From Briefing.com: 10:51AM Microsoft stabilizes above early low (MSFT) 45.95 -0.36: -- Technical -- Consolidation above the early low over the last hour for the issue. From an intraday perspective need to see follow through beyond 46.6 and 46.9 at a minimum to help improve the tone. Next resistances are at 47.5 and 48.39. Failure leaves the door open to another run at the low with next supports at 45 and the 44.75/44.50 area.
10:36AM Kulicke & Soffa: Semi equip maker takes out $8.16 one-yr low set Sept 19 (KLIC) 8.00 -0.85:
9:59AM Nasdaq Composite slightly positive : -- Technical -- Some signs of life as the index attempts to stabilize above yesterday's low (1272) following the early test today. Intraday resistances at 1295 and 1301 have held firm thus far but a posture above 1277 (today's low) and a sustained breach of these levels argues for follow through upticks. Next resistances are at 1312/1315 followed by 1325. Next support is in the 1260 area.
9:41AM Sector Watch : Mixed trade for the market averages with minor strength noted in the homebuilding, retail, airline, computer hardware, health provider and video game. Losing sector include: banking, broker/dealer, defense, gold, semi (NVLS -5.7%, KLAC -3.1%, AMAT -2.3%), drug and biotech.
9:18AM Gapping Up/Down : Gapping up: CPTS +14.5% (receives FDA approval for Essure), PALM +8% (enters reseller pact with IBM), NBTY +8% (tops consensus)... Gapping down: NEOF -41% (downgraded after disclosing accounting questions), DYN -8% (reduces guidance), NVLS -5% (downgraded on disappointing guidance), UPS -2.4% (provides slightly disappointing guidance), MOT -2.6% (Solly downgrade), AMAT -2% (off in sympathy with NVLS).
8:01AM Microtune cut to Attractive from Buy at Bear Stearns (TUNE) 6.28: Firm reduces price target to $9 from $21.
8:00AM Novellus cut to Attractive from Buy at Bear Stearns (NVLS) 29.55:
7:58AM Palm enters reseller pact with IBM (PALM) 1.44: Announces agreement through which IBM becomes a U.S. reseller of Palm handheld computers. "The agreement not only broadens the handheld product choices for IBM's large customers, but also brings Palm handhelds to the attention of small- and medium-size businesses that purchase from IBM."
7:45AM Earnings announcements : See Earnings Calendar for more: LU misses by two cents and continues to target profitability in late FY03, but provides no guidance; MCK beats by two cents, sees strong results through the fiscal year; PHA in line, no guidance; WYE in line, no guidance; RSH in line, reaffirms guidance; LSCC in line, says short-term outlook remains "subdued"; HLYW beats by a penny, raises guidance, but consensus estimates already reflect higher guidance.
7:28AM Motorola downgraded at Solly (MOT) 14.12: Salomon Smith Barney downgrades to NEUTRAL from Buy based on the belief that the co's successful implementation of its restructuring program-- the main driver of the stock's strong outperformance in 2002-- is predominantly reflected in the stock; believes continued outperformance over the next 12 monthss is unlikely given firm's forecast for continued weak demand in the wireless end-mkt as well as concerns over valuation; cuts price target to $15 from $19.
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