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

To: Johnny Canuck who wrote (36595)	3/28/2002 11:25:20 AM
From: Johnny Canuck	Respond to of 67879

Juniper Networks (JNPR: news, chart, profile) tacked on more than 3 percent after the company said that it expects revenue for the first-quarter to come in between $120 million and $125 million, down from a prior outlook of between $150 million and $155 million. The fiber optic firm cited cautious spending by service providers and carriers as the cause for the shortfall. Juniper put pro forma earnings at slightly above breakeven. Analysts polled by Thomson Financial/First Call were expecting a gain of 2 cents a share. See full story. Tollgrade Communications (TLGD: news, chart, profile) rose more than 7 percent after the Pittsburgh telecommunications equipment firm reaffirmed its outlook for earnings of 6 to 10 cents a share on revenue of $16 million to $18 million in the first quarter. "Tollgrade continues to produce positive earnings results despite a very tight spending environment in the telecommunications sector," said Chris Allison, the company's chairman and CEO, in a press release. Alison then went on to refine the range, saying earnings for the period will range from 8 to 10 cents a share with revenue of at least $16.5 million. Analysts polled by Thomson Financial/First Call are currently looking for earnings of 8 cents a share in the March quarter. The news garnered the stock two upgrades this morning. Ferris, Baker Watts boosted its assessment of Tollgrade to "buy" from "long-term accumulate," while Robert W. Baird went to "strong buy" from "market outperform." Baird left its 12-18 month price target of $30 per share intact, but said there could be upside to that as earnings momentum accelerates throughout 2002. Veeco Instruments (VECO: news, chart, profile) leapt more than 13 percent after Merrill Lynch raised its intermediate-term rating on shares of Woodbury, N.Y., maker of metrology and communications equipment to "strong buy" from "buy" citing its attractive valuation. "The stock is currently trading at 2.1 times price to book and 1.7 times price to trailing sales. well below the small cap averages for the group of 3.7 times and 4.1 times, respectively," the firm said in a research note. Merrill also believes that Veeco is seeing improved business fundamentals due to strength in its research and semiconductor businesses, and its data storage and radio frequency materials operations. The optical market remains "unchanged at low levels," the firm said. Merrill left its long-term rating on the stock at "strong buy" and used a multiple of 30 times price-to-earnings to calculate a 12-month price target of $45.