Higher Opening For Broader Markets
Stocks appeared set to open
mix to
higher Friday.
According to a report in the Wall
Street Journal, IBM
(
IBM |
Quote |
Chart |
News |
PowerRating) plans to cut its workforce by approximately
2.5%, or up to 8,000 employees, worldwide.
EntreMed
(
ENMD |
Quote |
Chart |
News |
PowerRating) has filed for a
$50 million shelf offering, but has no near-term plans to issue any of the
securities in the shelf.
Cost Plus
(
CPWM |
Quote |
Chart |
News |
PowerRating) was upgraded by
Robertson Stephens from Market Perform to Buy based on the company’s better-than-expected Q1 numbers.
Plato Learning
(
TUTR |
Quote |
Chart |
News |
PowerRating) warned for
Q2 and reduced its earnings outlook to come in the range of 1 cent to 3 cents a
share. Analysts’ consensus is for 9 cents a share according to a survey taken by
Multex.
Western Wireless
(
WWCA |
Quote |
Chart |
News |
PowerRating) was
downgraded by JP Morgan from Long Term Buy to Market Perform citing the
company’s retail business is worsening.
Goldman Sachs downgraded Worldcom
(
WCOM |
Quote |
Chart |
News |
PowerRating)
and MCI
(
MCIT |
Quote |
Chart |
News |
PowerRating) from Market Perform to Market Underperform, citing the
telecom environment is not getting better anytime soon and on the heels that
WCOM’s debt was downgraded to junk status.
Merrill Lynch cut its estimates on
Micron Tech
(
MU |
Quote |
Chart |
News |
PowerRating) based on the belief that there will be a slight sequential
decline in bit orders. MER cut its estimates for the May quarter to come in at
21 cents from 32 cents a share and FY02 estimates from 21 cents to a loss of 13
cents.
BEA Systems
(
BEAS |
Quote |
Chart |
News |
PowerRating) estimates were
lowered by Bear Stearns and Credit Suisse First Boston. Bear Stearns sees FY03
revenues coming in at $955 million and earnings coming in at 28 cents a share
from $1.015 billion and 33 cents a share based on the dismal spending outlook.
CSFB sees FY03 revenues coming in at $925 million and earnings coming it at 27
cents from prior estimates of $979 million and 32 cents a share.
UBS Warburg upgraded Intersil
(
ISIL |
Quote |
Chart |
News |
PowerRating)
from Hold to Buy and raised its price target on the stock from $28 to $33.
The Producer Price Index for
April was down 0.2%, while the core number increased 0.1%.