Mixed Opening
Stocks appear set to open mixed to higher
Monday.
Pharmacia
(
PHA |
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PowerRating) has entered an
agreement to be acquired by Pfizer
(
PFE |
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PowerRating) in a deal worth $60 billion in
stock.
On a separate note, Pfizer
(
PFE |
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PowerRating)
posted Q2 earnings of 33 cents a share, beating analysts’ estimates by a penny
according to a survey taken by Multex. PFE also reaffirmed its full-year 2002
outlook.
InVision Technologies
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INVN |
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PowerRating)
said it sees earnings for Q2 of at least 48 cents a share, higher than analysts’
consensus of 33 cents a share according to Multex.
Veeco Instruments
(
VECO |
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PowerRating) was
downgraded by Bear Stearns from Buy to Attractive. The firm also lowered its
price target on the company from $60 to $30 after the company announced a merger
with FEI Company.
Rent-A-Center
(
RCII |
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PowerRating) said
it
expects to exceed Q2 guidance of $1.10. The company sees earnings coming in
between $1.13 to $1.14 a share, beating analysts’ consensus of $1.10 according to
Multex.
PeopleSoft
(
PSFT |
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PowerRating) was downgraded
at Salomon Smith Barney from Outperform to Neutral. The firm also lowered its
price target on PSFT from $24 to $16.
Credit Suisse First Boston upgraded
Cablevision
(
CVC |
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PowerRating) from Hold to Buy and cut its price target on the company
from $28 to $20.
New Century
(
NCEN |
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PowerRating) said it sees
earnings of approximately $1.60 a share. Analysts’ consensus is for $1.46 a share
according to Multex.