Stocks Set To Open Lower
Stocks appeared set to open lower
Monday.
Dynegy
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DYN |
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PowerRating) reaffirmed earnings
estimates for 2001 and 2002. The company sees estimates coming in at $2.07 for
2001 and between $2.50-$2.60 for 2002.
According to a report in the Wall
Street Journal, Motorola
(
MOT |
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PowerRating) and Siemens
(
SI |
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PowerRating) are discussing a possible
joint venture for a wireless infrastructure or handset business or possibly even
both. The deal has a potential value of $20-$25 billion.
Virata
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VRTA |
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PowerRating) and Globespan
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GSPN |
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PowerRating)
are merging as equals.
Casino/hotel MGM Grand
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MGG |
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PowerRating)
warned for Q3. The casino operator sees earnings coming in well below analysts’
consensus of 38 cents a share, citing that the September 11 attacks slowed business.
Excite@Home
(
ATHM |
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PowerRating) filed Chapter
11 on Friday and has agreed to sell almost all of its broadband Internet access
business to AT&T
(
T |
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Sun Microsystems
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SUNW |
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PowerRating) and
Worldcom
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WCOM |
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PowerRating) have joined to market global hosting products and services
to enterprise customers.
Prudential Securities lowered
estimates and price targets on the Semiconductor Equipment group.
International Game Tech
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IGT |
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PowerRating)
reaffirmed estimates for fiscal year 2002 of $2.79 a share. According to Multex,
the consensus was for $2.78.
ABN Amro initiated coverage on the
Broker and Asset Managers’ group. They started coverage on Goldman Sachs
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GS |
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PowerRating),
Lehman Brothers
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LEH |
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(
MWD |
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MER |
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PowerRating)
with Add ratings and Charles Schwab
(
SCH |
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PowerRating) with a Hold.
Bear Stearns downgraded UTI Worldwide
(
UTIW |
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PowerRating) from Buy to Neutral.
Credit Suisse First Boston upgraded
Citigroup
(
C |
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PowerRating) from Buy to Strong Buy with a price target of $54 a share.
Robertson Stephens initiated coverage
on Walt Disney
(
DIS |
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PowerRating) with a Buy rating an price target of $22 a share.
Morgan Stanley upgraded Texas
Instruments
(
TXN |
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PowerRating) and Xilinx
(
XLNX |
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PowerRating) from Neutral to Outperform.
Sungard Data Systems
(
SDS |
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PowerRating) warned
for Q3. The company expects earnings to come in between 21 cents and 22 cents a
share, below analysts’ estimates of 25 cents.
Advance PCS
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ADVP |
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PowerRating) announced a 2
for 1 stock split which is dependent on shareholder approval.