Broader Markets Look Stronger On The Open
Stocks appear set to open higher
Thursday.
Elan
(
ELN |
Quote |
Chart |
News |
PowerRating) received FDA marketing
approval of the company’s drug application for Avinza used as a once-a-day
treatment for chronic moderate-to-severe pain.
Pep Boys
(
PBY |
Quote |
Chart |
News |
PowerRating) reported earnings
of 7 cents, or a net income of $3.7 million, vs. 3 cents a share, or $1.3
million a year ago.
Sherwin-Williams Co
(
SHW |
Quote |
Chart |
News |
PowerRating) raised
guidance for Q1 due to improving gross margins. The paint manufacturer expects
earnings for the quarter to come in between 20 to 23 cents a share vs.
prior guidance of between 18 and 23 cents a share. Analysts surveyed by
Thomson Financial/First Call on average are for 21 cents.
Rite Aid
(
RAD |
Quote |
Chart |
News |
PowerRating) was downgraded by
Goldman Sachs from Market Outperform to Market Perform due to valuation.
Goldman Sachs downgraded Gilead
Sciences
(
GILD |
Quote |
Chart |
News |
PowerRating) from Recommended List to Market Perform as the stock has
neared the firm’s price target.
Morgan Stanley downgraded Waters Corp
(
WAT |
Quote |
Chart |
News |
PowerRating) from Overweight to Underweight, citing a slowdown in spending by
pharmaceutical companies.
Morgan Stanley upgraded Protein Design
Labs
(
PDLI |
Quote |
Chart |
News |
PowerRating) from Underweight to Overweight, while UBS Warburg lowered its
price target on the company from $40 to $20 as the two firms have mixed
views on the biotech’s Zenapax Phase II psoriasis trials.
JP Morgan issued some cautious
comments on Pacificare
(
PHSY |
Quote |
Chart |
News |
PowerRating), citing belief that the company is at risk of
falling short of expectations.
Tech Data
(
TECD |
Quote |
Chart |
News |
PowerRating) reported
earnings of 63 cents a share, 2 cents better than expectations.
Bear Stearns upgraded Amkor Tech
(
AMKR |
Quote |
Chart |
News |
PowerRating)
from Attractive to Buy and put a price target of $35 on the company.
Lehman Brothers lowered estimates on
AOL Time Warner
(
AOL |
Quote |
Chart |
News |
PowerRating) for Q1, citing concerns with the advertising division
of the company.