Stocks Look To Open Stronger
Stocks appear set to open higher
Wednesday, one day after the Federal Reserve cut rates by 25 basis points.
Advanced Energy
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AEIS |
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PowerRating) said that
it plans to sell $100 million Convertible Subordinated Notes with an expiration
in 2006.
JC Penney
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JCP |
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PowerRating) said it expects Q3
profits to come in line with analysts’ expectations.
General Motors
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GM |
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PowerRating) reaffirmed
earnings guidance for the third quarter.
Retailer Debs Shops
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PowerRating)
reported Q2 earnings of 42 cents, an increase of 29.6%. Earnings beat analysts’
estimates of 41 according to a poll taken by Thomson Financial/First Call.
TD Waterhouse Group
(
TWE |
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PowerRating) reported
a Q3 net loss of $21.8 million or 6 cents a share. Analysts surveyed by Thomson
Financial/First Call were expecting the company to earn 3 cents a share.
Amazon.com
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AMZN |
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PowerRating) announced it
was launching a new service which allows corporations and organizations to buy
goods online. This move allows Amazon to enter the institutional market.
Drug company Eli Lilly and Co
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LLY |
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PowerRating)
and Isis Pharmaceuticals
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ISIP |
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PowerRating) announced an alliance which will allow LLY
to gain a license to an ISIP drug for lung cancer. The alliance is worth a
little more than $300 million.
Roadway Corp
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ROAD |
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PowerRating) announced
that it would acquire Arnold Industries
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AIND |
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PowerRating). Roadway said it would pay
$21.75/share for Arnold Industries, a holding company of transportation and
logistics companies.
Bio-Vascular
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BVAS |
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PowerRating) reported Q3
earnings which rose 25% on increasing sales of the company’s medical devices.
Earnings for the company came in at 5 cents a share compared to 4 cents for the
same period a year ago.
Heid & Struggles
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HSII |
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PowerRating) was
downgraded by Morgan Stanley to Outperform.
Sprint
(
FON |
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PowerRating)
(
PCS |
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PowerRating) said that
the underwriters of the company’s recent offering of 70 million shares of PCS
common stock have exercised their 15% options in full.
Triquint Semiconductors
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PowerRating)
said it was comfortable with analysts’ expectations for Q3.