From Briefing.com: NVDA NVIDIA estimates cut at Morgan Stanley (9.44) Morgan Stanley cuts FY03-04 ests, saying aggressive pricing trends are likely to significantly hamper gross margins for the next 12 months; cuts FY03 to $0.60 from $0.80 and FY04 to $0.60 from $1.05 (well below consensus of $0.80 for both years), and cuts price target to $18 from $28
MOT Motorola talks of reduced visbility (10.10) -- Update -- On call, company's COO says in his opening remarks that company has experienced reduced visbility in its outlook for key markets, particularly in the last 30 days
MOT Motorola maintains Q4 guidance (10.10) -- Update -- On call, says there is no change to the Q4 earnings estimate it provided on its Q2 earnings conference call
MOT Motorola expects higher EPS in 2003 (10.10) -- Update -- On call, says it expects higher EPS in 2003 versus 2002; forecasts capital expenditures of approx. $1.0 bln, which is up from approx. $800 mln in 2002... expects positive operating and free cash flow in 2003
MOT Motorola cut to Outperform at Piper (10.10) -- Update -- USB Piper Jaffray downgrades to OUTPERFORM from Strong Buy due to slightly weaker results at PCS, concerns regarding the rollout of new handsets and a concerned outlook by mgmt in its earnings release.
7:52AM Pre-Market Movers : Most of the early action is to the downside. Major movers include INTC -15.5% (investors/analysts flee stock after earnings miss; COF -13% (Wachovia cuts to Sell after earnings), AMAT -8% and NVLS -5.6% fall in sympathy with INTC.
7:46AM Merrill Lynch reports pro forma of $0.61 vs $0.59 Multex consensus (MER) 35.99:
7:45AM Infineon cuts capex by a third (IFX) 7.27: Traders citing Bloomberg tell us that IFX will cut their 2003 capex to the bottom of their previous range of $1.0-$1.5 bln.
7:42AM Earnings Summary : The numbers are flooding in this morning. Early reports include PFE, which beat by $0.01 but guided a penny below consensus; KO matched consensus, though cautions full yr could miss by $0.01-$0.02; JPM made $0.16 vs $0.09 consensus; GPT beats by 1.4%; TAP.A comes in $0.02 ahead; WHR tops consensus by 2.5% or $0.04 per share... Remember to use Briefing.com's Earnings Calendar for estimates, actuals, and dates/times of earnings reports for the entire reporting season. Also see Briefing.com's Guidance page for upside and downside earnings/revenue guidance.
7:37AM Capital One downgraded at Wachovia (COF) 34.64: Wachovia downgrades to SELL from Hold due to a significant deterioration in COF's fundamentals; although co beat ests last night by a wide margin, firm says it was difficult to discern the core earnings power of the co; in addition, firm says mgmt sounded confused on their conference call and failed to provide a credible explanation for why loan growth is going to slow.
7:31AM S&P futures vs fair value: -9.0. Nasdaq futures vs fair value: -26.0. U.S. equity futures pointing lower after disappointing results/guidance from INTC stalls rally. Major European markets ease 0.5% to 1.0% led lower by chip stocks... U.S. 10-yr rebounds slightly (+4/32, yield 3.977%)... A host of Intel downgrades this morning... On the earnings front, KO and PFE make numbers but give guidance that is slightly below consensus.
7:27AM RF Micro Device downgraded by CIBC (RFMD) 8.66: CIBC downgrades to SECTOR PERFORM from Sector Outperform due to the dilutive acquisition of Resonext for $100 mln; believes shares will remain range-bound until greater visibility on earnings growth.
7:23AM Motorola: STM denies chip merger speculation (MOT) 10.10: STMicroelectronics (STM) "strongly denies" this morning's Financial Times story, which reported that senior French and Italian officials said STM is in talks to buy MOT's semi operations.
7:19AM JP Morgan Chase beats by $0.09 (JPM) 18.61: Reports Q3 earnings of $0.16 per share, $0.09 better than the Multex consensus. Revs fell 7.7% year/year to $7.30 bln vs the $7.14 bln consensus.
7:16AM Coca-Cola posts in line EPS; full-yr may fall $0.01-$0.02 shy (KO) 52.48: Posts Q3 net of $0.48 a share (before items), in line with the Multex consensus, vs yr-ago EPS of $0.43. Revs rose 13.3% to $5.322 bln (consensus $5.239 bln). KO cautions that full yr earnings may fall $0.01-$0.02 below consensus expectations.
7:11AM Intel cut to In-Line at Solly, target cut to $14 (INTC) 16.52:
7:02AM Pfizer beats by a penny; guidance $0.01 below consensus (PFE) 31.79: Posts Q3 net of $0.39 a share, $0.01 better than the Multex consensus. Revs rose 12% to $8.725 bln (Multex consensus $8.69 bln). For Q4, co sees EPS of $0.47 (consensus $0.48).
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