Stocks Set To Open Higher
Stocks appear set to open higher
Tuesday after the Bank of Japan lowered interest rates last night. This rate cut
helped the Nikkei surge higher 4%.
Reader’s Digest
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PowerRating) posted Q4
earnings of 5 cents a share, in line with analysts’ consensus. However, the
company warned that Q1 earnings will be breakeven, while analysts’ consensus was
for 8 cents a share.
Superstore Wal-Mart
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PowerRating) reported
earnings for Q2 of 37 cents a share, in line with analysts’ expecatations.
Electronic Boutique
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PowerRating) was
upgraded to a Buy from Market Perform by Banc of America Securities.
Merrill Lynch began coverage of
Openwave
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PowerRating) with a near-term Neutral, long-term Buy.
Level 3 Communications
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PowerRating) and
Adelphia Communications
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PowerRating) have entered a multi-year wavelength
agreement.
Biotechnology firm Lexicon Genetics
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PowerRating)
said it has changed more than half of the genes in a mouse’s genome. These
changes will be used to further enhance drug development for humans.
ABN Amro initiated coverage on Apple
Computers
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PowerRating) with an Add rating and has set a price target on the
company of $25.
Professional Detailing
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PowerRating)
posted Q2 earnings of 31 cents a share.
Tyco International
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PowerRating) said it
plans to close approximately 300 plants and to cut its workforce by another
11,000 workers. The plan was disclosed in the company’s SEC filing.
Network Associates
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PowerRating) priced
a $300 million offering of five-year convertible notes with a rate of 5.25%.
Corning
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PowerRating) is conducting a spot
secondary offering of 14.2 million shares priced at $15.88.
Ebay
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PowerRating) and AOL Time Warner
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PowerRating)
have announced a three-year marketing alliance.
According to a report in the Wall
Street Journal, Devon Energy
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PowerRating) said it will acquire Mitchell Energy
& Development
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PowerRating) for $3.1 billion in cash and stock.