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

To: Johnny Canuck who wrote (37597)	7/12/2002 1:41:02 PM
From: Return to Sender	Respond to of 68173

From Briefing.com: 12:35PM Motorola defended by Cowen (MOT) 13.69 +0.24: SG Cowen defends stk from CFRA report highlighting several balance sheet concerns resulting from the cumulative magnitude of charges over the past 5 yrs. Cowen believes these issues are widely known. While additional charges are possible, the majority have been taken. Importantly, expects MOT to remain free cash flow positive. Sees co reporting in-line or better results on Tues as well as reinforcing existing 2nd-half EPS guidance. 11:04AM Sector Watch: Biotech : Strong follow through in recent trade for the biotech sector (BTK +3.5% at 306) with PDLI +11.1%, IDPH +9.6%, CEPH +7.9% and HGSI +4% pacing the way. Next resistances for the index are at 308/309 and 313. 10:45AM Biosite started with a Sell/Sell Short rating at Sterling -- target $11 (BSTE) 21.24 -1.65: Stock falling in reaction to Sterling Financial initial SELL/SELL SHORT rating and price target of $11. Expects co's fastest growing product, Triage BNP (40% of sales), to face major competition in the latter part of this yr. Sterling sees moderate risk to 2002 earnings and high risk to 2003, both of which have been recently raised by Wall Street. Firm expects a sizeable shortfall in revenue and EPS in 2003, and severe P/E multiple contraction. 10:21AM Biogen: Fulcrum withdraws Sell rating (BGEN) 32.35 +0.05: Fulcrum in a pre-open note withdrew their Sell rating on BGEN, saying the stock has discounted much of its risk and should remain in its current trading range over the near term; expects the co to meet its Q2 EPS est on July 18, but does not anticipate any near-term catalysts to drive the shares significantly below current levels; however, firm believes that if the share-price does decline from these levels, the possibility of a hostile takeover bid may become more likely. 10:12AM Avanex upgraded at Needham (AVNX) 2.07 +0.21: Shares are conspicuously strong (+11.1%) out of the gate following a Needham pre-open upgrade to STRONG BUY from Hold; says stock is currently trading at 60% expected tangible book value and 75% expected cash value in FY04, merger with Oplink should reduce cash burn rate, and firm believes AVNX will be able to maintain a strong cash position until conditions improve. Price target is $3. 10:04AM Nasdaq Composite bounces off initial floor at 1367 : -- Technical -- The index spiked lower after the data but bounced off a solid intraday support at 1367. Initial resistances are at 1380 and 1384. Failure to work through these levels coupled with the penetration of the first support zone (along with a sustained break of the 1350 area) would damage the pattern of the latest recovery attempt. 10:02AM VECO plunges to new 52-wk low after bids for FEIC 17.10 -5.39: 9:50AM Consumer sentiment weakness : Though there is no denying the power of the Michigan consumer numbers to hit the market today, we would also note that this is really circular logic. The market is selling off because the Michigan data is weak, but the Michigan data is most likely weak because the market was off in June, and due to the corporate scandals that prompted that market weakness. Given improving trends in job and income growth, it's doubtful that this sentiment decline will have any impact on spending, but it will have a market impact today nonetheless. 9:47AM Univ of Michigan index falls to 86.5 from 92.4 : The Michigan consumer sentiment index was much weaker than expected, and will weigh on the market due to fears of a consumer retrenchment. 9:26AM Gapping Up/Down : Gapping up: CLTK +20% (Anaren takeover maneuvers), JNPR +11% (posts favorable results), DELL +6% (upgraded after raising guidance), PMCS +5.8% (comm IC stk lifts in sympathy with JNPR)... Gapping down: MNTR -28% (see 08:52 comment), DCLK -11% (downgraded after earnings), VECO -10% (offers major premium to acquire FEIC), PWAV -5% (cut by JP Morgan after earnings), HD -2% (Merrill downgrades)... Also moving in pre-market are SANM (+7%), BRCM (+5%), AMAT (+3%). 9:19AM Microsoft earnings should be in-line (MSFT) 52.91: Rick Sherlund at Goldman Sachs suspects that MSFT's June qtr earnings were essentially in-line, and "if revs are a bit light in the qtr, this would look relatively healthy" compared to disappointing results in the broader enterprise software sector. Maintains ests and Recommended List rating. 9:19AM Celeritek shares being picked up by Anaren; seeks merger (CLTK) 6.65: After the close, Anaren Microwave disclosed it has, through open market purchases, acquired an ownership position of approx. 6.35% of the common stock of Celeritek. Anaren intends to seek a negotiated acquisition of Celeritek or take other actions to effect such a potential transaction. finance.yahoo.com RtS

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