From Briefing.com: 8:32AM PPI +0.1%, core +0.2%; Claims 403K - slightly worse than consensus : The PPI increases of 0.1% total and 0.2% core were both a tenth higher than consensus, but that will not be enough to generate any inflation fears in this sluggish economic environment. Jobless Claims rose 16K to 403K vs the 390K consensus - as we noted, this report was for a holiday week which can sometimes produce additional volatility, and today's increase probably does not indicate an end to the recent downward trend.
8:20AM Linear Tech, Maxim upgraded at Prudential : Prudential upgrades LLTC and MXIM to BUY from Hold based on expectations for growth in the Sept qtr; believes both co's closed the books several days early in the June quarter, indicating that the June qtr was fine and helping the Sept qtr; also, checks indicate that bookings held in the June month versus April-May rather than falling off a cliff, and demand for high-end analogs remains steady. Maintains $52 price target for MXIM and lowers LLTC's price target to $41 from $45.
8:10AM Intel may cut 2002 capex, ests cut for select semi equipment co's-- Pru (INTC) 16.81: Prudential believes that INTC could reduce capex in 2002 to $4.8-$5.0 bln from $5.5 bln; field checks suggest co could be pushing out tool delivery to Q1 from Q4 for its 300mm Fab 11x in New Mexico; overall tool spending in 2002 could be down 24%-25% YoY vs prior est of down 18%-20% YoY; consequently, firm cuts 2002-03 EPS ests and price targets for AMAT, KLAC, NVLS, and LRCX.
7:42AM YHOO falls from $13.20 to $11.70 on Merrill downgrade 12.19:
7:41AM 5,000 in U.S. suspected of ties to al-Qaeda-- Washington Times : The Washington Times reports that U.S. intelligence agencies are watching several groups in Seattle, Chicago, Detroit, and Atlanta thought to be part of an infrastructure of as many as 5,000 al-Qaeda terrorists and their supporters in the United States.
7:36AM Yahoo! downgraded by Merrill Lynch (YHOO) 12.19: Merrill Lynch downgrades to Near-Term REDUCE-SELL/Long-Term NEUTRAL from Neutral/Strong Buy after the co reported Q2 results; believes YHOO is "priced to perfection," and that fundamentals do not support the co's valuation; in the current mkt environment, firm believes a more reasonable valuation is $9-10.
7:13AM Adobe Systems started with Underperform at Deutsche; target $22 (ADBE) 26.57: Deutsche starts coverage with an Underperform rating and $22 price target on view that consensus secular long-term growth expectations of 20% are too high; believes a more realistic growth rate is closer to 12%. Views ADBE as a solid company, but thinks the shares are overvalued.
6:54AM Oracle warns demand is weakening in Europe-- FT (ORCL) 8.98: The Financial Times reports that CFO Jeff Henley warned late on Wednesday that although demand in the US was no longer getting worse, it was continuing to weaken in some European markets. "Nowhere is demand getting better." However, he reaffirmed guidance that new licence revs in the current qtr would fall between 15-25% YoY and that the co would achieve EPS of $0.07 (in line with consensus).
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