Broader Market To Open Weak
Stocks appear set to open lower
Friday as the markets continue the up/down cycle as earnings season rolls on.
Neurocrine BioSciences
(
NBIX |
Quote |
Chart |
News |
PowerRating)
announced some positive results from its Phase II study of NBI-34060-MR which is
used to treat patients with chronic insomnia.
MedCath Corp
(
MDTH |
Quote |
Chart |
News |
PowerRating) lock-up
expires tomorrow.
Elan Corp
(
ELN |
Quote |
Chart |
News |
PowerRating) and American Home
Products
(
AHP |
Quote |
Chart |
News |
PowerRating) announced that trials for their vaccine to treat Alzheimer’s
disease have been suspended due to four patients getting sick after the vaccine
was administered. ELN was downgraded by DB Alex Brown from Buy to Market
Perform.
IBM
(
IBM |
Quote |
Chart |
News |
PowerRating) reported disappointing
earnings last night and are viewed mixed by the markets. IBM posted Q4 net
income of $2.3 billion, a decline of 13% from $2.7 billion for the same quarter a
year ago.
Minnesota Mining & Manufacturing
(
MMM |
Quote |
Chart |
News |
PowerRating)
posted Q4 earnings of 98 cents, or $387 million, compared to the same quarter a
year ago of $1.12 a share, or $447 million. Analysts’ estimates for the company
were in the range of 95 cents to a dollar, with a consensus of 97 cents.
Hanover Compressor
(
HC |
Quote |
Chart |
News |
PowerRating) was
downgraded by Goldman Sachs from Recommend List to Market Perform citing the
company’s need to tighten working capital and generate free cash. Goldman lowered
Q4 estimates from 40 cents a share to 37 cents a share.
Johnson Controls
(
JCI |
Quote |
Chart |
News |
PowerRating) posted Q1
earnings of $1.27 a share, beating the Multex consensus of $1.11. Revenues for the
company rose 8.1% on a year-over-year basis.
Goldman Sachs upgraded USA Education
(
SLM |
Quote |
Chart |
News |
PowerRating)
from Market Outperform to Recommended List.
The trade deficit for November narrowed to
$27.89 billion, which was less than expected.