Markets Look Stronger On The Open
Stocks appear set to open higher
Thursday after a nice rebound in yesterday’s session.
Microsoft
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PowerRating) had to recall
XBox game systems in Japan due to a defect in the system which scratches CDs
and DVDs.
Aegon NV
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on its growth outlook for 2002, saying growth would be “at least equal to
the 2001 earnings.”
Panera Bread
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PNRA |
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profits more than doubled over the same period a year ago.
Infineon’s
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IFX |
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sees DRAM memory chip prices rising, while the worries of an oversupply are
minimal.
New Plan Excel Realty Trust
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PowerRating)
said earnings came in at $21.7 million, or 24 cents a share, vs. $21.9 million,
or 25 cents a share.
Gerard Klauer Mattison downgraded
Teradyne
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TER |
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PowerRating) from Buy to Neutral after the company hit the firm’s price
target of $36.
The FDA said that Cubist
Pharmaceuticals’
(
CBST |
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PowerRating) Cidecin NDA package was found acceptable for
filing.
The European Central Bank left
interest rates unchanged as expected.
Laboratory Corp
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LH |
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PowerRating) has priced 7
million shares in a secondary offering at $86.50.
Advance Auto
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AAP |
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PowerRating) has priced 9
million shares in a secondary offering at $42.00.
Guidant Corp
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GDT |
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PowerRating) has stopped the
development of the company’s stent program on the actinomycin-D drug after
preliminary tests showed the drug is not effective in stopping restenosis.
NeoPharm
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NEOL |
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PowerRating) was upgraded by
UBS Warburg from Hold to Buy based on valuation.
Conseco
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CNC |
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PowerRating) was downgraded by
Merrill Lynch from Neutral to Reduce/Sell due to two events: first, the
unexpected stepping down of the CFO and second, Conseco’s funding gap suggests uncertainty for the company.
Mead Westvaco
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MWV |
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PowerRating) was downgraded
by ABN Amro from Buy to Hold after the company reached the firm’s price target.
JP Morgan upgraded E*Trade
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ET |
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PowerRating)
from Long Term to Buy based on attractive valuation, improving fundamentals and
expectations from the company’s recent acquisitions.
Danaher
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DHR |
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PowerRating) has priced 6 million
shares in a secondary offering at $70.
General Motors
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GM |
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PowerRating) was upgraded by
Merrill Lynch from Neutral to Near Term Buy based on accelerating earnings
momentum due to improvements in North America.