Broader Markets To Open Higher
Stocks appear set to open higher
Friday.
Astra Zeneca
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received a not-approvable letter from the FDA on the company’s drug Casodex used
in the treatment of non-metastatic prostate cancer.
Bunge Ltd
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for Q2 from 25 – 30 cents to 35 – 45 cents a share. Analysts’
consensus was for 28 cents according to Multex. However, the company sees Q3
earnings of 65 cents to 71 cents a share falling short of analysts’ estimates of
72 cents.
Salomon Smith Barney raised its rating
on Dell Computers
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Reliant Resources
(
RRI |
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SEC has issued a formal investigation order with regard to the company’s
financial reporting.
Qualcomm
(
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Bank of America from Buy to Perform. The firm sees a possible decrease in
subsidies. In addition, the firm also lowered its ratings on Motorola
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from Buy to Market Perform, Ericsson
(
ERICY |
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RF
Microdevices
(
RFMD |
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(
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PowerRating)
from Buy to Market Perform.
Solectron
(
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Prudential from Buy to Hold after the company reported better than expected
earnings.
Goldman Sachs has recommended buying
Prudential
(
PRU |
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(
MET |
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PowerRating) based on the low probability of a
negative pre-announcement ahead of both companies earnings releases.
Banc of America downgraded the Systems
Vendors group from Strong Buy to Buy based on belief that the group will not
experience any near-term improvements. Among the stocks in the group are Cisco
Systems
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CSCO |
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PowerRating), Ciena
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CIEN |
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Juniper
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PowerRating) and ONI Systems
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ONIS |
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PowerRating).
El Paso
(
EP |
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Conceptus
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CPTS |
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million follow-on offering at $16 a share.
According to a report in the Wall
Street Journal, Gemstar-TV Guide
(
GMST |
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PowerRating) is
expecting the US International
Trade Commission ruling on whether Scientific Atlanta
(
SFA |
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Pioneer Standard
(
PIOS |
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PowerRating) and Echostar
(
DISH |
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PowerRating) have infringed on GMST’s
patent.