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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 694.04+0.7%Jan 9 4:00 PM EST

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To: Johnny Canuck who wrote (41206)5/25/2004 1:39:23 AM
From: Johnny Canuck  Read Replies (1) of 69662
 
08:27 UBS cuts targets for select communications equip stocks

UBS cuts their targets on ADTN, CSCO, GLW, HLIT, JNPR, LU, NT, and SFA (see ups/downs page for details); firm says that with most major US and European telcos having reported Q1 results, they conclude global capex growth is likely to slow in 2H04 through 2005; also, several equipment vendors either have begun or will commence growing expense levels commensurate with revs, and they do not expect vendors to generate the same level of margin and EPS growth that they achieved moving out of the downturn; in addition, firm says there is a high probability that stock option expensing becomes mandatory in 2005.
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