From Briefing.com: 11:53AM Intraday support for Nasdaq at 1354/1350 1361 -19:
12:07PM Ciena corp credit cut by S&P (CIEN) 4.29 +0.13: -- Update --
9:31AM Retek downgraded by SWS Securities (RETK) 5.89 -0.25: SWS Securities in a pre-open note downgraded to SELL from Neutral based on an insufficient pipeline, the loss of a substantial deal overseas to SAP Retail, unplanned layoffs, and reduced earnings expectations.
9:27AM Morgan Stanley Fresh Money list changes : Morgan Stanley adds TXN and GPS to their Fresh Money list, and deletes PEP and CMCSK.
9:07AM Terayon's DOCSIS 2.0 cable modems selected by Cox (TERN) 2.16:
8:43AM Lucent getting its optical act together - Deutsche (LU) 1.50: -- Update -- Deutsche Securities says that recent conversations with industry contacts suggest that LU will win primary supplier status in BLS's next-gen SONET contract, which builds upon the co's recent win in VZ's next-gen SONET RFP; while these wins may not generate any incremental rev for LU, they nonetheless demonstrate progress with customers and further development of the DMX platform.
8:42AM Applied Micro cut to Outperform at Solly (AMCC) 4.88: Salomon Smith Barney downgrades to OUTPERFORM from Buy based on issues including competitive risk and lack of stock catalyst beyond attractive valuation. Believes value investors should continue to find stock interesting. Price target goes to $7 from $9.
8:30AM Oracle estimates trimmed at Bernstein (ORCL) 10.79: Bernstein trims ests for ORCL based on lower revenue expectations, primarily in applications and application servers; believes recent negative press about ORCL's 11i application suite as well as the co's comments about the possible impact of the recent contract issues in California compound the risk of the overall weak IT spending environment; cuts Q1 est to $0.08 from $0.09 (a penny above consensus), Q3 to $0.10 from $0.11 (in-line), and FY03 to $0.42 from $0.44 (in-line).
8:20AM Ciena upgraded at Soundview (CIEN) 4.16: Soundview upgrades to OUTPERFORM from Neutral, saying they expect the July qtr to be the low point in analyst ests and the beginning of the march back to profitability; also, the strategic decision to spend when others are cutting is supported by $2.2 bln of cash and should enhance the co's leadership position. Price target is $7.
8:09AM Hewlett-Packard revenue may come in below expectation (HPQ) 14.70: Banc of America believes that HPQ's Q3 rev could come in below its expectation of $17 bln (consensus $16.8 bln) when it reports tomorrow due to continued consumer weakness, sluggish corporate mkts, and the unwinding of channel inventory; firm expects cautious guidance and says HPQ's valuation will remain clouded by concerns about ongoing integration challenges as well as earnings quality and visibility.
7:44AM Phoenix Tech upgraded at First Albany (PTEC) 8.13: First Albany upgrades to BUY from Neutral based on the following factors: co is on track to sell its inSilicon stake to SNPS, which relieves PTEC of an unprofitable biz; firm anticipates the co will book FirstWare rev this qtr, which will be tangible proof that PTEC's next-gen products are beginning to gain traction; co has hired a new marketing exec; and co has gained mkt share in its core BIOS biz. Price target is $12.
7:40AM Qualcomm BREW platform selected by China Unicom (QCOM) 30.25:
7:21AM Fairchild Semi cut to Attractive at Bear Stearns -- pricing pressure (FCS) 14.65: Bear Stearns downgrades to ATTRACTIVE from Buy after channel checks in Asia indicate that high inventory levels and slowing orders have forced suppliers of power discrete components to cut prices to maintain mkt share. Firm lowering 2002 est to $0.34 from $0.40 and 2003 to $1.05 from $1.25.
12:55PM Hewlett-Packard (HPQ) 14.61 -0.09: Morgan Stanley expects co. to post revs of $16.3 bln and EPS of $0.14 (vs. est of $16.8 bln and $0.14, respectively) in tomorrow's after market earnings release. Firm's channel checks suggest weak PC sales but improved channel inventories; firm reiterates Overweight rating and price target of $23; thinks concerns over consumer demand may dampen price recovery in near-term, but thinks continued success with integration, cost cutting, and refreshed product cycle in printing franchise should bear longer-term rewards. Firm maintains In-Line rating for Systems & Enterprise Hardware industry; thinks demand appears to have troughed, but remains soft. Shares are 0.06% down in anticipation of earnings release.
11:50AM QLogic (QLGC) 36.37 -0.23: In pre-open note, Thomas Weisel reiterated Buy following meeting with Fujitsu which confirmed solid SCSI business. Firm notes that Fujitsu remains committed to enterprise and mobile hard disk drive segments and appears to be gaining share due to the IBM/Hitachi pending merger; Fujitsu represented 17% of QLGC's total sales in FY02 and is the primary SCSI customer for Qlogic; therefore, positive outlook gives firm comfort in SCSI estimates for Sept quarter (3% seq. growth) and beyond. Also, valuation appears attractive (stock trading at 28.6x C03 EPS est) given strong balance sheet and competitive position, consistent earnings performance relative to estimates over time, and potential for upside to both near and long term estimates.
10:55AM Agere Systems (AGR.A) 1.66 -0.08: Going against generally positive consensus opinion, Salomon Smith Barney downgrades to OUTPERFORM from Buy; trims price target to $2.70 from $3.60; based on "market-perform" industry rating, prefers to limit number of Buy-rated stocks in industry (maintains Buy ratings for ALTR, TUNE, XLNX); thinks co's restructuring effort, while appropriate, is complex and uncertain. Although firm believes value investors should continue to find stock interesting due to its turnaround prospects and low price-to-sales valuation, thinks stock lacks catalysts beyond that. Shares are 4.6% down on note.
finance.yahoo.com^SOXX+AGRa+ALTR+AMAT+AMCC+AMD+BRCM+CIEN+CMCSK+FCS+GPS+HPQ+INTC+KLAC+LLTC+LSCC+LSI+LU+MOT+MU+MXIM+NSM+NVLS+ORCL+PEP+PTEC+QCOM+QLGC+retk+TER+TERN+TUNE+TXN+XLNX&d=t
RtS |
