8:55AM : The pre-market tone remains positive ahead of this morning's economic data. S&P futures at 1112, trade five points above fair value while the Nasdaq 100 pre-market indicator is higher by 10.5 points. Outside of the economic data, the networking sector may experience buy interest today behind a mildly favorable call out of Banc of America. The firm says that their latest checks with channel and industry sources indicate requests for quote activity remains strong, though the ability to close deals remains weak. Banc of America is hearing the most positive feedback on near-term trends at QLGC, VRTS, and BRCD. It says checks on EMLX and MCDT are positive as well, though mixed feedback on EMC gives the firm some concern. At the same time, checks in gigabit ethernet have not been as positive, and the firm believes there could be near-term risk to EXTR and FDRY.
8:42AM IntegratedDevice upped at CIBC (IDTI) 25.57: CIBC upgrades to BUY from Hold after the co raised fiscal Q4 guidance last night; firm says the co's better than expected bookings environment, near-term upside to rev, and the prospects of building backlog give more confidence in their earnings model. Price target is $30.
8:31AM Income +0.4%, Spending +0.4%; better than expected : Personal Income rose 0.4% in January; spending rose 0.4%; these increases were both better than the consensus estimates of 0.1% and 0.3% respectively. These are encouraging numbers, but will only have a slight positive market impact. The ISM index at 10 ET is a more forward-looking report.
8:27AM BofA sees select values in data networking : Banc of America says that their latest checks with channel and industry sources indicate request for quote activity remains strong, but the ability to close deals is weak; hearing most positive feedback on near-term trends at QLGC, VRTS, and BRCD; checks on EMLX and MCDT are positive as well, but mixed feedback on customer EMC gives some concern; checks in gigabit ethernet have not been as positive, and firm believes there could be near-term risk to EXTR and FDRY.
8:30AM : This morning, investors will be looking towards a few notable economic releases. The revised Michigan Sentiment numbers will be reported at 9:45 ET which is fifteen minutes after the market open. The consensus estimate is for a reading of 91.0 though a number materially above or below that level could move the markets accordingly. Just fifteen minutes after that, the ISM Index (Institute for Supply Management) will be reported at 10:00 ET. Here, the consensus expectation is for a reading of 51.0 and note that any number above 50.0 represents growth. The ISM Index was formerly called the National Purchasing Manager's Index and also carries enough weight to potentially move the markets.
7:56AM Marvell Tech upped by Merrill following earnings (MRVL) 30.69: Merrill Lynch upgrades to near-term STRONG BUY from Buy based on an improved outlook, and expectations for upside to firm's current model. Merrill increases FY03 est to $0.38 from $0.39 and FY04 to $0.70 from $0.61. Firm's 12-month price target remains $42, which is based on 60x CY03 earnings.
7:20AM Novellus upped at Robbie (NVLS) 42.59: Robertson Stephens upgrades to BUY from Mkt Perform after the co due to an upwardly revised bookings outlook driven by the strong uptick in bookings from DRAM manufacturers and early logic adopters of copper for both 200mm and 300 mm. Lowers Q1 loss est to ($0.09) from ($0.10) and 2002 to $0.19 from a loss of ($0.03); raises price target to $50 from $40.
Don, does the earnings update data lead you to believe any of these stocks are ready for long-term accumulation?
finance.yahoo.com
Thanks, RtS |
