From Briefing.com: 8:43AM Opening Indications : This morning's fair value figures -- S&P 500 fair value: 1125, closed 2 pts below fair value. Nasdaq 100 fair value: 1400, closed 12 pts below fair value. Current indications: S&P 500 futures are +3.30, or 1.3 pts above fair value. Nasdaq 100 is +19, or 7 pts above fair value...Positive comments and upgrade of MSFT helping overall market.
7:29AM Opening Indications: MSFT rebounds after upgrade : This morning's fair value figures -- S&P 500 fair value: 1125, closed 2 pts below fair value. Nasdaq 100 fair value: 1400, closed 12 pts below fair value. Current indications: S&P 500 futures are +0.50, or 1.5 pts below fair value. Nasdaq 100 is +12.50, or 0.5 pts above fair value... After ticking down almost 4 pts in after-hours, MSFT shares have rebounded to -0.60; co's positive comments on PC outlook lift INTC.
7:24AM NVIDIA Corp estimates, price target cut by Pru based on Xbox (NVDA) 39.62: Prudential cuts estimates and price target on NVDA after MSFT slashed its Xbox guidance due to weak demand in Europe and Japan; cuts NVDA's FY03 rev/EPS ests to to $2.235 bln/$1.72 from $2.40 bln/$1.77 (still within co's guidance) and FY04 to $2.94 bln/$2.08 from $3.20 bln/$2.15, and lowers price target to $62 from $75.
6:47AM Microsoft upped to Buy at Merrill -- attractive entry pt (MSFT) 56.37: Merrill Lynch upgrades to near-term BUY from Mkt Perform. Firm believes money flows will favor MSFT in sector recovery, as other large-caps struggle. Merrill trims its FY02 est to $1.84 from $1.88 and FY03 to $1.92 from $1.95. Believes that the estimates hide considerable earnings power and leave room for upside going forward.
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