Lower Opening For Broader Markets
Stocks appear set to open lower
Tuesday.
Lehman Brothers upgraded Pier 1
Imports
(
PIR |
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PowerRating) from Buy to Strong Buy based on valuation.
Charles River Associates
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has posted Q2 net earnings of 22 cents a share, beating analysts’ consensus of 19
cents according to Multex.
Merrill Lynch has upgraded Regional
Bank Wachovia
(
WB |
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PowerRating) from Buy to Near Term Strong Buy and downgraded
Wells
Fargo Bank
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WFC |
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PowerRating) from Strong Buy to Near Term Buy.
Bob Evans
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BOBE |
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PowerRating) reported Q4
earnings of 49 cents a share, 4 cents better than analysts’ consensus according to
a survey taken by Multex.
Neurocrine Biosciences
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PowerRating)
announced that it has initiated the first of three Phase III trials for
indiplon-MR, which is used to treat patients with insomnia.
Bear Stearns upgraded FreeMarkets
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PowerRating)
from Neutral to Buy, citing strong balance sheets and higher customer
satisfaction.
PetSmart
(
PETM |
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PowerRating) reported Q1
earnings of 17 cents a share, beating analysts’ consensus of 10 cents based on
information provided by Multex. Revenues for the company rose to $645.8 million,
or 10.9%, on a year-over-year basis. PETM also raised its guidance for Q2 to come
in between 14-15 cents a share vs. consensus estimates of 8 cents.
Lehman Brothers lowered estimates for
AOL Time Warner
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AOL |
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PowerRating). Lehman sees 2002 ad revenues coming in at $1.79
billion, down $147 million, and EBITDA to $1.79 billion, down $129 million.
Homebuilder Lennar
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LEN |
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PowerRating) has
reported a three-month increase in new orders of 12%.