Stocks Set To Open Lower
Stocks appeared set to open lower
Friday.
Spectrian
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PowerRating) warned that
revenues for the September quarter will fall short of consensus. The company see
revenues of $18-$22 million and a loss of between 99 cents and $1.12. According to
Multex, estimates were for a revenues of $26.5 million and a loss of 84 cents a
share.
Duke Energy
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DUK |
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PowerRating) has agreed to
acquire Westcoast Energy
(
WE |
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PowerRating) for $8.5 billion in a 50% cash and 50% stock
deal.
Merrill Lynch downgraded Homestore.com
(
HOMS |
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PowerRating) to Near Term Neutral from Accumulate.
UBS Warburg lowered 2001 estimates on
American Express
(
AXP |
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PowerRating) from $1.42 to $1.20, and 2002 estimates to $2.05 from
$2.30, citing a decrease in travel activity.
Credit Suisse First Boston lowered
estimates of Storage stocks after EMC Corp
(
EMC |
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PowerRating) issued a warning yesterday.
Individual names in the sector which were lowered are Brocade
(
BRCD |
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PowerRating),
Emulex
(
EMLX |
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PowerRating) and McData
(
MCDT |
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PowerRating).
ABN AMRO lowered estimates on the
Specialty Chemicals group.
ONI Systems
(
ONIS |
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PowerRating) lowered Q3
revenue guidance from $75-80 million, to come in between $40-50 million with a
loss of 17 to 21 cents a share. According to Multex, expectations were for a
loss of 4 cents a share.
ABN AMRO lowered estimates on Software
stocks.
Taiwan Semiconductors
(
TSM |
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PowerRating) said
Q3 earnings will come in better than expected.
SanDisk
(
SNDK |
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PowerRating) warned on Q3
numbers. The company sees revenues sliding 35% and views a loss of 60 cents a
share vs. prior guidance of a loss between 10 to 15 cents.
Merrill Lynch downgraded Qiagen N.V.
(
QGENF |
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PowerRating)
from Neutral to Near Term Reduce.
Deutsche Banc Alex Brown said it is
cautious on Enterprise Software, citing slower IT spending, seasonality and the
terrorist attack.