Broader Markets Look Weak On The Open
Stocks appear set to open flat to
lower Wednesday as the market waits for some key economic data to be released at
10:00 AM EST.
After the close, ISS announced the
results of the firm’s report on the Hewlett Packard
(
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PowerRating) and Compaq
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deal. The firm suggested that shareholders of HWP vote for the merger.
Gilead Sciences
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downgraded by UBS Warburg from Buy to Hold based on valuation.
According to a report in the Wall
Street Journal, some of Bank One’s
(
ONE |
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PowerRating) credit card securitization may
come under scrutiny in light of the Federal Reserve’s crackdown on certain off-balance-sheet practices.
Brean Murray upgraded Cree
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CREE |
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PowerRating) from Hold to Buy and put on a price target of $32 a share.
Bisys Group
(
BSYS |
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trading on the NYSE effective today under the symbol
(
BSG |
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PowerRating).
Danaher Co.
(
DHR |
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PowerRating) said it plans to
offer 5 million shares, which is covered under the shelf registration filed Feb. 22.
Merrill Lynch downgraded MetLife
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from Buy to Near Term Neutral based on valuation.
American Eagle
(
AEOS |
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PowerRating) beat
analysts’ consensus for Q4 by 2 cents. The company earned a net of 60 cents a
share as sales rose 9.6% to $464.3 million.
Merrill Lynch raised its earnings
estimates on Cypress Semi
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CY |
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PowerRating). The firm raised FY02 estimates to $830
million, or a loss of 27 cents a share, from $760 million, or a loss of 46 cents a
share.
Nvidia’s
(
NVDA |
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PowerRating) price target was
lowered by Prudential from $90 to $75 citing a slower adoption of the company’s
nForce chipset.
DB Alex Brown upgraded JP Morgan Chase
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PowerRating) from Buy to Strong Buy based on a very low valuation.
Credit Suisse First Boston lowered its
rating on the gaming sector from Market Weight to Underweight and downgraded
Harrah’s Entertainments
(
HET |
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PowerRating) from Buy to Hold.
Morgan Stanley lowered its rating on
Omnicom Group
(
OMC |
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PowerRating) from Strong Buy to Neutral after the company closed
above the firm’s price target of $94.
Double Click
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DCLK |
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PowerRating) was
downgraded by Morgan Stanley from Outperform to Neutral after the company closed
above its price target of $13.