Lower Opening For Broader Markets
Stocks appear set to open lower
Wednesday.
Goldman Sachs downgraded AngloGold
(
AU |
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PowerRating) and Barrick Gold
(
ABX |
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PowerRating) from
Market Outperform to Market Perform based on valuation.
UBS Warburg lowered its estimates and
price targets on Nokia
(
NOK |
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PowerRating) for
2002-2003 estimates, citing it sees a decrease to 7% from 10% in long-term market
growth in handsets.
Morgan Stanley lowered its rating on CV
Therapeutics
(
CVTX |
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PowerRating) from Overweight to Underweight based on its
belief that the stock price will remain in this range until the FDA approves the
company’s drug ranolazine.
Banc of America lowered its rating on Ann
Taylor
(
ANN |
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PowerRating) from Buy to Market Perform based on valuation. ANN
has exhibited a 31% advance year to date.
Homebuilder Hovnanian
Enterprises
(
HOV |
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PowerRating) reported Q2 earnings of 82 cents a share,
beating Multex’ consensus by 15 cents.
Another homebuilder, Toll
Brothers
(
TOL |
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PowerRating), reported Q2 earnings of 69 cents a share, beating
analysts’ consensus of 62 cents a share according to a survey taken by Multex.
JP Morgan upgraded Teradyne
(
TER |
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PowerRating) from Long Term Buy to Buy, citing it believes the company is showing
consistent market and technology leadership.
JDS Uniphase
(
JDSU |
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PowerRating) was downgraded by Credit Suisse First Boston from Strong Buy to Buy,
citing carrier spending continues to be weak.
Merrill Lynch downgraded KPMG
Consulting
(
KCIN |
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News |
PowerRating) from Buy to Neutral based on the company’s
high valuation.
Starbucks
(
SBUX |
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PowerRating) was upgraded by Merrill Lynch from Buy to Near Term Strong Buy based
on the company’s strong retail sales.
Halliburton
(
HAL |
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PowerRating)
has received notification from the SEC that it has begun initial investigations
into the company’s accounting practices.