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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 670.92+0.1%Nov 7 4:00 PM EST
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To: Johnny Canuck who wrote (36636)4/2/2002 1:58:45 PM
From: Johnny Canuck  Read Replies (2) of 67752
 
08:00 ET Q Qwest Comms: disclosures from last night's conference call (8.00)
Bear Stearns notes that 2 important disclosures came out of last night's conference call: under the new accounting rules, Q will write down $20-$30 bln of its existing $34.5 bln goodwill balance in Q2, which will negatively impact EPS by $12-$18 per share; also, the co revised its long distance re-entry schedule to Fall/Winter at the earliest, and as a result of the delay Bear Stearns anticipates Q will not generate material long distance rev in 2002 (already reflected in ests).




07:54 ET BMY Bristol-Myers plans to reduce wholesaler inventory (40.40)
Discloses it is developing a plan to reduce wholesaler inventory and that this action may have an adverse impact on future results.




07:52 ET Goldman Sachs cuts estimates for tech bellwethers
Goldman Sachs is cutting estimates for a number of technology bellwethers due to continued weakness in IT spending: reduces EMC rev/EPS ests to $1.27 bln/($0.05); reduces IBM rev est for Q1 and forward rev/EPS ests; reduces MSFT FY03 est to $1.95 from $2.05; reduces SEBL 2002 est to $0.50 from $0.57 and 2003 to $0.65 from $0.75; and reduces SUNW March Q3 rev est to $3.108 bln as well as Q4 and forward estimates.
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