09:03 ET Juniper Networks (JNPR) 26.65: Needham upgrades to STRONG BUY from Buy with a $36 price target; says investors should not lose sight of distinction between excess capacity in the transport layer and the different dynamics of the services layer of the wide-area core; believes eventual implementation of widespread broadband access will soak up capacity in the WAN.
09:03 ET Lucent Tech (LU) 6.10: Awarded multi-million dollar deal from Deutsche Telekom AG to supply single-mode and AllWave fiber.
08:59 ET CSFB Focus List : CSFB makes the following changes to its Focus List; Deletions: AMCC, CSCO, NT, XOXO, NXTL, BA, DGX, GS, HI, PGR, TOT, and SDC; Additions: DOX, ORCL, Q, CSX, NUE, SEE, PRCS, RBK, HOT, ONE, COF, VRC, and ESV
08:41 ET PolyMedica (PLMD) 39.60: Company's Board of Directors approves a plan to transfer PolyMedica's stock listing to the New York Stock Exchange (NYSE). Expects shares to begin trading on the NYSE on July 23 under the ticker ("PM").
08:19 ET Nortel Networks (NT) 8.02: Company announces launch of components portfolio addressing metropolitan optical networks and network edge systems.
08:14 ET New Focus (NUFO) 6.20: Reduces Q2 outlook to a loss of $0.25-$0.29 on revenues of approx. $27 mln. Consensus estimates for the qtr called for a loss of $0.14 and revenues of $26.5 mln. On April 25 company issued a revenue forecast of $28-$32 mln.
08:11 ET Opening Indications : S&P futures are trading 0.8 points below fair value while Nasdaq 100 futures are trading 12 points above fair value. Edging higher amid positive Street comments on SUNW, EMC, and CSCO.
08:08 ET QUALCOMM (QCOM) 58.18: -- Update -- SG Cowen upgrades to STRONG BUY from Buy with an 18-month price target of $114 (60x CY03 estimates). Thinks Nokia cross licensing deal solidifies Qualcomm's long-term royalty model and position in 3G; says Nokia was one of the last and most visible holdouts for 3G licensing.
07:18 ET priceline.com (PCLN) 7.83: Merrill Lynch analyst Henry Blodget upgrading near-term rating to ACCUMULATE from Neutral. Cites the following reasons: 1) optimistic about company's ability to complete turnaround, 2) at 39x '02 earnings, stock trades at discount to TVLY (58x) and EXPE (84x), 3) expects strong earnings report on July 31. Holding off on issuing a Buy rating due to lack of evidence that consumer demand has recovered.
07:44 ET QUALCOMM (QCOM) 58.18: Hearing from sources that SG Cowen is upgrading stock to STRONG BUY this morning.
07:40 ET EMC Corp (EMC) 21.60: -- Update -- Bear Stearns upgrades to BUY from Attractive. Thinks stock has a compelling risk/reward ratio since it would be a highly-leveraged beneficiary of an economic upturn (following a pickup in business confidence). Sees upside of around $45 and downside of $16-$20.
07:36 ET Sun Microsystems (SUNW) 13.68: -- Update -- Bear Stearns upgrades to BUY from Attractive based on signs of a bottoming or upturn in the domestic economy. Thinks stock will move coincident with the economy as it did on the way down -- well ahead of any shift in company fundamentals, which do not appear to have turned yet.
07:31 ET Cisco Systems (CSCO) 16.79: -- Update -- CSFB reducing revenue estimates for Q4, FY02, and FY03. However, revisions leading to only a modest EPS reduction, since firm believes that Cisco can control expenses to return to double-digit operating margins over the next 4 qtrs. Says stock is currently trading on the low end of trading range, and should move up to the higher end of this range on better macro news.
07:10 ET Vitria Tech (VITR) 4.07: Company sees Q2 loss of $0.11-$0.12, on revenues of $34-$35 mln. Consensus estimates were for EPS of -$0.09 and revenues of $39 mln. Will end the qtr with approx. $190 mln in cash and short-term investments.
06:45 ET Comcast Corp (CMCSK) 42.28: Company makes $58 bln unsolicited bid to acquire AT&T's (T 22.24) broadband business after friendly discussions between the companies breakdown. Under CMCSK's offer, AT&T holders would receive Comcast shares valued at $12.60 per AT&T share, valuing the AT&T broadband assets at more than $4,000 per subscriber.
06:38 ET Webvan Group (WBVN) 0.06: Several wire services are reporting that "online" grocer will file for bankruptcy protection today. |
