Broader Markets To Open Lower
Stocks appeared set to open lower
Tuesday.
Merrill Lynch lowered its estimates on
Dell Computer
(
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PowerRating) sales for 2002. The firm lowered PC unit growth from
10.5% to 2.5% indicating that revenues for the industry may decline by at least
6.7% for the year.
Salomon Smith Barney lowered its
estimates for Cisco Systems
(
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PowerRating). The firm revised revenue estimates for
FY03 from $21.4 billion to $20.8 billion on beliefs that conditions in the U.S.
remain soft.
First Horizon Pharmaceuticals
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PowerRating)
warned for Q2. The company sees earnings of between 0 to 2 cents a share on
revenues of between $25 – $26 million. Multex consensus are for earnings of 8
cents and revenues of $28.8 million.
Trucking company Roadway
(
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PowerRating)
reported Q2 net earnings of 30 cents a share beating analysts consensus by 5
cents according to Multex.
According to a report in the Wall
Street Journal, JP Morgan
(
JPM |
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PowerRating) and Citigroup
(
C |
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investigations with regard to their Enron dealings.
JP Morgan downgraded Macrovision
(
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PowerRating)
from Buy to Market Perform.
Salomon Smith Barney downgraded
National Semiconductor
(
NSM |
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PowerRating) from Buy to Neutral and lowered its price
target on the company from $45 to $25.
Hollywood Entertainment
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PowerRating)
boosted its Q2 outlook based on an increase in same store sales. The company
estimates earnings of between 25 cents to 27 cents versus previous guidance of
between 24 cents to 26 cents.
Checkpoint Software
(
CHKP |
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PowerRating) was
downgraded at JP Morgan from Buy to Market Perform based on risk and a weaker
second half outlook.
The FCC has cancelled Echostar’s
(
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PowerRating)
Ka-band license.
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