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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PowerRating) 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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VSH |
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announced that it will acquire Infineon Technologies’
(
IFX |
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for $120 million.
Sigma Diagnostics, a division of
Sigma-Aldrich Corporation
(
SIAL |
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PowerRating) 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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IPXL |
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PowerRating)
received FDA approval to market terbutaline sulfate tablets, a generic
version of Novartis’
(
NVS |
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PowerRating) drug Brethine. Brethine is used for the prevention and reversal of bronchospasm.
UTStarcom
(
UTSI |
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PowerRating) 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
(
CPN |
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PowerRating) announced that it
will unveil a 540-megawatt power plant in California on July 2.
IBM
(
IBM |
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PowerRating) and Sideware
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SDWS |
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PowerRating)
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.
(
AWE |
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PowerRating) will replace Potlatch Corp.
(
PCH |
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PowerRating) in
the S&P 500 Index.Â
Herman Miller Inc.
(
MLHR |
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PowerRating)
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.
(
EXFO |
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PowerRating) was downgraded by Merrill Lynch from Accumulate to Neutral for its
near-term rating.
ABN AMRO downgraded Redback Networks
(
RBAK |
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PowerRating)
to Hold from Add.
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