yep did too.....BRCD got a pop on a bunch of press from conf ...selling back down.
Majority See ECB Rate Cut Wednesday
Edited by Thomas Granahan
Of DOW JONES NEWSWIRES
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10:41 (Dow Jones) In latest DJ Newswires survey, 19 out of 28 economists
forecasting a rate cut at Wednesday's ECB meeting. Many, though, admit call
was a tough one after officials went to great lengths in recent days to
repeat wait-and-see stance. (CLL)
10:36 (Dow Jones) Lehman analyst Dan Niles cuts estimates on Intel (INTC),
Texas Instruments (TXN) and Cypress Semiconductor (CY). Niles says 2001 is
the "worst year ever for semis." The analyst, who had forecasted semi sales
to be down in the high single digits, now expects sales to be off 18% to 20%
in 2001. Nile is calling for Intel to post earnings of 65 cents a share for
2001, down from 70 cents, and 75 cents a share for 2002, down from 80 cents.
As for TI, Niles has the chip maker posting earnings of 65 cents a share for
2001, down from 75 cents and 90 cents a share for 2002, down from $1.00.
Cypress got the deepest cuts. Niles expects Cypress to post earnings of 50
cents a share for 2001, down from $1.36 and 75 cents a share, down from
$1.78 in 2002. (DLF)
10:30 (Dow Jones) Morgan Stanley upgrades Motorola (MOT), saying shares are
close to a bottom. Morgan Stanley added that the company's tightening has
poised its business to accelerate when the semiconductor cycle and other
economic factors rebound in its favor. UBS Warburg reiterates buy, but
cautions "investors not to get aggressive with the name" until the balance
sheet and economic conditions improve. (CBN)
10:23 (Dow Jones) Second highest outflows of the year from stock mutual
funds in latest period. TrimTabs.com reported investors yanked $11.1 billion
from all equity funds over three days ended Thursday, highest since the
$15.9 billion outflows seen in the period ended Jan. 2. Funds investing in
U.S. stocks alone bled $9.0 billion. "Whether these redemptions reflect a
permanent disenchantment with the stock market on the part of some
investors, or simply anticipate April 16 (tax payment deadline), is not yet
clear," TrimTabs said. (YXH)
10:18 (Dow Jones) Smithfield Foods (SFD) apparently has cooled on beef
processor IBP (IBP). CSFB analyst David Nelson says that after talking with
the big pork company's chairman, Smithfield values IBP stock at around $10 a
share - well under its current price. Nelson says weakness across the
meat-processing sector "could put other properties in play." (RLG)
10:08 (Dow Jones) Starbucks' (SBUX) swoon in recent days makes for a buying
opportunity, says Salomon Smith Barney's restaurant analyst. "Investors may
be underestimating the cost savings" that the coffee retailer apparently
generated in the March quarter, Mark Kalinowski says. "We expect good news
from Starbucks when it releases earnings" April 26. (RLG)
10:01 (Dow Jones) Wanna know when the bull market will be back? Manhattan
cleaners have their own way of calculating what the markets are doing,
Joanna Coles reports in UK's The Times. They study the length of the
cigarette butts outside office buildings. In good times, the butts are long
because workers rush down for a few quick puffs before eagerly returning to
their desks. When the markets dip, they "suck until they reach the filter."
(NK)
9:48 (Dow Jones) Salomon Smith Barney analyst Jonathan Joseph trimmed his
numbers on Intel (INTC), citing weaker than expected demand for the chip
giant's flash memory and communications businesses. The analyst lowered his
gross margin estimate on Intel for the 1Q to 49% from 51% and cut his full
year 2001 revenue forecasts to $26.4 billion from $26.8 billion. While
Joseph maintained his 1Q revenue estimate of $6.5 billion, he did lower his
EPS estimate to 15 cents a share from 16 cents. (DLF)
9:40 (Dow Jones) Stocks rise modestly at open. Kodak, 3M, H-P lead the DJIA
higher, Home Depot, Intel, SBC, and Disney only losers. Internets up big on
Amazon outlook, while semis among weaker areas. DJIA higher by 50 at 9839,
Nasdaq gains 15 to 1735, and S&P 500 improves 6 to 1134. (TG)
9:36 (Dow Jones) Don't get too excited by speculation of a takeover of
Yahoo! (YHOO), says Jefferies analyst Fred Moran. While he thinks Yahoo
would be better off as part of a "larger vertically integrated media
company," there are impediments to such a scenario. They include "valuation,
dilution effects" and the poison pill adopted by Yahoo last month, shortly
before it warned 1Q and 2001 results would be weaker than expected. Together
with Yahoo management's desire to remain independent, Moran says it's more
likely that Yahoo will seek alliances with media companies. He maintains a
price target of $10. Yahoo closed at $14.81 Friday. (PDL)
9:33 (Dow Jones) Nymex crude futures are seen opening unchanged to 5 cents a
barrel higher, with little news in the market to lend direction. Prices are
seen consolidating until Tuesday's release of API inventory data. May crude,
up 2c at $27.08 in overnight trade on ACCESS, faces resistance at $27.40;
support is seen at $26.80. (MXF)
9:18 (Dow Jones) CS First Boston ups steel group, believing sector is set to
enjoy strong cyclical rally over the next year, as pricing and volumes in
U.S. industry recover from depressed levels. Ups AK Steel (AKS), Nucor (NUE)
and Worthington Industries (WOR) to buy from hold. (TG)
9:05 (Dow Jones) Spot gold to rise to $262-$263/oz in next two days as
traders square their books for the Easter holidays, says JP Morgan analysts.
But market likely to sell into these rallies, they also said. At $261/oz.
(CAM)
8:57 (Dow Jones) If Edison Intl (EIX) can cut a deal with California, Lehman
says the shares can hit $18. In event EIX's utility follows Pacific Gas into
bankruptcy, target value will be closer to $12. (TG)
8:51 (Dow Jones) Deutsche Banc Alex. Brown says S&P 500 is 2.6% under
valued. That said, firm notes 2001 expected earnings recently fell below
2000 actual level, and 2002 estimates are still eroding. (TG)
8:40 (Dow Jones) A dramatic burst in dollar bubble remains a "significant
risk," says BNP Paribas. They see similar pattern appearing in currencies as
was in equities - significant swings but general bearish USD tone. (NEH)
8:37 (Dow Jones) "A primary bear market is the long downward movement
interrupted by important rallies." Those were the words of Robert Rhea in
The Dow Theory (1932), according to Jack Schannep, of The DowTheory.com.
Schannep says adopt a defensive stance and hold a major cash position. (TG)
8:30 (Dow Jones) Stock futures are looking better than they were a couple of
hours ago, and it appears the week will get off to a decent start.
Amazon.com (AMZN) is saying its 1Q results will look better than expected,
and GE is buying NBC Internet. It's a big week for corporate earnings, and
the economic calendar could provide some vital direction for interest rates
- and the stock market - but Monday's calendar is void of any notable
earnings or data. Stock futures a little higher, Tsys soft. (TG)
(END) DOW JONES NEWS 04-09-01
10:41 AM
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