Mixed To Higher Opening

  • September 19, 2001
  • Greg Che

Stocks appeared set to open mixed to
higher Wednesday.

Genesis Microchip
(
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raised its revenues outlook for Q2, up 40% from previous forecasts.

Commercial aircraft maker, Boeing
(
BA |
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said it plans to cut jobs by approximately 20,000-30,000 workers by the end of
2002.

Bristol-Myers Squibb
(
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close to signing a deal to acquire a 19.9% stake in Imclone Systems
(
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in a deal worth $1 billion.

Gilead Sciences
(
GILD |
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a primary efficacy endpoint was attained in a second study. Treatments with
Adefovir Dipovoxil 10 mg a day for 48 weeks has shown improvements in liver
histology in 64%.

Viacom
(
VIA |
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PowerRating) warned that 2001
full-year EBITDA results will be higher than last year’s results for the same time
frame.

Praecis
(
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PowerRating) and Amgen
(
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have announced that the two will end their joint efforts in developing Plenaxis.

ABN Amro cut its price target on
Qualcomm
(
QCOM |
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Adobe Systems
(
ADBE |
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earnings of 28 cents a share, in line with analyst consensus.

Tyco International
(
TYC |
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reiterated earnings guidance for 2001 and 2002. The company said it is
comfortable with 2001 earnings estimates of between $2.77-$2.78 and 2002
estimates of $3.45.

Bayer AG and Millennium
Pharmaceuticals
(
MLNM |
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PowerRating) said they have identified over 140 disease-relevant
drug targets.

Eastman Kodak
(
EK |
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PowerRating) cut Q3 forecasts
to 65 cents a share or lower. Previous guidance was for 90 cents to $1.20.
Analysts surveyed by Thomson Financial/First Call were looking for $1.03.

The Trade Gap for July narrowed to
$28.8 billion.