Broader Markets To Open Lower
Stocks appear set to open lower
Tuesday after the markets enjoyed a long holiday weekend to celebrate
Presidents Day.
Designer Tommy Hilfiger
(
TOM |
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News |
PowerRating) was
downgraded by Banc of America Securities from Buy to Market Perform after the
CEO sold more than 60% of his holdings. In addition, the firm does not see
operating improvements.
UBS Warburg upgraded Broadcom from
Hold to Buy, citing a promising 2002 revenues landscape and decreasing
competitive pressures. The firm also raised its price target on the company from
$45 to $50.
Retailer Wal-Mart
(
WMT |
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News |
PowerRating) reported
Q4 earnings of 49 cents a share, in line with analysts’ estimates according to a
survey taken buy Multex.
Comverse Technologies
(
CMVT |
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News |
PowerRating) was
upgraded by JP Morgan from Long Term Buy to Buy citing valuation and improving
fundamentals.
Bear Stearns initiated an Attractive
rating on Brocade Communications
(
BRCD |
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News |
PowerRating) and put a price target on the stock
of $40.
JD Edwards
(
JDEC |
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News |
PowerRating) was upgraded by
Robertson Stephens from Market Perform to Buy citing strong fundamentals and
improving business. The firm also raised its target on the company from $14 to
$25.
Boeing
(
BA |
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News |
PowerRating) was downgraded by
Credit Suisse First Boston from Strong Buy to Buy based on valuation. The firm
still has a price target of $50 on the company.
Moody’s
(
MCO |
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News |
PowerRating) reaffirmed all of
its ratings on JP Morgan
(
JPM |
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News |
PowerRating) after JPM was hit with a class action lawsuit stating the money center bank did not disclose all its risk and loss
exposure from its dealings with the bankrupt Enron.
ONI Systems
(
ONIS |
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News |
PowerRating) has agreed to
be acquired by Ciena
(
CIEN |
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News |
PowerRating) in an all-stock deal where shareholders of CIEN
will receive 0.7104 shares of Ciena for one ONIS share, or $6.20 per share.
Sabre Group Holdings
(
TSG |
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News |
PowerRating) plans
to make a $23.00 cash tender offer for all the outstanding shares of
Travelocity.com
(
TVLY |
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News |
PowerRating).