From Briefing.com: 8:39AM Dell Computer may exceed consensus, guide higher - JP Morgan (DELL) 29.11: JP Morgan believes that there is a possibility that DELL may exceed firm's Q3 rev/EPS ests of $9.098 bln/$0.21 due to continued mkt share gains and strength in industry standard servers; in addition, firm says there is a possibility that the co may guide above consensus for Q4.
8:32AM Hewlett-Packard estimates cut at JP Morgan (HPQ) 14.85: JP Morgan believes that despite improvements in overall cost structure, the enterprise segment is improving at a slower than expected pace and the current above-avg printing margins are not sustainable; cuts FY03 EPS est to $1.14 from $1.20 (consensus is $1.17).
8:26AM Advanced Micro cuts chip prices - Digitimes (AMD) 5.95: Digitimes.com reports that AMD, in response to INTC's lowering of Celeron processor prices the day before, cut the prices of its low-end and medium-range Athlon XP processors yesterday.
8:12AM Scientific-Atlanta estimates cut at CSFB; target is $9 (SFA) 11.80: CSFB cuts FY03-04 ests for SFA, saying the broad adoption of low-end set-tops could lead to as much as 10-15% downside to firm's CY03 sales forecast; cuts FY03 rev/EPS ests to $1.21 bln/$0.58 from $1.22 bln/$0.60 and FY04 to $1.00 bln/$0.52 from $1.16 bln/$0.60 (both well below consensus). Reiterates Underperform rating and $9 price target.
8:05AM Oracle CFO sees rev growth in 2003 (ORCL) 9.05: Stock ticks up to $9.20 in pre-market following comments last night by the CFO that business should stabilize in the 1st-half of 2003. ("During the first half of calendar '03, we'll start to see this thing turn around," Henley said at OracleWorld. After that, Henley said he expects company to "return to positive revenue growth." -- Reuters)... Based on current Multex estimates, analysts were already expecting ORCL to show rev growth in CY03, with 3.5% yr/yr rev growth expected in the FebQ and 3% growth in the MayQ.
7:47AM Flextronics downgraded at CIBC (FLEX) 8.00: CIBC downgrades to SECTOR PERFORM from Sector Outperform due to reduced ests and recent run-up in valuation. Firm says March 2003 ests are realistic for the EMS group, but June expectations are too high and consequently firm is cutting ests for the sector to reflect only 5% QoQ growth in revenue.
7:47AM Wireless companies higher pre-market after Vodafone delivers upside surprise :
7:43AM Photronics upgraded at CIBC on valuation (PLAB) 10.70: CIBC upgrades to SECTOR PERFORM from Sector Underperform based on valuation; firm says revised guidance confirms that it is both the volume and cost leader among US-based mask manufacturers; price target is $20.
6:55AM CoorsTek receives $21 buy-out bid from Coors family (CRTK) 15.42: Co's Board of Directors has received an offer from certain members of the Coors family and related trusts to purchase all of CoorsTek's outstanding shares of common stock not held by them for a price of $21.00 per share. The CoorsTek Board of Directors is evaluating this offer and intends shortly to engage financial advisors to assist with the evaluation.
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