From Briefing.com: 8:58AM Benchmark Elec target raised to $52 from $45 at Needham (BHE) 37.78: The increased target is based on higher EPS estimates for 2004 and the possibility of further upside EPS leverage.
8:45AM Economic Review - Durable Goods Orders : June durable goods orders up 2.1% vs. +1.2% consensus and 0.0% in May; stronger than anticipated. Number biased upward by cars and aircraft (overall transportation equipment orders up 3.9%). Even excluding transportation, however, durables up a healthy 1.4% in June vs. +0.8% consensus and +0.9% the prior month. New orders excluding aircraft and defense - a popular proxy for business investment - rose 0.6% in June vs. +0.5% in May. Shipments of durable goods jumped 1.3% in June vs. -0.4% in May. This is a strong report; Treasuries adjusted lower after the print - ten-year note presently down 6/32nd's to yield 4.19% after having been up by 6/32nd's earlier today.
8:30AM durables ex transportation +1.4% vs. +0.8% consensus :
8:30AM durable goods orders +2.1% vs. +1.2% consensus :
8:29AM NCR Corp cut to Hold at Lazard on valuation; target $31 (NCR) 29.06:
8:23AM Prudential cautious on Siebel Systems (SEBL) 8.88: Prudential maintains their Hold rating and $9 target on SEBL, saying MSFT's new CRM application does not bode well for SEBL's mid-tier initiative; firm demo'd MSFT's new application, and said ease of use, tight integration to MSFT Outlook, and a digestible price point (ranges per seat from $395-$995 vs $1,500-$3,000 for SEBL) are common themes.
7:58AM Nortel upped to Outperform from In-Line at Goldman Sachs (NT) 3.05: -- Update -- Although stock has already made a strong run over the past qtr, Goldman believes Nortel offers investors one of the more compelling risk-reward profiles of stocks in its universe -- with 15-20% upside and 5% downside. (Stock also upgraded at CIBC this morning; see 07:21 comment).
7:19AM Integrated Silicon started with an Outperform; target $12 (ISSI) 6.90: Soundview initiates coverage with an Outperform rating and $12 target, citing consistent execution, new products, a healthy balance sheet, and improving gross margins.
7:15AM Kulicke & Soffa upgraded at Soundview (KLIC) 8.44: Soundview upgrades to Outperform from Neutral, citing the co's stronger than expected Q3 operating margin as well as data points that suggest the industry is in the early phase of a broad-based recovery; raises target to $12 from $5.
7:02AM Early Research Calls : Wachovia upgrading AFCI to Outperform from Mkt Perform; also downgrading AGIX, QFAB to Mkt Perform from Outperform; also reiterating Outperform on AAII given the sharp pullback in price... First Albany upgrading BOL to Strong Buy from Buy... Deutsche Bank upgrading AT to Hold from Sell; also reiterating Buy on ALGN and raising price tgt to $15 from $13... JP Morgan downgrading DRRX to Underweight from Neutral... Thomas Weisel upgrading CVD to Peer Perform from Underperform... BofA downgrading HCP to Neutral from Buy... SoundView initiating coverage on ISSI with Outperform and $12 tgt.
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