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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (34684)	10/8/2001 3:01:04 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68849

14:43 ET EMC Corp (EMC) 13.44 +0.29 (+2.2%): Merrill Lynch trimming estimates in light of continued negative news in the sector; reduces Q3 to ($0.05) from ($0.03) and FY01 to $0.15 from $0.16 (rev $7.26 bln from $7.54 bln). 13:59 ET Retail Sales : Prudential previews Thursday's September same-store sales releases from the retail sector; while traffic may have picked up at the end of the month, business was already weak ahead of Sept. 11, and thinks estimates probably need to come down further; believes apparel manufacturers may be the hardest hit due to the weak consumer and the potential for order cancellations from department stores... S&P Retail Index (RLX) off 1.5% in today's trading. 10:42 ET Optical Cable (OCCF) 1.47 -0.68 (-31.6%): Heavy selling in stock this morning. Company discloses that restraining order obtained by its CEO preventing brokerage firms for selling pledged OCCF stock in margin call has been lifted. According to company, various brokerage firms hold from 1.5 to 15 mln shares of OCCF. Estimates that approx. 8 mln shares may be legally entitled to be sold as early as today. 10:07 ET Sector Watch : Semiconductor (+2%) and Networking (+0.9%) sectors demonstrating strength in early trading. Robertson Stephens comments/upgrades on the latter sparking double-digit advances in RSTN (+12.5%), FDRY (+10.2%), EXTR (+10%). 09:55 ET Wireless Affiliates : Seeing positive action in affiliates of wireless providers after AT&T Wireless (AWE) acquired affiliate TLCP this morning; Sprint PCS (PCS) affiliates: PCSA 53.00 +0.40, APCS 15.15 +0.74; AWE affiliate: TPC 36.87 +0.42. 09:40 ET Arrow Electronics (ARW) 21.50 unch (delayed): Company expects to report a Q3 loss of approx. $0.15-$0.20 vs Multex consensus of -$0.07. 09:00 ET Morgan Ups Foundries : Morgan Stanley upgrades Taiwanese chip foundries Taiwan Semi (TSM 9.29) and United Microelectronics (UMC 4.74) to OUTPERFORM from Neutral; says declines in stocks since Sep 11 discount an overly pessimistic scenario. 08:47 ET SoundView on Comm ICs : Hearing from sources that SoundView Technology is reducing estimates on some comm IC cos citing macro uncertainty that has impeded already sluggish demand; FY02 estimates cut on the following cos: PMCS to ($0.10) from $0.05, AMCC to ($0.19) from ($0.15), VTSS to ($0.41) from ($0.38) and price target to $16 from $19. 08:43 ET B of A on Defense : Banc of America Securities says that now is a good time to take profits in Northrup Grumman (NOC 107.50) and Raytheon (RTN 34.97) as both have seen 30% gains since Sep 11 but have issues that could undermine their stocks; says Lockheed Martin (LMT 47.73) still has upside and raises FY03 estimate to $2.16 from $2.04; raises price target on General Dynamics (GD 92.60) to $105 from $90, says Bizjets is a concern but should see stable revenues. 08:27 ET Network Appliance (NTAP) 9.75: Sources telling us that SoundView Technology comments on NTAP this morning; says recent checks indicate Oct qtr is on track despite Sep 11 attacks; Soundview sees breakeven EPS vs consensus of $0.01. 08:23 ET Goldman on Comm ICs : In previewing the qtr for communication IC cos, Goldman Sachs says that this is the first time in 2001 that the entire group did not preannounce; Goldman feels comfortable with Q3 estimates for its Recommended List stocks: Broadcom (BRCM), Conexant (CNXT), and Marvel (MRVL), and expects either upside or optimistic outlooks for all three. 08:19 ET Loudcloud (LDCL) 1.29: Company chairman Marc Andreessen purchased an additional 438,000 shares of common stock on the open market during the months of September and October. Mr. Andreessen purchased 1 mln shares of Loudcloud common stock on the open market during the month of June. 08:15 ET Goldman Cuts Retailers : Goldman Sachs downgrades TJX (TJX 34.65) and Ross Stores (ROST 29.25) to MKT PERFORM from Mkt Outperform; says shares' strong performance this year does not discount potential for earnings risk in H2, which promises to see promotional price-cutting at full price venues that could clip off discounters' price advantages. 08:15 ET Networking Upgrades : Robertson Stephens bullish on networking sector believing that overly pessimistic investor outlook has created a significant buying opportunity; thinks risk associated with many of these companies has peaked, and that stock prices will move higher as visibility returns... Firm upgrading EXTR, FDRY, ETS and RSTN to STRONG BUY from Buy. 07:28 ET Luminent (LMNE) 1.95: Parent company MRV Communications (MRVC 2.92) discloses exchange ratio for previously announced purchase of LMNE unit. LMNE holders to receive 0.43 of a share of MRVC common stock. 07:23 ET QUALCOMM (QCOM) 38.46: First Union reiterates Strong Buy rating; says would be very surprised if company misses when it reports Q4 results; believes stock is trading at compelling long- term valuation levels; expects future news to be more positive than negative.