Broader Markets Look To Open Lower
Stocks appear set to open flat to
lower Monday, six months to the day of the 9/11 attack.
Be Free
(
BFRE |
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PowerRating) has agreed to be
acquired by Value Click
(
VCLK |
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PowerRating) with a BFRE price of $1.95 a share. BFRE
closed at $1.55 on Friday.
Intersil
(
ISIL |
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PowerRating) announced that it
will acquire Elantec Semiconductor
(
ELNT |
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PowerRating) for $53.44 in a stock-and-cash
deal worth approximately $1.4 billion.
Williams-Sonoma
(
WSM |
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PowerRating) posted Q4
earnings of $1.20 a share, or $70.4 million, vs. $44.5 million, or 79 cents a
share, for the same quarter a year ago. According to a survey taken by Thomson
Financial/First Call, consensus was for $1.21 a share.
Verizon Communications’
(
VZ |
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PowerRating)
chairman Charles Lee said he plans to step down as the company’s co-chief
executive officer in April, three months sooner than he had planned.
Digene Corp
(
DIGE |
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PowerRating) said the FDA
advisory panel has recommended approval (with conditions) of the company’s tests
for cervical cancer.
DB Alex Brown upgraded American
Express
(
AXP |
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PowerRating) and Capital One
(
COF |
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PowerRating) from Market Perform to Buy, citing
strong consumer spending and the low employment numbers which were released
Friday.
UBS Warburg downgraded Teva
Pharmaceuticals
(
TEVA |
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PowerRating) from Buy to Hold. The firm is less confident in
Teva’s growth prospects for 2002 and 2003.
Banc of America lowered its estimates
on EMC Corp
(
EMC |
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PowerRating) and Emulex
(
EMLX |
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PowerRating), citing a slower push in the
recovery of the group.
TRW
(
TRW |
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PowerRating) was downgraded by DB
Alex Brown from Market Perform to Underperform based on the firm’s belief that
downside potential outweighs upside potential.
Robertson Stephens upgraded Credence
Systems
(
CMOS |
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PowerRating) from Market Perform to Buy and raised its price target from
$18 to $27 based on new product introductions, increase in demand and valuation.
3Dlabs
(
TDDD |
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PowerRating) has agreed to be
acquired by Creative Technology
(
CREAF |
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PowerRating) in a deal which values TDDD at
about $3.60 a share.
Bradley Pharmaceuticals
(
BPRX |
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PowerRating)
reported favorable efficacy data of the company’s Carmol 40 in Moccasin tinea
pedis.