Mixed Opening Ahead Of Greenspan
Stocks appear set to open mixed
Friday.
HEADS UP: Greenspan
will be speaking today on the nations economy.
The Producer Price Index for December
was down 0.7%, while the Core Rate fell 0.1%, which shows deflation is a key
concern for the nation. This leaves room for the Fed to take further action if
necessary.
Abbott
Laboratories
(
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PowerRating) has shown some interest in bidding on Biocompatible
International PLC which is ABT’s United Kingdom partner. According to a report
in the Daily Mail, Abbott was preparing an offer of $498 million from
BioCompatible.
First Niagara Financial Group
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reported Q4 profits rose 20% citing lower interest rates. The company said
earnings should rise to $1.20 a share in 2002.
After the close Thursday, Rational
Software
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PowerRating) said that it was comfortable with 2002 full-year earnings
estimates and feels that business has stabilized for the current quarter.
There are a number of upgrades and
downgrades this morning. Prudential Securities downgraded SonoSite
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PowerRating)
from Buy to Hold due to valuation.
UBS Warburg downgraded Check Point
Software
(
CHKP |
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PowerRating) from Strong Buy to Buy based on valuation.
Merrill Lynch upgraded Surebeam
(
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PowerRating)
from Neutral to Near Term Buy.
Lehman Brothers lowered its rating on
M&T Bank
(
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PowerRating) from Buy to Market Perform based on the recent ascent in
the stock price and concerns that it will experience a slowdown in 2002.
Fleming Companies
(
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PowerRating) was
downgraded by Bear Stearns from Buy to Attractive, citing the uncertainty of rival
company K-Mart Corp
(
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PowerRating) which also had its rating lowered by the firm to
Neutral from Attractive.
Due to valuation, Salomon Smith Barney
downgraded Cabot Micro
(
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PowerRating) from Buy to Outperform.
Ericsson
(
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PowerRating) has sold its
license for its second- and third-generation mobile technology to Korea-based
Samsung. The deal entails Samsung paying royalties to ERICY in addition to a reciprocal
license.