From Briefing.com: 8:47AM S&P futures vs fair value: +10.5. Nasdaq futures vs fair value: +14.0. The bias has improved in recent action with the pre-market indicators near their best levels of the morning. Several upgrades of Dow components (C, HPQ, MRK, EK) positive commentary from DELL (+2.5%), speculation of further rate cuts along with overseas equity gains and dollar strength have helped to underpin.
8:40AM Sanmina-SCI may guide below consensus - Soundview (SANM) 2.17: Soundview believes that SANM will come in at the bottom of guidance for Q4 and provide a Q1 outlook that is below consensus, citing continued weakness in communications and enterprise end mkts as well as the PCB biz; cuts price target to $4 from $5.
7:52AM Pre-Market Movers : C rises 3% on a Lehman upgrade... Ticking lower on negative earnings guidance are BRCD -11.5% and VECO -13.5%... SNDK -2.4% edges lower on a Morgan Stanley downgrade.
7:46AM SanDisk cut to Underweight at Morgan Stanley on valuation; target is $20 (SNDK) 20.77:
7:41AM Hewlett-Packard upgraded at Lehman (HPQ) 14.62: Lehman upgrades to OVERWEIGHT from Equal-Weight based on the belief that HPQ's qtr is tracking in-line with expectations, driven by an improvement in U.S. demand, higher than expected printer rev growth and margins, and stabilizing PC mkt share. Price target is $18.
7:16AM Dell Computer seeing 'some rebound' in hardware demand (DELL) 29.04: Bloomberg.com reports that Michael Dell told reporters at a Tokyo news conference that the company has seen "some rebound in overall demand" for computer hardware. "Although a broad scale upgrade of computer systems will be driven by rebounding profits," Dell has gained market share, he said.
7:11AM Veeco Instruments misses by $0.03; sees Q4 loss (VECO) 12.70: Reports Q3 net of breakeven, $0.03 worse than the Multex consensus. Revs fell 36.3% year/year to $72.8 mln vs the $77.8 mln consensus. For Q4, co sees a loss of $0.10-$0.15 on sales of $62-$66 mln (consensus +$0.06 and $79.22 mln). Expects to return to profitability in Q1 --after reducing 20% of its workforce.
7:03AM Brocade guides Q4 below consensus (BRCD) 8.25: Due to continued weakness in the IT spending environment, co guides its Q4 outlook to $0.07 per share on revs in the range of $152-$153 mln (consensus $0.09 and $160.39 mln).
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