Stocks Set To Open Higher, One Day After Fed Meets

One day after the Federal Reserve
Board announced a 25-basis-point rate cut, stocks appeared set to open higher
Thursday.

Novatel Wireless
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revised
its guidance lower for Q2. The company sees a loss of between 18 to 20 cents.
The company cited economic softness and a temporary delay in shipments of certain
new products.

Vishay Intertechnology
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announced that it will acquire Infineon Technologies’
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infrared unit
for $120 million.

Sigma Diagnostics, a  division of
Sigma-Aldrich Corporation
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signed a three-year distribution agreement
with Allegiance Healthcare Corporation. Allegiance will be sole distributor of
Sigma’s coagulation unit.

Impax Laboratories
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received FDA approval to market terbutaline sulfate tablets, a generic
version of Novartis’
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drug Brethine. Brethine is used for the prevention and reversal of bronchospasm.

UTStarcom
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announced that
the company won $127 million in new contracts with China. The company is a
provider of wireless, wireline and broadband access equipment.

Calpine
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announced that it
will unveil a 540-megawatt power plant in California on July 2.

IBM
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and Sideware
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announced an agreement to deliver customer service applications. The objective of this alliance is to offer
businesses of all sizes a turnkey solution that can be disseminated through a
number of different means including the Web and telephones.

Standard & Poor’s announced that
AT&T Wireless Group Inc.
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will replace Potlatch Corp.
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in
the S&P 500 Index. 

Herman Miller Inc.
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announced that Q4 revenues decreased by 17% due to economic slowdown. The
company reported a net income of $32.8 million or 43 cents per diluted
share. Analyst estimates for the office-furniture maker was for 40 cents per
share according to Thomson Financial/First Call.

EXFO Electro-Optical Engineering Inc.
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was downgraded by Merrill Lynch from Accumulate to Neutral for its
near-term rating.

ABN AMRO downgraded Redback Networks
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to Hold from Add.

 

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