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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: Sharck who wrote (26397)	6/7/2001 8:06:58 AM
From: Sharck	Read Replies (1) \| Respond to of 37746

Latest Updates All times are Eastern Time 7:56AM Oracle Corp (ORCL) 17.00: ABN AMRO expects ORCL to meet EPS expectations when it reports June 18, but that revenue will come in below consensus; feels that weakness is already priced into the stock. 7:54AM Philip Morris (MO) 50.00: -- Update -- Salomon Smith Barney does not expect massive $3 bln judgement against Philip Morris to remain intact and the appeal prospects appear good. 7:52AM Broadcom (BRCM) 35.57: -- Update -- Hearing that dial-in number for the 8:45ET conference call is 212.896.6005. The company did not release a dial-in number to the public, instead directing investors to the webcast at www.broadcom.com/investor. 7:52AM Opening Indications : S&P futures, at 1272, are 1 point above fair value while the Nasdaq 100 futures, at 1902, are 4 points below fair value... Traders anxiously awaiting Intel's (INTC 29.82) mid-quarter update after the close... Not helping early tone are downgrades of Corning (GLW 19.52) and Gillette (G 28), the $3 bln verdict against Philip Morris (MO 50), a Pacific Sunwear (PSUN 22.27) earnings warning, and a Broadcom (BRCM 35.57) revenue warning. 7:46AM Gillette (G) 28.00: Salomon Smith Barney downgrades to NEUTRAL from Outperform, citing company's anemic growth outlook; reduces price target to $25 (from $32). 7:42AM SatCon Tech (SATC) 13.38: Completes offering of 1.46 mln shares of common stock at $12.125 per share, raising $17.7 mln. 7:40AM American Eagle (AEOS) 38.50: Retailer reported a 0.2% increase in May same-store sales, compared to the 2%-4% improvement anticipated by Robertson Stephens. Firm maintaining its Q2 earnings est. of $0.19, which is already below the $0.21 consensus. 7:37AM Pacific Sunwear (PSUN) 22.27: Reports a 9.8% decrease in May same-store sales. Warns that Q2 earnings will come in between $0.13-$0.17 (consensus $0.26), after May sales come in significantly below plan. Expects sales to remain difficult for at least the next two months. 7:30AM Take-Two (TTWO) 22.30: UBS Warburg upgrades to BUY from Hold based on outlook for a strong yr in publishing, a strengthening balance sheet, and attractive valuation; despite significant run in price, firm says TTWO still trading at discount to its peers; firm raises price target to $30. 7:26AM Corning Inc (GLW) 19.52: DB Alex. Brown downgrades to MKT PERFORM from Buy on concern GLW will find it difficult to meet firm's revenue/earnings projections; believes company faces a challenging yr given the margin pressure that GLW is likely to face as a result of the rapid decline in the mix of premium fiber. Reduces FY01 est. to $0.84 from $0.85 and FY02 to $0.88 from $1.06. 7:22AM Opening Indications : This morning's fair value figures -- S&P 500 fair value: 1271; closed 3 pts above fair value. Nasdaq 100 fair value: 1966; closed 2 pts above fair value. Current indications: S&P 500 futures are -1.4, or 1.6 pts above fair value. Nasdaq 100 is -8, or 6 below fair value... Early tone slightly negative following BRCM earnings warning and ahead of Intel mid-qtr update this evening. Helping to offset weakness is upward revision to chip sector sales growth outlook by the SIA. 7:14AM American Power (APCC) 16.19: Company's CEO files with the SEC to sell 2 mln common shares. 7:12AM Loudeye Tech (LOUD) 1.21: Napster selects Loudeye to provide fingerprinting technology (to identify copyrighted music) for use in Napster's planned membership service, which is slated to launch this summer. 7:02AM SSB Adjusts Equity Weighting : Salomon Smith Barney's Global Equity Market Strategist raised his weighting for the U.S.equity markets to Overweight from Marketweight this morning, taking some money out of Europe due to concerns about slowing economic trends there. 6:55AM Advanced Micro (AMD) 28.37: Speaking at news conference in Japan, company's COO reiterates previous expectations that AMD will achieve modest revenue growth in 2001; sees increasing reason to believe that the personal computer market is stabilizing and will return to normal in Q4 of this year. 6:47AM Broadcom (BRCM) 35.57: Guides down Q2 revenue forecast to a range of $20-$216 mln, compared to current Multex consensus of $241 mln. CEO says that while demand remains soft; they are seeing some signs of stabilization in the business for the second half of the year... Damage limited in the Comm IC space, as investors had anticipated a downward revision from BRCM. 6:40AM Conductus, Inc. (CDTS) 6.26: Receives follow-on deployment order for multiple ClearSite systems from one of the ten largest wireless carriers in the United States. The new order follows successful 2G trials and an initial deployment. 6:32AM Philip Morris (MO) 50.00: A Los Angeles jury has ordered company to pay $3 bln in punitive damages to 56-yr old cancer patient, Richard Boeken, who claimed the company failed to sufficiently warn of the health risks of smoking... Stocks to watch in sympathy: RJR, BTI, LTR. 6:17AM U.S. Markets : S&P futures trading at 1273, 2.0 points over fair value, Nasdaq 100 futures trading at 1903, 3.0 points below fair value. The 30-year bond is down 9 ticks at 5.667%. The dollar is weaker against the yen, but firmer against the euro. 6:16AM European Markets : FTSE +0.26%, DAX -0.21% -- European stocks mostly lower. Another round of earnings' concerns and a fifth consecutive monthly jump in German unemployment help to dampen hopes that things may be turning around. Hays, Gemplus and Solvay all warn, while concerns about an Intel warning later today also weighs. Tobacco stocks hit by yesterday $3 bln verdict against Philip Morris. 6:15AM Asian Markets : Nikkei +0.78%, Hang Seng +0.94% -- Asian stocks mostly higher. Japan higher with technology outperforming on the back of an unexpected 6.3% jump in April machinery orders. Gains largely a function of short-covering however. Taiwan hit by concerns surrounding the government's ability to sell a 5% stake in Chunghwa Telecom. Korea boosted by chipmaker outperformance stemming from a rise in semiconductor prices. Hong Kong up on bargain hunting in blue chip names. 1:17AM Circuit City (CC) 15.67: Michigan's attorney general intends to sue CC for failing to give rain checks to customers for discounted items not in stock during advertised sale periods, reports Wall Street Journal. 12:51AM Cendant Corp (CD) 18.48: Company in negotiations to buy electronic travel-reservations service Galileo Intl (GLC 29.50) in a cash and stock deal valued at about $3 billion, reports Wall Street Journal... According to WSJ, deal could be finalized within the week... Rumors of deal first circulated by CNBC late yesterday afternoon.

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