT&T, Sprint and WorldCom.
Convergys (CVG) 41.41 +0.46: Southwest Securities initiates coverage of provider of outsourced services with a BUY rating and price target of $55; firm believes the outsourced telecom billing market will grow at a 24% CAGR through 2004 benefiting from an increasing trend toward outsourcing to monetize the new data services being rolled out by wireless carriers; believes CVG's scale, longer-term contracts, and inbound concentration distinguish it from the field, and position company to be an early beneficiary of the expected outsourcing migration and changing perception of the call center business; also sees attractive valuation.
Xerox Corp (XRX) 10.45 +1.42: Announced earlier today that its auditors, KPMG LLP, have certified Xerox's financial statements for the three years ended Dec. 31, 2000; company says it "misapplied" accounting principles in certain areas. "After rigorous reviews of Xerox's accounting, no fictitious transactions were found and the company's liquidity is not impacted," said CEO. "Xerox can now continue to focus on effectively executing its turnaround strategy, which remains on track."; see press release. |
