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Strategies & Market Trends : Pump's daily trading recs, emphasis on short selling -- Ignore unavailable to you. Want to Upgrade?

To: Don Pueblo who wrote (3833)	7/13/2001 8:50:41 AM
From: Art Baeckel	Read Replies (1) \| Respond to of 6873

pdated: 13-Jul-01 Last Update: 08:45 ET Trading Points Comprehensive coverage on Short Stories, analysis on Story Stocks 08:45 ET USX-U.S. Steel (X) 20.55: Analysts expecting company to post a Q2 loss of between $0.50 and $1.06, with a median estimate of -$0.72. USX announces that it anticipates a loss closer to $0.50. 08:38 ET Siebel Systems (SEBL) 44.74: Sources at Morgan Stanley telling Briefing.com that the firm made positive comments on SEBL this morning; thinks SEBL will not pre-announce.... Seperately we are hearing that SEBL won a $50 mln contract with a UK telecom company, but turned down a deal with Verizon (VZ) due to unacceptable pricing, which is being interpreted as a sign that the company is still strong enough to resist pricing pressure. We have not confirmed this. 08:35 ET Opening Indications : Futures trading is showing no significant reaction to the economic data. S&P futures at 1213, trade one point under fair value while Nasdaq 100 futures at 1758, trade five points below fair value. 08:33 ET Economic Data : Retail sales rose 0.2% in June vs the 0.3% consensus, with ex-auto sales falling 0.2% vs consensus of +0.2%; PPI fell 0.4%, but the core increase of 0.1% was in line with expectations. The Retail Sales number is the more important figure today, with the unexpected weakness in ex-autos sales likely to create more pessimism concerning consumer spending. 08:30 ET Toys R Us (TOY) 25.15: Company expects to post a Q2 loss of at least $0.14 a share (consensus loss of $0.07) and sees annual earnings falling slightly short of current consensus estimates; comments made in a 8-K filing with the SEC. 08:28 ET CSFB Initiations : CSFB initiates coverage on Finisar (FNSR) and Corning (GLW) with HOLD ratings and resumes coverage of JDS Uniphase (JDSU) with a HOLD; says FNSR's quarter may be at risk, GLW's fiber/cable business is deteriorating and company will need to take down numbers again, and JDSU won't recovery until late 2002. 08:22 ET Rational Sftwr (RATL) 20.49: Morgan Stanley initiates with a NEUTRAL rating; says reliance on tech and telecom vertical markets could dampen outlook more than consensus anticipates, and that stock is trading above estimated intrinsic value of $16.04. 08:22 ET Weatherford Intl (WFT) 40.48: First Union thinks company's earnings report on Monday could provide needed relief; expects company to report solid EPS and conduct an upbeat conference call; does not think company has experienced any slowdown in its N. American operations and that earnings visibility for the next couple of qtrs is good. 08:15 ET Pharmacopeia (PCOP) 17.50: SG Cowen downgrades to BUY from Strong Buy due to earnings uncertainty; reduces 2002 est. to $0.68 from $1.05 and 2003 to $0.92 from $1.35. 08:12 ET EarthLink Ntwrk (ELNK) 14.60: CIBC World Markets initiates with STRONG BUY and $20 price target; says shift from narrowband to broadband will deliver higher revenues and margins; notes that company might be a great fit for Microsoft's (MSFT) MSN, and has great balance sheet with $5 per share in net cash. 08:06 ET Opening Indications : Futures activity carries a modestly negative bias. S&P futures at 1213, trade one point below fair value while Nasdaq 100 futures at 1755, trade eight points under fair value. 08:05 ET Capstone Turbine (CPST) 19.05: Department of Energy Secretary Spencer Abraham announced a $3 mln award to Capstone for the "research, development and testing of packaged cooling, heating and power systems for buildings." 08:03 ET New York Times (NYT) 41.30: Bear Stearns upgrades to BUY from Attractive with a $53-54 price target; cites meaningful cost control measures which will translate into a meaningful bounce when recovery occurs. Bear also downgrades EW Scripps (SSP 69.39) to ATTRACTIVE from Buy, primarily due to valuation. 07:55 ET VISX (EYE) 16.39: Banc of America Sec. lowers FY01 est. to $0.80 from $0.85 and FY02 to $0.91 from $1.00; believes shares are fully valued given negative growth and poor EPS visibility. 07:51 ET Level 3 Comms (LVLT) 3.94: Goldman Sachs conversations with management lead firm to believe that LVLT's potential funding gap can be filled by reducing capex to the volume of business generated. 07:48 ET AT&T Wireless (AWE) 16.42: ABN AMRO reiterates Buy rating; says AT&T's completion of 94.5 mln shares has virtually eliminated firm's shareholder "churn" concerns. Firm expects a strong Q2 report with 670,000 net adds, ARPU of $61.25, churn of 3%, service revenue of $2.995 bln and EBITDA of $790 mln. 07:39 ET Juniper Networks (JNPR) 28.47: -- Update -- Robertson Stephens upgrades to STRONG BUY from Buy on view that JNPR has the potential to dominate the market. Notes that shares are not cheap and firm may be early with its recommendation, but believes stock is a franchise name; would rather be early than late with this recommendation. 07:33 ET Opening Indications : This morning's fair value figures -- S&P 500 fair value:1214; closed at fair value. Nasdaq 100 fair value: 1763; closed 2 pts below fair value. Current indications: S&P 500 futures are -1.1, or 1.1 pts below fair value. Nasdaq 100 is -2.0, or 4 pts above fair value... Focus will continue to be on earnings, with JNPR expected to provide leadership, while investors in the security sector digest RSAS' disappointing numbers. Latin American default concerns could make investors jittery going into the weekend. 07:24 ET Cisco Systems (CSCO) 17.86: In note discussing JNPR's results, Salomon Smith Barney speculates that CSCO may be seeing better near term results in its GSR line and may be picking up share as growth shifts to the metro market from the long haul core. 07:16 ET RSA Security (RSAS) 29.95: DB Alex. Brown downgrades to MKT PERFORM from Buy based on industry growth deceleration and no expectation of near-term macroeconomic recovery. Firm reduces FY01 est. to $0.53 from $0.76 and FY02 to $0.64 from $1.05. 07:12 ET Business Week Stocks : Amerada Hess' purchase of Triton Energy has raised speculation that Ocean Energy (OEI 17.70) will be acquired; pros think stock worth $25-$30 in a buyout... Teva Pharmaceutical (TEVA 63.34) considered a good way to play both generic and branded drugs; rising number of drugs coming of patent provides "tailwind" for company's growth... American Greetings (AM 11.11) viewed as a turnaround play whose stock could double in a year. 07:04 ET Advanced Micro (AMD) 22.70: Lehman reduces CY01 estimate to $0.35 from $0.62 and CY02 to $0.80 from $0.95. Firm feels that there is further risk to EPS as international markets deteriorate in the 2nd-half. Remains cautious but does note that valuation relative to INTC is becoming interesting for market neutral funds. 06:54 ET AOL Time Warner (AOL) 50.05: Reuters reports that company is moving closer to buying UK magazine publisher IPC Media in a deal valued at more than $1.4 bln, citing industry sources. 06:47 ET Kimberly-Clark (KMB) 55.03: Company reduces Q2 outlook to $0.81 (consensus $0.84); says currency effects and energy costs reduced Q2 earnings from operations by an estimated 6 cents per share versus the prior year. 06:38 ET E-LOAN (EELN) 1.06: Announces that Charles Schwab (SCH) has committed to provide the company with $5 mln in new financing through the purchase of a convertible note. The note will offset $5 mln of the $7.5 mln general line of credit provided by EELN's CEO. 06:34 ET IPO Pricing : Wright Medical (WMGI) prices 7.5 mln share IPO at $12.50, within the $11.50-13.50 range. JP Morgan serving as lead underwriter. WMGI is a manufacturer of rehabilitative orthopaedic devices. 06:25 ET U.S. Markets : S&P futures trading at 1214, 0 points below fair value, Nasdaq 100 futures trading at 1757, 6.0 points below fair value. The 30-year bond is down 5 ticks at 5.659%. The dollar is firmer against the yen, but weaker against the euro. 06:24 ET European Markets : FTSE +0.25%, DAX +.02% -- European stocks mixed, but overall tone fairly negative. Profit warnings continue to weigh following yesterday’s hiatus. Today’s standout has been the mobile phone parts maker Epcos, which reported that it sees no improvement in business during its fiscal fourth quarter. Travel stocks have also been hit hard following news that Kuoni, the largest Swiss travel company, sees a "significant" decline in first-half and full year profits. As far as the good news goes, chipmaker Infineon has been boosted by strong demand for the company’s offering of 52.2 mln new shares. 06:24 ET Asian Markets : Nikkei -0.43%, Hang Seng -0.37% -- Asian stocks mostly lower. Nikkei dragged down in thin trading by the banking sector following the BoJ’s decision to leave policy unchanged. Tech shares also gave up ground following yesterday’s bounce, though defensive sectors such as oil and coal and glass and ceramic did see better buying. Taiwan fell 3.2%, plunging to seven and half year lows as a government think tank halved this year’s growth forecast to 2.4%. Singapore also closed lower, while heavy pressure on semiconductor stocks pushed Korea's Kospi down 2.1%. Of interest, Hynix Semiconductor lost 10% last night, falling to a new record low.