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Strategies & Market Trends : The Amateur Traders Corner

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To: Frederick Langford who wrote (18270)	1/11/2002 7:50:42 AM
From: Tom Hua	Read Replies (2) of 19633

Good morning Fred, some notable upgrades/downgrades this morning. 07:45 ET Intel (INTC) 34.65: Lehman's Dan Niles raises ests for INTC and believes co will guide capex higher to $7 bln from $6 bln, but has concerns about valuation. Raises Q4 rev/EPS ests to $6.9 bln/$0.12 from $6.8 bln/$0.10, and raises CY02 to $0.67 from $0.62, as P4 constraints drive avg selling prices higher; recommends taking profits into their 1/15 earnings release. 07:39 ET Check Point Sftwr (CHKP) 47.15: Stock trades off 2% in pre-market on a UBS Warburg downgrade to BUY from Strong Buy; decision is based on valuation. 07:36 ET Network Appliance (NTAP) 23.00: Lehman is cautious on NTAP; co sees no reversal in willingness of enterprise custs to spend IT dollars, and while biz environment for storage may have stabilized in Q4 it does not reflect a meaningful secular improvement in demand. 07:02 ET Cabot Micro (CCMP) 83.77: After the close last night, Salomon Smith Barney downgrades to OUTPERFORM from Buy based on valuation. While co's long-term growth rate of 30% appears assured, growth rates in sales of copper slurries may begin to taper off over the next couple of qtrs. Lowers Dec qtr est to $0.39 from $0.41 and FY02 est to $1.93 from $2.10; raises price target to $95. 07:17 ET Kmart Corp (KM) 4.20: Bear Stearns downgrades to NEUTRAL from Attractive due to lower earnings visibility; contributing to this lack of visibility is a slow economy, shift towards lower-margin consumables, harsh pricing environment in the retail sector, and uncertain biz strategy for 2002-03. Lowers Q4 est to $0.20 from $0.43, and 2002 est to $0.25 from $0.60. Regards, Tom

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