09:07 ET JDS Uniphase (JDSU) 15.11: So much for sugar-coating the news: Wit SoundView says that "business stinks, our
numbers are too high, and it's time to get them down." Firm reduces FY02 revenue estimate to $2.73 bln from $3.53 bln and
EPS to $0.18 from $0.38. Wit also makes cautious comments about Corning (GLW 18.08); says proprietary checks suggest that
the bottom for the Photonics division has not been found, and FY01 and FY02 estimates are at risk.
09:04 ET Gapping Up/Down : SBLU +18% (projects profitability in early 2002)... LBRT +14% (eKabel-Kabel Heseen expected
to select LBRT platform)... GERN +13.5% (patent news)... PRCS +10% (CSFB upgrade)... AAPL +5% (positive comments by
Goldman)... Gapping Down: LDCL -15% (downgrades)... CMGI -8% (disappointing qtr; cautious statements).
08:53 ET Philip Morris (MO) 49.10: Goldman Sachs reiterates recommendation that investors purchase MO following pricing of
the Kraft IPO. Firm sees MO shares trading up to $51-$53 today, after Kraft prices above the original range. Feels that MO
shares offer 40%+ upside potential by mid- to late-2002. Firm has 12-month target of $70-$75.
08:34 ET Retail Sales : Retail Sales rose 0.1% and ex-auto sales rose 0.3%, both close to expectations, though the April
increase was revised higher to 1.4% from 1.1%; not much new info here for the market or the Fed, though the futures are
ticking up a bit in response to the April revisions -- S&P now roughly even with fair value; Nas 100 pre-market indicator +6.
08:28 ET PRAECIS (PRCS) 16.55: CSFB upgrades to STRONG BUY from Buy; says the sharp decline in the stock price following
the FDA response letter on Abarelix (Plenaxis) creates a buying opportunity; says that if, as CSFB expects, Abarelix is approved
over the next 6-12 months, PRCS could easily double or triple.
08:20 ET Geron Corp (GERN) 14.29: After the close, company announced the issuance of a patent with claims directed to
human embryonic germ cells.
08:18 ET Adobe Systems (ADBE) 41.18: Ahead of company's Q2 earnings release tomorrow, CSFB says that there are clear
signs that European sales will continue to deteriorate in Q3; based on its European sales estimate of 6%, sees total Q3 growth
of 2% vs market estimates of 2-15%; expects modest downside for stock if company disappoints with Q3 guidance.
07:57 ET Apple Computer (AAPL) 20.31: Goldman Sachs expects material outperformance by Apple over the next few months
based on anticipated in-line results in an environment where peers are disappointing and where some expect Apple to
disappoint; says company's new product lineup will allow them to buck industry trend; sees 25-30% upside in the next six
months.
07:52 ET Brocade Comms (BRCD) 47.17: Banc of America Sec. comments on company after attending its 2001 user conference;
says tone was upbeat and management commented they were comfortable with analyst expectations; calls BRCD a core holding
for next-generation technology infrastructure investors.
07:41 ET eBay (EBAY) 63.49: Robertson Stephens reiterates Strong Buy rating on belief that current biz trends and recently
announced initiatives support firm's view that eBay can drive meaningful profits above firm's near-term projections and the
company's stated levels.
07:39 ET Nokia (NOK) 23.26: Merrill Lynch downgrades to near-term NEUTRAL from Accumulate, reduces FY01 EPS to EUR
0.72 and FY02 to EUR 0.80; also cuts global handset sales estimate to 390 mln in 2001 from 450 mln, and to 450 mln in 2002
from 550 mln.
07:14 ET Openwave (OPWV) 33.70: ABN AMRO downgrades to ADD from Buy due to concerns about subscriber growth,
revenue diversification and valuation. Believes that OPWV's customers will have modest subscriber growth for the balance of the
yr, with reduction in the subscriber growth rate constraining the upside potential of the stock. Price target reduced to $40 from
$45.
07:09 ET Orchid Biosciences (ORCH) 5.73: Company raises $35.7 mln after pricing 5.95 share secondary offering at $6 per
share.
07:02 ET Liberate Tech (LBRT) 10.24: WSJ reports that eKabel-Kabel Hessen GmbH, the first major German cable company to
roll out interactive television, plans to announce today it will run its service with software from Liberate. Financial terms of the
deal were not disclosed, but analysts estimate that LBRT typically earns between $12 and $15 a box. Although eKabel looked at
Microsoft, the final choice was between systems from Liberate and OpenTV (OPTV).
01:36 ET Lucent Tech (LU) 7.94: S&P cut company's debt rating to junk bond status citing significant uncertainties about
Lucent's ability to improve its operating profitability and cash flows to anticipated levels. |
