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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (53502)	7/3/2002 8:08:35 AM
From: stockman_scott	Respond to of 65232

Warnings starting to come in... 07:49 ET GNSS Genesis Microchip downgraded at Prudential (7.351) Prudential downgrades to HOLD from Buy based on the dismal pricing outlook for integrated analog ICs in the 15-inch mkt; says growth opportunities increasingly reside in the 17-inch panel mkt, and firm no longer believes GNSS will be able to diversify into non-commodity businesses rapidly enough to offset mkt share losses and pricing erosion in its core biz; cuts price target to $5 from $15. 07:44 ET DNA Genentech downgraded by Deutsche Securities (29.95) Deutsche Securities downgrades to MKT PERFORM from BUY based on valuation and potential near-term pipeline risk if upcoming Phase III data for Avastin in refractory, metastatic breast cancer do not support the regulatory filing; based on discussions with investigators, firm believes that DNA faces a high hurdle in meeting the primary endpoint of a 50% improvement in time-to-disease-progression for the drug. Price target is $35. 07:41 ET OVRL Overland warns for Q4 (14.55) Co now sees Q4 revenues in excess of $34 mln, "lower than originally anticipated." Multex consensus for the qtr was $41.9 mln. OVRL also announced win of a major system OEM customer. 07:40 ET Deutsche Bank calls merger talk absurd -- Dow Jones A source at Deutsche Bank AG tells Dow Jones that talk of a merger with Credit Suisse Group (CSR) is "absurd," while a source at Credit Suisse called it "total nonsense." German newsletter Prior Boerse quoted unnamed "market sources" as saying that Deutsche Bank head Josef Ackermann has met Credit Suisse CEO Lukas Muehlemann several times for exploratory talks and that a merger would occur in Q4. 07:37 ET EAT Brinker upgraded at Lehman (31.49) Lehman upgrades to STRONG BUY from Mkt Perform based on valuation, predictable double-digit EPS growth, easier comparisons through year-end, commodity costs in check, and resilient eating-out trends. Price target is $38. 07:34 ET European Markets FTSE...4462.70...-84.10...-1.9%. DAX...4119.55...-76.25...-1.8%. 07:34 ET Asian Markets Nikkei...10812.30...+189.98...+1.8%. Hang Seng...10579.19...+87.43...+0.8%. 07:18 ET NITE Knight Trading guides below consensus (4.68) Warns of a Q2 loss of $0.04-$0.06 per share. The Multex consensus estimate called for a profit of $0.01 per share for the qtr. 07:12 ET AZPN Aspen Tech lowers Q4 revenue guidance by 8% (7.01) Reduces Q4 revenue outlook to a range of $84-$85 mln from previous guidance of approx. $92 mln (Multex consensus $89.61 mln). As a result, AZPN expects to post a loss for the qtr. Analysts expected a $0.04 per share profit for the qtr. 07:11 ET V Vivendi Universal: Messier gets $18 mln severance package, Philips won't sell shares (17.76) The Wall Street Journal reports that former CEO Messier negotiated a severance package of $17.8 mln, over three times his salary and bonus last year. In addition, Reuters reports that PHG has no intention of divesting any of its V shares. 07:08 ET Investors should worry about reserves-- WSJ The Wall Street Journal examines how co's such as WCOME and XRX may have manipulated reserves to boost their bottom lines; in addition, the article also examines co's such as LU, AM, and AW whose bad debt reserves have been declining despite the failing financial health of customers, falling prices, and/or stagnant sales. 07:08 ET PFCB PF Chang's provides Q2 guidance (29.50) Based on revenue results for the qtr, co now anticipates Q2 earnings of $0.18-$0.19 (Multex consensus $0.19). Co preannounces Q2 revenues of $101.7 mln (consensus $98.36 mln). 07:04 ET VOD Vodafone PLC denies accounting issues (12.85) Dow Jones reports that a Vodafone spokesman denied the accounting rumors that contributed to driving the stock more than 6% lower. "We are not being investigated. We are not aware of any accounting issues at all. We have yet to hear any specifics on what these issues might be." According to Dow Jones, VOD shares were also driven down by concerns it may overpay for increasing its stake in French mobile operator SFR. 06:58 ET AMD Advanced Micro warns for 2nd time in as many weeks (8.80) Chip maker reduces its Q2 sales forecast to the $600 mln area, down from guidance of $620-$700 mln issued two weeks ago. Before the June 18 warning, analysts had expected AMD to post sales of $845 mln. AMD did not provided a reason for latest adjustment to its sales forecast.