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

To: Johnny Canuck who wrote (37545)	7/10/2002 8:57:14 AM
From: Return to Sender	Respond to of 68203

Gap up at the open - From Briefing.com: 7:50AM Extreme Networks upped to Strong Buy at Merrill -- valuation (EXTR) 9.33: As reported at 07:20, Merrill Lynch is upgrading to near-term STRONG BUY from Buy. Believes biz remains on track for the JunQ. Notes that stk trading at 2.4x trailing sales (a 55% discount to Cisco). Believes there is earnings and valuation upside based on potential of a stronger than expected economic recovery. Firm slightly reducing rev estimate, but keeps it above consensus. 7:45AM Cisco Systems upped to Strong Buy at Merrill -- expects outperformance (CSCO) 13.14: As reported at 07:20, Merrill Lynch is upgrading stock to near-term STRONG BUY from Buy. Believes fundamentals at Cisco are improving and expects co to show rev/EPS outperformance before yr-end. Firm's macro indicators continue to point toward a recovery in comm equipment new orders during 2H02, with revs to follow shortly thereafter. Views valuation of 23x CY03 est of $0.58 as a favorable entry pt for investors looking out 12 months. Major risk for Cisco would be that economic recovery now underway stumbles. 7:30AM Brocade upgraded at Morgan Stanley (BRCD) 16.45: -- Update -- Morgan Stanley upgrades to OVERWEIGHT from Equal-Weight based on the belief the SilkWorm 3200 product cycle could provide significant earnings power and that the weak technology tape has created an attractive entry point. Price target is $25. 7:23AM Celestica cut to Buy at CSFB ahead of earnings (CLS) 18.12: CSFB downgrades to BUY from Strong Buy and lowers FY02 est to $1.11 from $1.25 in advance of co's earnings report. Firm expects Q2 revs to come in at the lower half of the $2.1-$2.5 bln guided range and EPS relatively in-line with firm's $0.27 est. Firm reduces price target to $28. finance.yahoo.com

To: Johnny Canuck who wrote (37545)	7/10/2002 11:36:07 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68203

ADC Telecom warns of Q3 shortfall (ADCT) By Tomi Kilgore ADC Telecommunications (ADCT) said fiscal third quarter earnings and revenue would fall short of forecasts due to reductions in capital spending in the telecommunications industry. The broadband services provider added that it would attempt to lower its breakeven point to $250 million in quarterly sales from $300 million by consolidating facilities, reducing its workforce, increasing outsourcing, divesting low revenue product lines and cutting operating expenses. For the quarter ending July, ADC now expects to lose 5 to 7 cents a share and record revenue of $235 million to $245 million. Analysts surveyed by Thomson Financial/First Call had been expecting a loss of 5 cents a share on sales of $282.9 million, on average. The stock closed Tuesday down 4 cents at $2.22. [Harry: Suggest weakness in cable and last mile equipment demand.]