MARKET TALK: Symantec Has Risk To Mid-$30s, Lehman Says
Edited by Thomas Granahan
Of DOW JONES NEWSWIRES
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MARKET TALK can be found using code N/DJMT
8:36 (Dow Jones) Given magnitude of Symantec (SYMC) shortfall, Lehman
expects shares to trade to mid-$30s. Uncertainty over the 2H precludes firm
from recommending the stock at these levels. Collateral damage can be
expected in other names in the sector, though Lehman continues to recommend
Internet Security (ISSX), Network Associates (NETA), and VeriSign (VRSN).
(TG)
8:30 (Dow Jones) A profit warning from Merck (MRK) will put some pressure on
stocks in the early going, at a time when the recent advances on major
indexes is seen as somewhat suspect to begin with. Symantec (SYMC) is
getting buried after lowering 1Q views sharply, while Micron Tech (MU)
posted a wider-than-expected loss of 53c/share. Wall Street shrugged aside
some somber earnings news Thursday, and very well could do the same as
today's session progresses, but the current environment probably isn't
conducive to much more than a trading bounce. Market players will also
continue to make bets on next Wednesday's FOMC announcement, with a
quarter-point cut the most popular wager. A fairly rare data-free Friday,
but, in front of next week's FOMC gathering, there will be plenty to digest,
including durable goods and new home sales. Stock futures soft, Tsys
essentially unchanged. (TG)
(END) DOW JONES NEWS 06-22-01
08:37 AM |
