Lower Opening For Stocks
Stocks appear set to open lower Wednesday.
Heads up. The Fed Beige Book numbers
are due out at 2:00 PM EST today.
Therasense
(
THER |
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PowerRating) said the FDA
awarded approval for its Free Style Tracker Diabetes Management System which is
used for glucose monitoring. The unit works in conjunction with the Handspring
Visor PDA.
Scientific Atlanta
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SFA |
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PowerRating) has
selected ATI Tech’s
(
ATYT |
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PowerRating) Xilleonx products to be used in its digital
interactive set tops.
Hispanic Broadcasting
(
HSP |
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PowerRating) has
entered into a merger agreement with Univision
(
UVN |
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PowerRating) worth approximately
$3.5 billion. HSP holders will received .85 UVN shares, which prices HSP at
approximately $32.05/share.
Morgan Stanley lowered its rating on
Juniper Networks
(
JNPR |
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PowerRating) from Underweight to Equal Weight after the
company’s CEO told reporters that the market continues to be challenging, and it
is
not clear when recovery will happen.
Dresdner lowered its rating on Nokia
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NOK |
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PowerRating)
from Sell to Buy based on valuation.
Prudential Securities upgraded
Advanced Micro Devices
(
AMD |
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PowerRating) from Sell to Hold based on valuation. The firm
sees shares currently trading at a 10% discount to book value of $10.30/share.
Procter & Gamble
(
PG |
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PowerRating) has
raised its Q4 growth outlook from the low teens to high teens.
UBS Warburg has lowered its ratings on
C.R. Bard
(
BCR |
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PowerRating) and St. Jude
(
STJ |
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PowerRating) based on valuation. BCR was lowered
from Buy to Hold, while STJ was lowered from Hold to Reduce.
Goldman Sachs downgraded Deere Co.
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DE |
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PowerRating)
from Market Perform to Market Underperform. The firm sees spring farm equipment
sales to be lower than forecast.
Former Imclone
(
IMCL |
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PowerRating) Chairman
and CEO, Sam Waksal, was arrested this morning for Insider Trading violations.