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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 690.36

-0.5%

Jan 14 4:00 PM EST

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To: Johnny Canuck who wrote (32928)	6/20/2001 11:34:39 AM
From: Johnny Canuck	Read Replies (1) of 69780

09:20 ET Bookham Tech (BKHM) 3.62: Company warns of a 45%-55% sequential decline in revenues, compared to earlier estimates of a 25%-40% decline. Plans to reduce about 12% of its workforce in order to reduce costs. "Near-term visibility in our market place remains poor." 09:15 ET Tyco Intl (TYC) 54.14: Company purchases 15 mln shares of FLAG Telecom (FTHL) common stock from Verizon (VZ). The sale represents an approximate 11.2% stake in FLAG Telecom and reduces VZ's equity in the company from 29.8% to 18.6%. Sale part of VZ's previously announced plan to evaluate its portfolio of international assets. 08:38 ET DBAB on Storage : Deutsche Banc Alex. Brown initiates storage stocks: the following with STRONG BUY ratings: EMC (EMC 26.67) target of $50, Hewlett (HWP 26.00) target of $40, Sun Micro (SUNW 14.66) target of $30. These with BUY ratings: IBM (IBM 114.84) target of $135, Lexmark (LXK 58.27) target of $70, Network Appliance (NTAP 13.29) target of $40. Initiations being overshadowed by Merrill downgrades of some in this sector (see 8:18 comment). 08:22 ET TriQuint Semi (TQNT) 14.07: In mid-qtr update company stated that it is seeing an overall pickup in the wireless handset biz across all customers; company also reiterated guidance, citing a slight pickup in orders for new phones. CSFB believes that given the very recent growth revision from Nokia, last month's trend may not be the best forward indicator. Firm remains cautious on near-term outlook for the wireless component market. 08:18 ET Merrill on Storage : Merrill Lynch says that storage is no longer a monolith and that selectivity will be key -- says networking will dominate storage and prefers Brocade (BRCD) as a result. Merrill downgrades Sun Micro (SUNW 14.43) and Hewlett (HWP 26.00) to ACCUMULATE from Buy and Network Appliance (NTAP 13.29) to near-term NEUTRAL from Accumulate. Maintains ratings on EMC (EMC 26.67) but reduces price target to $43 from $48.

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