Higher Opening For The Broader Markets
Stocks appear set to open higher
Friday as the markets await the ISM report (f/k/a NAPM). Consensus for the number
by analysts is 51.
Merrill Lynch upgraded Marvell
Technology
(
MRVL |
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PowerRating) from Buy to Near Term Strong Buy, citing an improved
outlook and upside potential based on the company’s current model.
Andrx
(
ADRX |
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PowerRating) won a judgment in
its
Wellbutrin case against GlaxoSmithKline
(
GSK |
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PowerRating).
Credit Suisse First Boston cut its
estimates on Protein Design Labs
(
PDLI |
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PowerRating) after the biotech firm warned it
would not be profitable in 2002.
Men’s Wearhouse
(
MW |
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PowerRating) was upgraded
by Robertson Stephens from Market Perform to Buy, citing improved trends in the
business.
Invitrogen
(
IVGN |
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PowerRating) was downgraded
by Merrill Lynch and JP Morgan after the company said earnings would fall short
of expectations. Merrill Lynch downgraded the biotech from Strong Buy to Neutral
and lowered its Q1 estimates, while JP Morgan lowered IVGN’s rating from Buy to
Long Term Buy and lowered 2002 estimates.
Mandalay Resorts
(
MBG |
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PowerRating) was
upgraded by Robertson Stephens from Market Perform to Buy, and the firm raised
its estimates on the casino resort company from $1.30 to $1.85 for fiscal year 2003.
Novellus
(
NVLS |
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PowerRating) was upgraded by
Robertson Stephens from Market Perform to Buy, citing an increase in revised
bookings outlook due to the rise of DRAM manufacturers in bookings.
The Japanese unemployment rate fell
for the first time in 11 months to 5.3%.