Broader Market Looks Strong For The Open
Stocks appeared set to open higher
after five straight days of losses.
The Securities and Exchange Commission
said it will investigate Elan Pharmaceuticals
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of faulty accounting practices and shareholder lawsuits.
Cigna Corp
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earnings of $1.92 a share, beating analysts’ consensus by 11 cents, also compared
with $1.81 a share for the same quarter a year ago.
Goodyear Tire & Rubber Co.
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posted Q4 loss of $47.1 million or 29 cents a share, worse than expected.
According to Thomson Financial/First Call, analysts’ consensus was for a loss of
28 cents a share.
Haverty Furniture Co.
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said Q4 earnings rose 25% on rising sales. The home furnisher reported earnings
of 47 cents or $10.2 million vs. 39 cents or $8.2 million for the same
quarter a year ago.
Hearst-Argyle Television
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posted Q4 earnings of 8 cents a share (net) or $7.2 million compared with 15
cents or $14.2 million for the same quarter a year ago. Analysts polled by
Thomson Financial/First Call were expecting earnings of 3 cents a share,
according to Thomson Financial/First Call.
Pharmacia Corp
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stopping the companies Phase III trials on the drug known as SU5416, citing it
would not achieve endpoints. The company basically said the drug is not
effective.
Veeco Instruments
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that it posted a loss of $14.4 million or 50 cents a share for Q4 compared
with a profit of $5.4 million or 21 cents a share.
UBS Warburg upgraded National
Semiconductor
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NSM |
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JP Morgan upgraded WorldCom
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from Long Term Buy to Buy with a $12 target.
Credit Suisse First Boston upgraded
Merrill Lynch
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the company from $59 to $67.
Micron Technology
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by ABN Amro from Hold to Buy, citing an improved outlook for the DRAM market.
Merrill Lynch upgraded Sun
Microsystems
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ABN Amro upgraded Deere & Co
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from Hold to Add citing robust dealer activity and dealer level inventories seem
to be in control.
Clothing designer Phillips-Van Heusen
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Credit Suisse First Boston lowered its
rating on EDS
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target from $78 to $73 citing IT outsourcing bookings in the industry are on the
decline.