08:04 ET BEA Systems estimates cut at Prudential (BEAS) 6.40: Prudential cuts 2002-03 ests for BEAS due to continued signs of IT budget weakness; cuts CY02 rev/EPS ests to $929 mln/$0.26 from $992 mln/$0.31, cuts CY03 ests to $1.106 mln/$0.34 from $1.183 bln/$0.41, and lowers price target to $12 from $20; however, firm thinks current valuation fully discounts the threat from IBM and MSFT.
07:57 ET Perot Systems misses by $0.01; updates guidance (PER) 11.53: Posts Q2 net of $0.17 a share, $0.01 worse than the Multex consensus. Revs rose 14% to $333.5 mln (consensus $327.38 mln). For Q3, co sees EPS of $0.16-$0.18 (consensus $0.18); puts full yr at $0.67-$0.72 (consensus $0.72).
07:54 ET JDS Uniphase upped to Overweight at Morgan Stanley (JDSU) 2.10: Morgan Stanley upgrades to OVERWEIGHT from from Equal-Weight. Firm's discounted cash flow models generate a fair value of $3 for JDSU. Firm emphasizes, however, that in a weak tech tape it thinks JDSU shares have little support beyond projected net cash per share of $0.73.
07:53 ET Goldman Sachs upgrades gold stocks : Goldman Sachs raises their weighting in gold stocks to MKT OVERWEIGHT from Mkt Weight and upgrades FCX to REC LIST from Mkt Outperform, ABX to TRADING BUY from Mkt Perform, and PDG and AU to MKT OUTPERFORM from Mkt Perform; firm raises 2002-03 ests for select stocks, and continues to forecast that gold prices will rise over the next 2 years based on their view that: 1) US dollar will continue to weaken, 2) govt deficits will continue to begin widening, and 3) investors and large holders of US$ will continue to look for alternative asset choices to diversify some of their investments.
07:49 ET Corning debt cut to Ba2 by Moody's (GLW) 3.15: Moody's assigns a B1 rating to Corning's proposed $500 mln convertible announced last night. The rating actions reflect concerns that the recovery in the cos telecommunications operations will be delayed until well into 2003.
07:45 ET ScanSoft beats by $0.01; reaffirms full yr guidance (SSFT) 7.55: Reports Q2 net of $0.05 a share, $0.01 better than the Multex consensus, vs yr-ago EPS of $0.05. Revs rose 76% to $26.2 mln (consensus $24.61 mln). SSFT reaffirms full yr outlook of $0.26/$110 mln.
07:44 ET ATI Tech estimates reduced at CSFB (ATYT) 7.58: CSFB cuts 2002 ests for ATYT, saying channel checks indicate notebook strength has subsided and orders are reflecting the softness of the broader PC mkt; also, firm believes domestic and European demand has been weaker than expected, and believes ATYT has been aggressively cutting prices to clear out inventory and to compete with NVDA price cuts; reduces FY02 rev/EPS ests $1.03 bln/$0.23 from $1.05 bln/$0.25 (below consensus). |
