Slated For A Lower Opening
Stocks appeared set to open lower
Thursday.
Sonus Networks
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SONS |
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PowerRating) warned for
Q3 after the close. The company expects a Q3 loss in the range of 5-7 cents.
Analyst estimates were for a profit of 1 cent. Sonus also sees revenues falling
to $40 million from estimates of $54 million.
According to a report in the Wall
Street Journal, Reliant Resources
(
RRI |
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PowerRating) said it will acquire Orion Power
(
ORN |
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PowerRating)
for $26.80 a share.
The European Central Bank has left
interest rates unchanged.
According to Goldman Sachs, Sprint PCS
(
PCS |
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PowerRating) CTO expects the launch of Sprint’s 1XRTT network by the end of
June 2002.
Sysco Corp
(
SYY |
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PowerRating) was upgraded by
Merrill Lynch to Near-Term Buy from Accumulate.
Merrill Lynch upgraded Citrix System
(
CTXS |
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PowerRating)
to Long Term Buy from Accumulate.
Lehman Brothers downgraded Nortel
Networks
(
NT |
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PowerRating) from Neutral to Market Perform.
First Union downgraded Skechers U.S.A
(
SKX |
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PowerRating) to Buy from Strong Buy.
ABN Amro downgraded the Oil Drillers
group
(
OSX |
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News |
PowerRating).
Merrill Lynch said it does not see the
enterprise networking group recovering until next year and cut estimates for
Extreme Networks
(
EXTR |
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PowerRating), Foundry Networks
(
FDRY |
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PowerRating), F5 Networks
(
FFIV |
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PowerRating)
and Enterasys
(
ETS |
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PowerRating).
Baker Hughes
(
BHI |
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News |
PowerRating) was downgraded
by ABN Amro from Buy to Add.
Durable good orders fell 0.3% for
August and Jobless Claims for the week of 9/22 rose 58,000 to 450,000.