Briefing - In Play from 11/26
15:43 ET Earnings Calendar : Tonight after the close, look for earnings reports from CMVT, CMOS, DG, HRB, MIK, and SEAC; as for tomorrow morning, and the rest of the week for that matter, there's only one co reporting: HRL.
15:27 ET WellPoint Health files for $1 bln mixed shelf (WLP) 64.33 +1.84: -- Update --
15:14 ET Microsoft back retesting range top (MSFT) 57.08 -1.15: -- Update -- -- Technical -- The issue is vacillating just off the lows and support near the top of its recent trading range/breakout point at 57.2/57. Initial support levels, if this area is breached, are at 56.80 and 56.
15:12 ET Novellus, Sun Micro host mid-qtr updates tonight : Both Novellus (NVLS 34.60 -1.65) and Sun Micro (SUNW 3.79 -0.01) are scheduled for mid-qtr updates this evening. With respect to NVLS, Morgan Stanley expects today's update to be neutral to slightly positive for the stock, following a 40% run in the price since Novellus' last conference call.
14:54 ET Nasdaq Composite intraday levels : -- Technical -- Failed at early resistance (see 10:05 comment) and has remained on the defensive with support in the 1450 area -- identified here this morning -- recently probed. Without a push back through intraday barriers 1455 and more important 1459/1461, the index is expected to remain vulnerable. Next support is at 1440/1438 with no damage done as long as the breakout area (1425/1420) is not breached.
14:54 ET Prudential positive on broadline retailers : Prudential maintains their Overweight position on the broadlines retail group, saying consumer spending should benefit from a number of catalysts, including: continued modest growth in real income, significant increases in money supply measures, stable initial claims for unemployment, reduced interest rates, and the prospect of further tax cuts driven in the Republican party; favorite growth stocks include TGT, FDO, WMT, JWN, DLTR, and HD; value picks are FD and S, and firm would continue to avoid the wholesale clubs.
14:36 ET Back testing support : -- Technical -- While Photon Dynamics (PHTN at 32.62 -5.6%) and Legato Software (LGTO at 5.49 -4.3%) have little in common from a business perspective each has pushed firmly higher this month. In more recent action each has also slipped back to support at their respective 200 day sma (32.62 and 5.48). Failure to stabilize above would open the door to a downside extension.
14:24 ET Select Comfort hits all-time high (SCSS) 9.12 +0.81: -- Technical -- Stock hits all-time high on strong volume. On a pullback, look for initial support now at 9.00 followed by a subsequent floor at 8.75.
14:16 ET Mercury Interactive: boutique firm recommends maintaining shorts (MERQ) 31.93 -3.57: Stock has been selling off all day on no news; some traders attribute today's drop to a morning note from boutique firm Apogee Research, which recommended maintaining short positions on MERQ; sources say the firm cites poor quality of earnings, stalled sales, compressed margins, and growing future service commitments in a weak industry environment.
14:02 ET Sector Watch : The following sector indices are experiencing significant strength or weakness this afternoon: MS Healthcare Payor/HMO (+3.5%), MS Healthcare Prov/RXH (+0.9%), DJ Lodging (+1.1%), DJ Steel (+0.9%), DJ Non-Fer Metal (+0.6%)... Biotech/BTK (-3.8%), Semiconductor/SOX (-3.6%), Network/NWX (-3.4%), DJ Wireless Com (-3.4%), GSTI Software/GSO (-2.7%).
13:41 ET Genuity spikes on merger rumor (GENU) 0.88 +0.28: Stock surges from $0.53 to $1.25 in just five minutes. Traders attributing spike in price to Dow Jones headline that Level 3 is in talks to acquire Genuity for more than $200 mln, citing sources.
13:24 ET LLY issued exact same guidance on Nov 8 65.26 -2.80:
13:19 ET Eli Lilly reaffirms guidance; remains cautious on 2003 (LLY) 65.25 -2.81: --Update-- Co reiterates 2002 EPS guidance of $2.55 to $2.57 and Q4 outlook of 2002 of $0.68-$0.70 (Multex consensus at $2.55 and $0.68). For full-year 2003, LLY continues to be cautious about its financial assumptions. Assuming no unusual items, including any significant penalties related to manufacturing issues, co 's goal is to deliver some earnings growth in 2003 (consensus calls for 3.9% EPS growth in 2003). The ability to deliver that growth depends in part on the timing of new product launches.
13:13 ET Volume Alert: SANG -14.6% sinking to new 52-wk low on 3.5x avg volume 14.61 -2.39:
13:03 ET Market Volume : Total volume traded is once again strong on the session. The Nasdaq has surpassed the 1.1 billion share mark and should push 1.9 to 2.0 billion shares for the day. NYSE volume is also strong with just over 800 million shares traded to this point in the session.
12:46 ET Bond Ticker : The US Treasury mkt is trading with a firm tone today, with all maturities lower in yield; with the recent bias toward higher yields (10-yr 30 bps higher since 11/11) and lower prices (about 3 points), many accounts have shorted Treasuries. However, today has brought a confluence of events that has led these shorts to cover, such as: index related buying, a weak German confidence data print, a reprieve from the glut of corporate debt issuance, a minor flight to quality, and the decline in stocks. These forces, along with some month-end allocation into bonds from stocks, have the govt bond mkt looking good today.
12:21 ET Eli Lilly gets FDA approval for Forteo - Reuters (LLY) 65.70 -2.36: -- Update -- Reuters reports that LLY's osteoporosis drug Forteo won FDA approval today. (Watch MRK for a potentially negative reaction as this represents more competition for MRK's Fosamax.)
12:16 ET New 52-Week Lows : SANG -10.8% (biotech), SCHS -2.6% (educational supplies), CPJ -1.0% (residential REIT), SUR -5.5% (insurance).
11:50 ET MU reaffirms 2003 capex -- Dow Jones cited :
11:45 ET Eli Lilly weighted on by FBR valuation downgrade (LLY) 64.85 -3.21: Contributing to weakness in the stock is a pre-market downgrade by Friedman Billings Ramsey to MKT PERFORM from Outperform. The rating change was based on valuation and potential execution risks; firm believes that most of good news is priced into the stock.
11:35 ET EUO rises 168% on Air Force contract; volume 4.4 mln 0.59 +0.37:
11:33 ET New 52-Week Highs : OVTI +1.9% (semi imaging devices), SINA +4.9% (Chinese internet), IDCC +1.0% (wireless technology), PRAA +1.5% (receivables management).
11:12 ET Eurotech surges after signing Air Force contract (EUO) 0.34 +0.12: Announces that it has signed a Cooperative Research and Development Agreement with the U.S. Air Force to jointly develop a system that will demonstrate the effectiveness of Eurotech's Acoustic Core technology to non-intrusively detect explosive materials in cargo and/or vehicles.
10:57 ET Sector Watch: Semiconductor : Sector slips slowly lower (SOX at 362 -3.1%) but holding near support in the 360 area thus far. Pressuring the SOX today are: MU -6%, ALTR -5.5%, TER -4%, LLTC -4.6%, MXIM -3.2%, NVLS -3.5%, AMAT -2% and LSI -2.7%. Short term need to see follow through upticks beyond resistance at 365 to neutralize the recent weaker bias. Failure suggest potential for further downticks with next supports at 355 and 351. A similar resistance for the semi HOLDRS is at 28.8/28.9.
10:55 ET Leading Point Losers : LLY -2.90, IDPH -2.89, CDWC -2.60, SMTC -2.57, TECD -2.47, SAND -2.37, MHP -2.36, AVE -2.24, IDXX -2.24, VAR -2.20, KKD -2.15, PX -2.04, GCI -2.00, BGEN -1.98, SNPS -1.92, DNA -1.83.
10:44 ET Hearing that two major firms making an asset allocation away from stocks :
10:43 ET El Paso cut to junk at Moody's (EP) 10.23 -0.45: Downgrade reflects: 1) EP's weak cash flows and uncertain prospects for their improvement in the near-term; 2) debt levels that remain high relative to the co's cash flows; 3) the likelihood that capex will continue to exceed cash flow from operations and that the co will rely on asset sales to meet the shortfall and further reduce its debt; and 4) execution risks related to EP's efforts to scale back and refocus its merchant energy activities.
10:31 ET Notable laggard: VAR -6.8% 44.25 -3.25:
10:28 ET Percentage Losers of Significance : SMTC -14.0%, MCRL -12.7%, GLYN -11.1%, MXT -10.9%, IDPH -9.6%, FTE -9.1%, ERICY -8.5%, ONNN -8.4%, TECD -7.7%, MSO -7.3%.
10:05 ET IDEXX Labs' Nitazoxanide may be delayed (IDXX) 34.50 -1.75: Announces that it has been informed verbally by the FDA that it expects to provide further comments on co's application for approval of nitazoxanide, including comments on the proposed labeling for the product and other matters that were not disclosed by the FDA. Consequently, IDXX anticipates an additional delay in the introduction of nitazoxanide. The extent of this delay will depend upon the nature of the FDA's comments and the effort required to respond
10:05 ET Nasdaq Composite short term levels : -- Technical -- Bounced after minor early pressure with improvement in network, wireless and telecom offsetting some of the pressure from semi and biotech. Intraday need to see sustained follow through beyond 1477/1480 to improve tone. Failure leaves the door open for a slide back toward the lower end of the recent trading range. Initial support for Nasdaq is at 1467 followed by 1462/1460 and 1450.
10:02 ET Confidence, Home Sales near expectations : Consumer Confidence rose to 84.1 in November from 79.6 in October, this was near the 85.0 consensus and consistent with the increase seen in the Univ of Michigan's preliminary November sentiment reading. Confidence has benefited from the rebound in stocks. New Home Sales fell 4.5%, but the 1.007 mln annual rate of sales was better than the 985K consensus. This is not much of a surprise after yesterday's strong Existing Sales number, and does not change the view that the housing market is flat, but holding at a very strong pace of activity.
10:00 ET CardioDynamics rises on news of BioZ sales to Pfizer (CDIC) 4.04 +0.15: Advances 4% following pre-market announcement that Pfizer Global Research and Development purchased BioZ Systems for its Research Clinic in the United Kingdom.
10:00 ET New Home Sales fell 4.5% to 1007K vs 985K consensus :
10:00 ET Consumer Confidence 84.1 vs 85.0 consensus :
09:54 ET Krispy Kreme -10.8%, hearing lock-up expires today 34.05 -4.11:
09:50 ET Sector Watch : Minor losses in early trade with the averages stabilizing slightly above the lows in recent action. Pressure coming from the biotech (BGEN -3.7%--downgrade), semi, drug, chemical, banking, Internet security and storage. On the plus side are: health, HMO, natural gas with wireless and networking recently edging into positive ground after a weaker start.
09:49 ET AutoZone named as defendant in asbestos litigation (AZO) 80.70 -2.38: In response to questions regarding asbestos litigation disclosures by Advance Auto Parts in its 10-Q, AutoZone said that it has been named as a defendant along with numerous others in an insignificant number of lawsuits regarding the sale of friction products such as brake parts. AutoZone as a retail seller of auto parts, has never manufactured or installed these products, does not believe it has material liability in these cases, and will vigorously defend each case.
09:49 ET Exploration & Production stocks may see headline risk from SEC move - Wachovia : Wachovia in a pre-open note said they believe the SEC has moved to increase its expertise in the area of reserve accounting through new engineering hires, and may begin intensifying its review of oil and gas reserve bookings with the purpose of creating greater disclosure standardization; firm believes there is a possibility of headline risk, and an overreaction to the issue from a broader perspective would probably invite a buying opportunity for E&P stocks. OSX -0.3%.
09:48 ET Standout Percentage Movers : Among the smaller-cap names finding interest in early trade are BSMD +31%, ROXI +30%, SONS +21.5%, OPWV +18.5%, CHTR +13%, RBAK +12%, ITWO +10.5%, INKT +9%, XMSR +9%, CMRC +8%, EPNY +8%, HAND +4.5%, SIRI +3.5%.
09:38 ET Tech Data -5% disappointment weighs on CDWC -3.6% (TECD) : -- Update --
09:34 ET Confidence seen rising to 85.0; New Homes at 985K : Consumer Confidence and New Home Sales will be released at 10 ET. The market sees confidence rising to 85.0 in November from 79.4 in October; this would mirror the improvement seen in the Univ of Michigan's preliminary November report, and would indicate that the consumer mood has improved alongside the stock market's. New Home Sales are expected to slip to 985K in October from a very strong 1021K reading in September. A decline of this magnitude would still be consistent with a strong housing market given the strength in September and the strength in Existing Sales reported yesterday.
09:28 ET Openwave upgraded to Buy at Wedbush; target $4 (OPWV) 2.31: Wedbush Morgan upgrades to BUY from Hold on improving fundamentals, including solid handset demand, new and potential customer wins, expectations for an uptick in capex spending in Q4, and better visibility; believes successful ongoing restructuring effort should lead to profitability within next few quarters.
09:27 ET Novellus sees improved demand: Fechtor (NVLS) 36.25: Research firm Fechtor Detwiler reportedly saying that NVLS has seen increased demand for its surface preparation tools during the first half of the quarter; Fechtor believes this is indicative of better than expected shipments in Q4 and bookings in Q1, but sees this as NVLS-specific rather than an industry recovery.
09:25 ET Cognos cut to Sector Perform at RBC on valuation; target $26 (COGN) 25.49:
09:23 ET Microsoft holds 7.4% stake in Comcast, will do fewer deals in cable - Reuters (MSFT) 58.23: Reuters reports that MSFT said yesterday it holds a 7.4% passive stake in CMCSA, confirming that it went ahead with plans to convert AT&T debt into the stock. Separately, in an interview with the Financial Times published yesterday, Bill Gates said the co was "chastened" by its massive cable writedowns, and would most likely make fewer acquisitions and investments than it did in the past.
09:17 ET Gapping Up/Down : Gapping up: BSMD +31% (FDA approval), ROXI +25% (DVD burning software picked by Dell), ALOY +7% and RINO +7% (deliver upside earnings surprises), OPWV +5.5% (Wedbush upgrade)... Gapping down: CZN -16.5% (downgraded after disclosing investigation), SMTC -16% and TECD -9% (downgraded on guidance), IDPH -7% and BGEN -5% (hit by Merrill downgrades), ARBA -5% (cut by CIBC), VRTS -3% (Piper comments).
09:16 ET Genta announces positive CRE data (GNTA) 11.39: Announces the presentation and publication of new data that show broad genomic and preclinical anticancer activity of one of the co's key pipeline products, the CRE-decoy aptamer.
09:10 ET TIBCO Software: positive comments from CIBC (TIBX) 6.42: CIBC believes that TIBX should meet or exceed expectations when it reports the week of Dec 16; believes Q4 should experience greater seasonal pickup in IT spending than currently expected, and thinks TIBX and peers SYBN, WEBM, and JCDA are attractively valued at current levels. Price target is $10.
09:07 ET S&P futures vs fair value: -6.9. Nasdaq futures vs fair value: -7.0. Futures fade a bit ahead of the open.
08:56 ET JP Morgan starts coverage of Communications Equip Sector : JP Morgan initiates coverage of telecom/networking sector with Underweight ratings on LU and CIEN, Neutral ratings on TLAB, NT, JNPR, and an Overweight on CSCO... Firm is increasingly negative on the sector and does not expect to see many true value opportunities until end-user demand turns back up.
08:50 ET Skyworks estimates and target raised at Soundview (SWKS) 11.52: Soundview raises Q4 and FY03 ests based on stronger sales of CDMA components; while handset sell-through is still yet to be determined, firm believes that the ramp of new handsets with SWKS silicon will cause Q1 to experience less seasonality than prior years; raises price target to $12 from $10, but maintains Neutral rating due to valuation.
08:38 ET Vodafone PLC cut to Hold at Deutsche on valuation (VOD) 19.50:
08:35 ET S&P futures vs fair value: -4.4. Nasdaq futures vs fair value: -4.0. Little reaction to GDP third quarter revision to 4.0% from advance report of 3.1%.
08:33 ET GDP strong, profits rising : Q3 GDP was weaker than expected when first released last month, but with this second pass, the market's original estimates ultimately were too weak - GDP rose 4.0% vs the 3.8% consensus - an upward revision from the 3.1% advance estimate. The second release of GDP also features the first release of corporate profits for the quarter - they rose at a 2.1% annual rate - that is the third straight quarterly increase, indicating that profits are growing slowing, but at least they're growing.
08:32 ET Actel cut to Buy at Needham on valuation; target $26 (ACTL) 21.28:
08:30 ET Q3 GDP revised to 4.0% vs 3.8% consensus; corp profits +2.1% :
08:29 ET Emulex downgraded at Deutsche (ELX) 25.55: Deutsche Securities believes that margins and pricing are favorable for the HBA vendors such as ELX and QLGC, but also thinks that these factors are currently reflected in valuations; downgrades ELX to Hold from Buy based on valuation and raises price target to $24 from $20, and maintains Hold rating on QLGC and raises price target to $42.
08:29 ET Qualcomm cut to Hold at Legg Mason -- valuation (QCOM) 41.90: Legg Mason downgrades to HOLD from Buy on valuation. At 32.5x 2003 earnings, firm believes issue is fully valued. Thinks that some downside risk exists from current levels as the valuation is incorporating a very strong holiday selling season and discounting potential sell-through concerns.
08:27 ET E*TRADE to acquire consumer finance operation for $101 mln (ET) 5.76: Announces a a definitive agreement to acquire the consumer finance business Ganis Credit Corporation, a US-based subsidiary of Deutsche Bank AG. The acquisition provides E*TRADE Bank with a direct and indirect origination and servicing platform for recreational vehicle, marine and motorsport loans, enabling the company to continue expanding its consumer lending business without compromising credit quality.
08:23 ET Veritas Software: cautious comments from Piper Jaffray (VRTS) 20.05: USB Piper Jaffray is out with a bearish note on VRTS, citing the following factors: 1) co faces significant and growing competition from partners and others, 2) checks indicate that Fortune 500-class customers are not "reloading", 3) expected sales reorganization could underscore continued instability, 4) firm believes there could be other "unnatural acts" beyond the AOL swap rev deal, 5) large long-term leases create very high exposure, and 6) lack of growth and margin compression.
08:19 ET Yesterday's Top Point Movers : A quick refresh of some of the issues that were on the move yesterday. On the upside were: MUR, SCSC, FRX, NWRE, PECS, PHTN, EXPE, WSFS, STJ, AGN. The losers list included: UNH, WLP, ATH, MME, AET, CVH, IDPH, AMGP, TRMS, PDCO.
08:14 ET S&P futures vs fair value: -4.6. Nasdaq futures vs fair value: -5.0. Weak overseas markets but no major news as futures suggest mild profit-taking at the open...third quarter GDP revision due at 8:30 ET.
08:12 ET Q3 GDP expected to be revised to 3.8% : The first revision to Q3 GDP will be released at 8:30 ET; the market expects an upward revision to 3.8% from the advance report of 3.1%. That initial 3.1% increase was weaker than expected, though with this revision it will probably become apparent that the market's initial estimates were on the mark, while the government's assumptions for data not yet in its hands were too pessimistic. At 10 ET, Consumer Confidence and New Home Sales will be released.
08:07 ET Halliburton upgraded at CSFB (HAL) 18.31: CSFB upgrades to Neutral from Underweight, saying the odds of a favorable resolution to the co's ongoing asbestos litigation have improved significantly.
08:05 ET Galyan's Trading downgraded at Goldman Sachs (GLYN) 15.10: Goldman Sachs downgrades to In-Line from Outperform in order to reflect concerns about lofty inventories as well as firm's below-guidance Q4 est; in addition, firm remains focused on the co's need for additional outside capital to fund growth.
08:01 ET PolyOne estimate cut at Lehman (POL) 8.17: Lehman cuts Q4 est to ($0.01) from $0.01 ($0.03 below consensus) as sales to such end markets as wire & cable, appliance, and packaging go from bad to worse; in addition, if conditions do not improve shortly and if the auto and construction cycles turn down next year, firm's bearish 2003 est of $0.60 could prove elusive. Price target is $9.
07:59 ET Morgan Stanley cut to Hold at Pru -- valuation (MWD) 46.34: Stock has hit firm's DCF-based price target of $45.
07:57 ET Advanta Corp guides 2003 below consensus (ADVNB) 10.70: Credit card issuer provides fiscal 2003 earnings guidance from continuing ops of $1.30-$1.50. The Multex consensus for 2003 is $1.75.
07:52 ET Blue Rhino beats by $0.02; raises full yr guidance (RINO) 16.64: Reports Q1 net of $0.07 a share, $0.02 better than the Multex consensus, vs yr-ago EPS of $0.01. Revs rose 50% to $54.8 mln (consensus $45.16 mln). For 2003, co now sees EPS of $0.91-$0.94 (consensus $0.86).
07:52 ET Mediacom Comm upgraded at Solly (MCCC) 9.17: Salomon Smith Barney upgrades to In-Line from Underperform, reflecting encouraging progress in the co's operations as well as attractive valuation; raises price target to $11 from $7.
07:49 ET Radio One Cl D upped to Strong Buy at Cowen (ROIAK) 16.66: SG Cowen upgrades to STRONG BUY from Outperform after conversation with mgmt leaves firm more confident that Q4 and 2003 estimates are quite achievable (and perhaps conservative). Says valuation remains compelling with stock trading at a 32% discount to intrinsic value.
07:46 ET Intel estimates and target raised at Morgan Stanley (INTC) 20.48: Morgan Stanley raises INTC's Q4 est to $0.14 from $0.12 ($0.01 above consensus) and raises price target to $25 from $22; channel checks suggest that PC-based supply chain demand is exceeding expectations, and firm expects co to suggest at their Dec 5 mid-qtr update that revs will at least be at the upper end of their $6.5-$6.9 bln guidance, with potential for the range to be increased by $100-$200 mln.
07:42 ET Citizens downgraded by Morgan Stanley after disclosures (CZN) 10.80: Morgan Stanley downgrades to UNDERWEIGHT from Equal-Weight following co's disclosure last night of possible irregular payments, and an informal SEC investigation.
07:36 ET IDEC Pharm downgraded at Merrill Lynch (IDPH) 36.24: Merrill Lynch downgrades to Neutral from Buy; with Rituxan sales growth beginning to slow and the pipeline still early, firm says the stock price has become increasingly dependent on Zevalin sales, which could be slow to develop; at 35x 2003 est, firm believes that there is limited upside; cuts 2003 est to $1.07 from $1.14 and 2004 to $1.35 from $1.47.
07:34 ET Barr Labs upped to Buy at UBS (BRL) 62.73: UBS upgrades to BUY from Hold following recent discussion with BRL mgmt about its pipeline. UBS is increasingly confident in BRL's ability to meet CY03 earnings.
07:31 ET Bush to propose plan to eliminate tariffs by 2015 : The New York Times reports that the Bush administration, hoping to jump-start global trade negotiations, will propose a plan today to eliminate all tariffs on industrial and consumer goods by 2015.
07:31 ET Ariba cut to Sector Underperform at CIBC (ARBA) 4.40: CIBC World Mkts downgrades to SECTOR UNDERPERFORM from Sector Perform following 200% rise off Oct lows with little, to no, change in fundamentals. Notes that stock is currently trading at 73x estimated 2003 earnings; believes that with over 265 mln shares, co will be hard pressed to show meaningful EPS growth.
07:27 ET Tech Data cut to Neutral at First Albany (TECD) 33.27: First Albany downgrades to NEUTRAL from Buy following last night's release of Q3 results. Firm says it is somewhat unclear at this time if TECD's problems are mostly industry related or somewhat company specific. Firm reduces FY03 est to $2.33 from $2.38 and FY04 to $2.48 from $2.65.
07:22 ET Mobile-phone sales rise 7.8% in sign industry is recovering - WSJ : The Wall Street Journal reports that mobile-phone sales worldwide rose 7.8% for Q3 YoY, signaling the industry's rebound is well under way, according to Gartner's Dataquest research unit; for the first time, NOK captured more than 50% of total sales for Europe, the Middle East, and Africa, helped by strong demand for higher-end handsets in Western Europe.
07:18 ET BioSphere Medical receives FDA nod for fibroid device (BSMD) 5.04: Announces that the FDA has cleared Embosphere Microspheres for use in treating symptomatic uterine fibroids. Embosphere Microspheres are miniature beads used to block the growth of fibroids found in the uterus by cutting off their blood supply using a procedure called uterine fibroid embolization.
07:17 ET Biogen cut to Sell at Merrill Lynch (BGEN) 46.23: Merrill Lynch downgrades to Sell from Neutral based on the belief that the current stock price does not reflect significant downside risk to Avonex sales and the ultimate mkt size for Amevive in psoriasis; believes that downside to 2003 ests are likely.
07:11 ET Goldman Sachs could come under scrutiny for analyst emails - WSJ (GS) 79.00: The Wall Street Journal reports that a batch of potentially embarrassing stock-analyst e-mails could put GS under scrutiny; 2 senior stock analysts at GS exchanged emails in late 2000 that indicate both were troubled by the firm's bullish stance on telecom stocks, but in some cases didn't lower their ratings on the stocks due in part to concerns about possibly jeopardizing investment-banking business.
07:08 ET UnitedHealth Group discusses last wk's investor conference (UNH) 76.45: Co issues press release with the headline "UnitedHealth Group Expects Strong Results in 2003." The information in the press release is a rehash of data points provided during last weeks annual investor conference and is similar to info provided in a Nov 20 press release.
07:01 ET S&P futures vs fair value: -4.5. Nasdaq futures vs fair value: -6.5.
06:57 ET European Markets FTSE...4105.10...-17.10...-0.4%. DAX...3295.47...-23.29...-0.7%.
06:57 ET Asian Markets Nikkei...8823.99...-120.45...-1.4%. Hang Seng...9995.52...-105.25...-1.0%.
06:50 ET Roxio DVD burning software selected by Dell (ROXI) 4.20: Dell Computer selects Roxio's new complete video editing and DVD burning software, VideoWave Movie Creator, as part of Dell's Movie Studio Essential and Movie Studio Plus bundles on Dimension PCs and Inspiron Notebook computers.
06:42 ET Digital Insight COO resigns; company reaffirms guidance (DGIN) 11.00: Announces the resignation of COO Dale Walker, effective immediately, for personal reasons. DGIN says remains confident in Q4 outlook previously communicated to the investment community.
Monday After the Close
18:40 ET Veritas DGC misses Q1 EPS consensus (VTS) 7.75 -0.01: Reports Q1 (Oct) earnings of $0.05 per share, $0.01 worse than the Multex consensus of $0.06; revenues rose 13.3% year/year to $137.5 mln vs the $100.6 mln consensus.
18:14 ET Credence sells subsidiary (CMOS) 11.80 +0.69: Company announces sale of its subsidiary, Dimensions Consulting Inc.; financial terms were not disclosed; CMOS will recognize a charge of approximately $5.1 mln in Q4 of 2002 for impaired intangible assets associated with this subsidiary.
17:26 ET priceline.com names President/CEO (PCLN) 1.91 +0.11: Announces promotion of Jeffery H. Boyd to post of President and Chief Executive Officer of company, effective today. Boyd served as President and had shared CEO responsibilities with Chairman Richard Braddock, who will continue as non-executive Chairman.
17:17 ET After Hours Indications : The late session tone is negative. S&P futures at 930, trade three points below fair value while the Nasdaq 100 after hours indicator is lower by 2.3 points.
17:03 ET Advanced Micro announces closing of $402.5 mln in convertible notes (AMD) 7.95 +1.09: -- Update -- Announces the closing of its public offering of $402.5 million aggregate principal amount of 4.50% convertible senior notes due 2007 convertible into the company's common stock, which included the exercise in full of the underwriters' over-allotment option. The notes are convertible into the company's common stock at an initial conversion price of $7.37 per share.
16:48 ET Tech Data resumes trading (TECD) 33.27 -0.79: TECD -2.12 or -6.3% vs the 4 pm ET close to 31.15
16:41 ET Semtech tops estimates; guides lower (SMTC) 18.11 +1.62: Reports Q3 (Oct) earnings of $0.17 per share, $0.03 better than the Multex consensus of $0.14; revenues rose 8.0% year/year to $47.2 mln vs the $50.2 mln consensus; estimates that net sales for the fourth quarter of fiscal year 2003 will be in the range of $43.0 to $45.0 million -- Multex consensus estimate is for revs of $52.3 mln.
16:32 ET Dycom tops estimates (DY) 13.84 +0.57: Reports Q1 (Oct) earnings of $0.09 per share, $0.02 better than the Multex consensus of $0.07; revenues fell 5.5% year/year to $158.5 mln vs the $142.2 mln consensus.
16:29 ET Dick's Sporting Goods tops estimates (DKS) 20.85 +0.95: Company announces Q3 pro forma net income of $0.13 per diluted share, $0.04 better than the Multex consensus; revs were $290.6 mln, vs consensus of $286.0 mln; expects pro forma earnings for the fourth quarter of $0.63-$0.64 per diluted share -- Multex consensus estimate is for earnings of $0.66 per share.
16:20 ET OmniVision announces strong shipments to Motorola (OVTI) 18.00 +2.07: Announces that it is supplying custom VGA CameraChip modules in high volumes to Motorola PCS through Asian contract manufacturers for their cell phone camera accessories.
16:15 ET Tech Data matches estimates; guides lower (TECD) 33.35 -0.71: Reports Q3 (Oct) earnings of $0.57 per share, in line with the Multex consensus of $0.57; revenues fell 9.6% year/year to $3.81 bln vs the $3.93 bln consensus; sees Q4 earnings ranging from $0.53 to $0.58 per diluted share -- Multex consensus estimate is for earnings of $0.64 per share.
16:09 ET Alloy Inc tops estimates (ALOY) 13.70 +0.57: Reports Q3 (Oct) earnings of $0.31 per share, $0.13 better than the Multex consensus of $0.18; revenues rose 109.4% year/year to $93.2 mln vs the $83.0 mln consensus; sees Q4 revs in the range of $94-$98 mln -- Multex consensus estimate is for revs of $92.8 mln. |
