Stocks Opening Lower
Stocks appear set to open lower
Friday after a worse-than-expected unemployment report.
The U.S. unemployment rate increased
in August to its highest level in almost four years. Companies slashed 113,000
workers for the month. The jobless rate rose to 4.9% from 4.5% in July.
Goldman Sachs reiterated its rating of
Recommend List on Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) after the company’s mid-quarter update
yesterday.
Merrill Lynch
(
MER |
Quote |
Chart |
News |
PowerRating) said the U.S.
networking sector is showing glimmers of growth and that Asian business is
growing, while Europe is still slipping. MER highlighted three companies with
good risk to reward, Extreme Networks
(
EXTR |
Quote |
Chart |
News |
PowerRating), F5 Networks
(
FFIV |
Quote |
Chart |
News |
PowerRating)
and Enterasys
(
ETS |
Quote |
Chart |
News |
PowerRating).
Robertson Stephens said it still
expects Tellabs
(
TLAB |
Quote |
Chart |
News |
PowerRating) to come in below expectations for the quarter ending
in September.
Holly Becker, an analyst at Lehman
Brothers, cut 2002 EBITDA and revenue estimates for AOL Time Warner
(
AOL |
Quote |
Chart |
News |
PowerRating).
Circuit City Stores
(
CC |
Quote |
Chart |
News |
PowerRating) said
comparable sales fell 21% in the second quarter, citing the company’s decision to
stop selling major household appliances.
Matrix Pharmaceuticals
(
MATX |
Quote |
Chart |
News |
PowerRating)
said it expects the FDA to make public a briefing document. MATX is preparing for
an upcoming Oncologic Drugs Advisory Committee meeting scheduled for September
10.
Health South
(
HRC |
Quote |
Chart |
News |
PowerRating) said it is
proposing an offer of $500 million in senior unsecured notes to help repay bank
debt.