Mixed Opening
Stocks appear set to open mixed to flat Monday.
Brocade
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BRCD |
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PowerRating) adopted a poison
pill plan to assure stockholders fair value on holding in case of a future
unsolicited bid for the company.
Ex-Enron Chairman Kenneth Lay is
expected to invoke his Fifth Amendment right some time this week and refuse to
answer questions when he appears before Congress.
Salomon Smith Barney upgraded
McDermott International
(
MDR |
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PowerRating) from Neutral to Outperform, citing a judge’s
ruling that MDR was not insolvent in July of 1998.
United Therapeutics
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PowerRating)
received an FDA approvable letter for the company’s Remoduling
Injection, which is used to treat pulmonary arterial hypertension.
FedEX
(
FDX |
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PowerRating) updated its Q3 and Q4
outlook. FDX sees Q3 earnings to be at the top of its range of 25 cents to 35
cents, while analysts’ consensus is for 34 cents. As for Q4 guidance, the
company reaffirmed that earnings will come in between 70 cents and 80 cents.
Consensus for Q4 is for 75 cents.
Credit Suisse First Boston upgraded
News Corp
(
NWS |
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PowerRating) from Hold to Buy after the stock price slid 15%.
National Semiconductor
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NSM |
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PowerRating) and
Micrel
(
MCRL |
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PowerRating) were upgraded from Hold to Buy by Credit Suisse First Boston.
Qwest
(
Q |
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PowerRating) received a subpoena for
documents from the SEC concerning Global Crossing
(
GX |
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PowerRating) which filed for bankruptcy
early this year.
ABN Amro upgraded Cytec Industries
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CYT |
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PowerRating)
from Hold to Buy, citing the company should benefit from the increase in the
defense budget.
Charter Communications
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posted a Q4 loss of $1.04 a share, beating analysts’ consensus by 4 cents.
Quanta Services
(
PWR |
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PowerRating) said it will
oppose any attempt by UtiliCorp United Inc
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UCU |
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PowerRating) to take control of the company.