Lower Opening For Broader Markets
Stocks appear set to open lower
Tuesday.
Heads up. Greenspan is speaking Tuesday
and Wednesday in front of Congress.
The Wall Street Journal
reported that six officers of Imclone
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stock and did not disclose the sale after IMCL was informed that its drug
application for Erbitux might not be approved.
Merrill Lynch upgraded Nike
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from Buy to Near Term Strong Buy based on a strong earnings outlook.
United Parcel Service
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the Teamsters Union said they will announce that they may have reached a
tentative contract agreement. The current contract expires at the end of July.
JB Hunt Transportation
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upgraded at Deutsche Bank from Buy to Strong Buy based on fundamentals and a
positive outlook.
UBS Warburg downgraded Electro
Scientific
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ESIO |
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stock to $20.
Nextel Communications
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reported Q2 earnings of 37 cents a share on a diluted basis, beating analysts’
consensus by 62 cents according to Multex.
Tyco International
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downgraded by Goldman Sachs from Recommended List to Not Rated due to SEC
concerns.
Pharma Product
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downgraded at Bear Stearns from Buy to Attractive, citing the Pfizer
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and Pharmacia
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Stanley Furniture
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Q2 earnings of 45 cents a share net, in line with analysts’ expectations
according to a survey taken by Multex.
Wal-Mart
(
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agreed to cooperate with the beef patty recall after samples tested positive for
E. coli O157:H7 bacteria. The recall was issued by Carneco Foods on July 15.