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Updated: 04-Apr-02 10:22 ET Comprehensive coverage on Short Stories, analysis on Story Stocks
Today's In Play Set default to no-refresh
10:22 ET Bush to speak at 11 ET
Bush will reportedly be speaking at 11 ET this morning to unveil a new Middle East peace initiative; apparently he will be sending Sec of State Colin Powell to the Mideast.
10:21 ET Strong Groups: Retailers, Disk Drives
Retailers lift on favorable same-store reports and positive earnings guidance issued by various sector names: CHBS (+9%), BBBY (+6.5%), TWTR (+6%), FTS (+4%), JCP (+4%), JWN (+4%)... Disk drive makers and components suppliers climbing on WDC's (+14.5%) bullish guidance: MXO (+6.8%), RDRT (+4.5%), HTCH (+3.6%).
10:15 ET Nasdaq Composite Intraday -- Technical --
Index recovers from early weakness but thus far the rebound has been limited in scope. Initial resistance is between 1790 and 1794 with secondary barriers at 1800 and 1807/1808. Failure to work steadily higher through these levels suggests the short term weaker bias is still dominant. Intraday support is at 1782. A breach of yesterday's low (1770) would initially exposes 1762/60 and then 1751/1750.
10:12 ET PPDI Pharm Product falls on BMY exposure (32.73 -1.25)
10:12 ET MSFT Microsoft upgraded at AG Edwards-- pre-open (56.24 -0.09)
AG Edwards in a pre-open note upgrades to BUY from Hold due to valuation; firm sees shares as attractive at current level, despite weakness in Xbox sales and continued low visibility for the remainder of the calendar year. Price target is $62.
10:01 ET Sector Watch
Solid intraday reversal following the poor start to the session. Helping lead the turnaround this morning are: semi (SOX +1.2%), disk drive (DDX +1.4%), retail (RLX +1%), natural gas (XNG +0.8%), utility (UTY +0.7%), airline (XAL +0.8%), storage and gaming (SHFL +1.6%, MGG +1.5%, ASCA +1.4%, MBG +1.2%). Weakness being seen in drug, software, Internet, broker/dealer and oil.
09:50 ET NVLS Novellus Intraday (50.75 +0.50) -- Technical --
Stock weaker in early dealings but bounced after holding above yesterday's low (49.59). While the ability to stabilize above this floor is a positive with intraday technicals oversold, need upside follow through beyond resistances at 50.95/51.14 (20 day ema/congestion) and the 52 area to neutralize the recent weaker bias. Failure and a penetration of the initial support opens the door to the bottom of the month long trading range floor at 49. A breakout would target 47.80. (50 day ema, 38% retrace of Feb/Mar run).
09:40 ET CHKP Check Point Sftwr Intraday Technical (20.74 -6.72) -- Update --
Stock gaps sharply lower in wake of warning and flirts with a major chart barrier in the 20/19.56 area (congestion/Sep 2001 low). Has held thus far and bounced slightly but has substantial work to do to improve the bias. Intraday resistances are near 20.80, 21.60 and 22.20/22.40. A failure at the early low 20.09 and a breach of the Sep low leaves little chart support of interest until the 17/16 area.
09:36 ET UTIW UTI Worldwide downgraded at Deutsche Bank (19.20 unch)
Deutsche Bank Securities in a pre-open note downgraded co to MKT PERFORM from Buy on valuation; firm says much of Q4 earnings performance was due to UTIW's ability to reduce costs to meet the lower level of freight demand; firm cuts 2003 est to $0.83 from $0.90 based on a weak operating environment . Price target is $20.
09:31 ET Onshore drillers downgraded by Jefferies -- valuation
In pre-market note, Jefferies downgrades NBR, PTEN and PDS to ACCUMULATE from Buy due to valuation. Believes current share price already discounts a recovery in N. American drilling activity during the 2nd-half of 2002.
09:29 ET Goldman Sachs cuts estimates for Entrust, Internet Security Systems
Goldman Sachs cuts ENTU's 2002 rev/EPS ests to $124 mln/($0.09) from $135 mln/$0.01 due to a more cautious view on govt salescycles and the increased risk in the June qtr from the discontinuation of the large Govt of Canada deal (30% of license rev over last 4 qtrs); firm cuts ISSX's FY02 ests to $259 mln/$0.50 from $270 mln/$0.58 and 2003 to $328 mln/$0.75 from $347 mln/$0.85 due to slightly longer sales cycles in 1H and more pricing pressure from increased competition in 2H02 coming from SYMC, NET, CSCO.
09:29 ET TMPW TMP Worldwide estimates cut by Wachovia (33.07)
Wachovia Securities lowering estimates to reflect recent data points indicating that positive economic news is taking longer than expected to translate into a significant rebound in fundamentals. Reduces FY02 to $1.08 from $1.20 and FY03 to $1.65 from $1.80. Current consensus estimates for the periods are $1.27 and $1.50, respectively.
09:25 ET Check Point Sftwr conference call ends; stock trading at $20.15 (27.46)
Down in sympathy with CHKP (-27%) are ISSX (-11.5%), SYMC (-10%), VRSN (-5.7%).
09:20 ET RTN Raytheon downgraded by Wachovia (40.25)
Wachovia Sec downgrades to MKT PERFORM from Buy and cutting estimates following analyst meeting. Firm lowers 2003 est to $2.00 from $2.60, with about $0.40 of the cut due to pension income moving to an expense in 2003.
09:19 ET SAP SAP AG estimates cut at SG Cowen (35.01)
SG Cowen out of Europe is trimming their Q1 ests for SAP as a result of a tougher than expected trading environment in the co's core European mkt (confirmed by recent warnings by ORCL, PSFT, CMRC); weakness has been partly as a result of a continued depression in German IT spending (21% of total revs 2001), and the firm expects margins to be impacted by increased sales and marketing efforts and lower SI/consultancy utilization. Firm also notes that Q1 comps are tough, and believes that investors will become uneasy with an essentially flat qtr. Lowers price target to $37 from $40.
09:14 ET CHKP Check Point Sftwr (27.46) -- Update --
On conference call, co says it currently sees no reason to change expectations for 2003. Says hopes to see nice sequential growth for remainder of the year. Stock trading at $19.85 in pre-market.
09:11 ET Crude oil hovers just below peak
Prices have been mixed during London and early U.S. trade with the underlying supply disruption concerns keeping the front month futures contract within easy reach of the multi-month highs despite the recent high inventory readings.
09:10 ET SKX Skechers USA to sell $75 mln in covertible debt (21.64)
09:07 ET NOK Nokia investigating faulty displays in Europe-- DJ (20.21)
Dow Jones is reporting that NOK is investigating a report of faulty displays on several of its popular mobile telephone models. A German newspaper singled out models 8210, 3310, 3330, and 8850 as having fault rates well above average.
09:04 ET XXIA Ixia cut to Hold by CSFB -- challenging environment (8.40)
CSFB downgrades to HOLD from Strong Buy. Firm lowers Q1 estimate to $0.04 from $0.05, CY02 to $0.20 from $0.25, and CY03 to $0.30 from $0.37.
09:02 ET Opening Indications
Cash market poised to start session on mixed to modestly lower note as the S&P futures, -4.80, are 0.80 points below fair value while the Nasdaq 100 PMI is down 8.92 points... Traders, for the most part, remain burdened by concerns surrounding the pace, and strength, of the nascent economic recovery
08:59 ET INFS In Focus warns of Q1 loss (17.25) -- Update --
Warns of a Q1 loss in the $0.18-$0.24 range. Analysts had expected INFS to turn a profit of $0.15 for the qtr. INFS puts sales at $150-$155 mln (consensus $187.8 mln). Blames shortfall on continued softness in technology spending, primarily in the U.S., as well as significant pricing pressure from Japanese competition due to a weak Yen.
08:58 ET Jobless Claims yield more confusion than information
The Labor Dept did not provide any details regarding the extent to which jobless claims were boosted by people re-filing for extended benefits which were recently approved by Congress, and in fact they told our economist last week that there would be no impact from these re-filers. As a result, sorting out just how much, if any, of this week's surge was actually related to economic deterioration is impossible. It's also not clear if next week's data will be "clean", so it could be a wait before we get a clear employment picture.
08:44 ET Check Point Sftwr conference call number (27.46)
Conference call dial-in number is 913-981-4900; no password needed. (Stock trading at $21 in pre-market).
08:42 ET CMCSK Comcast upgraded by SoundView (30.36)
Hearing from sources at SoundView that the firm upgraded CMCSK to STRONG BUY from Buy and upped the target to $35 from $30 after meeting with management on Wednesday; says ADLAC woes do not apply to Comcast, operations including the roll-out of high-speed data are trending better than consensus, and AT&T Broadband merger is on track.
08:39 ET Gapping Up/Down
The following stocks are under pressure this morning after issuing earnings warnings: CPWR (-31.5%), INFS (-27.5%), SNWL (-25.6%), CHKP (-23%), PLNR (-19%), BMY (-17%), NITE (-10%), INKT (-9.6%)... ISSX (-11%), SYMC (-9%) and VRSN (-7%) fall in sympathy with CHKP.. Trading to the upside are BBBY +3.5% (tops estimates), ISIL +3.4% (Lehman upgrade), MWRK +3% (raises guidance).
08:38 ET DELL Dell Computer says rev upside primarily from U.S. (26.19)
At its analyst meeting, Dell said its performance in the U.S. is the primary reason why it believes Q1 revenue will now be down about 2% versus its prior expectation for a 3-5% decline; other regions are in line with the company's expectations... can't point to any one business segment really that has been the driver of the upside to revenue expectations
07:25 ET FTS Footstar boosts Q1 forecast (29.45)
Co reports a 7.7% increase in March same store sales. Strong results lead FTS to raise its Q1 outlook to $0.06-$0.08 from previous guidance of $0.01 (consensus also $0.01)
[Harry: Confirms improved fundamentals in footwear segment indicated from SKX yesterday.] |
