Lower Opening For Broader Markets
Stocks appear set to open lower
Wednesday on the heels of Worldcom’s
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PowerRating) announcement that the company
must restate financial results for the last five (5) quarters, taking almost a
$3.8 billion reversal off the books wiping out all profits for those quarters.
The Wall Street Journal reported
that the SEC investigation into Martha Stewart’s alleged insider
trading activities may lead to a possible obstruction of justice case.
Deutsche Securities upgraded FedEx
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PowerRating)
from Buy to Strong Buy based on valuation. The firm has set a price target of
$55 on the company, citing fundamentals are picking up.
General Mills
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net of 25 cents a share, in line analysts’ consensus according to a survey taken
by Multex. The company also guided for Q1 seeing earnings of between 51 cents to
55 cents a share. Analysts average estimates is for 49 cents.
Bear Stearns cut estimates on Internet
Security Systems
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PowerRating) for 2002-2003 to take into account the weak macro
economic environment. The firm lowered revenues and earnings for 2002 from $255
million and 53 cents to $250 million and 50 cents a share. Earnings and revenues
for 2003 were lowered to 70 cents and $295 million from 75 cents and $300
million.
Priceline.com
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PowerRating) announced
that Q2 earnings will come in at 3 cents a share, lower than analysts’ consensus
by a penny according to Multex.
Durable good for May rose 0.6%.
Excluding Transportation Durable goods rose 0.6% and excluding defense rose
0.8%.