Stocks Set To Open Slightly Higher

Ahead of the Federal Reserve Board
meeting, stocks appeared set to open slightly higher Wednesday.

After the close Tuesday, Xilinx Inc.
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announced that it expects Q1 revenues to drop by 32% from Q4.  

Palm
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, the maker of handheld
computers, announced a loss of 16 cents per share beating analysts’ lowered expectations
of a loss of 19 cents according to a survey conducted by Thomson Financial/First
Call.

Also announcing earnings, 3Com
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reported a loss of 61 cents per share for Q4. Analysts’ estimates were for a loss
of 57 cents per share.

Akamai Technologies Inc.
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announced that Yahoo Inc
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extended the company’s service agreement.

Neurocrine Biosciences Inc.
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and MediChem Life Sciences Inc.
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announced they have agreed to a two-year
agreement in proteomics. This study will entail research on receptors for
proteins which are believed to affect stress-related disorders.

Flagstar Bancorp
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will
begin trading on the New York Stock Exchange on July 13 under the symbol FBC.
The company also announced a 3-for-2 stock split as well as a cash dividend of 7
cents.

Vitesse Semiconductor
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announced the company projects a loss of 6 cents for Q3. Analysts’ estimates for
the semiconductor company were for an earning of 3 cents according to Thomson
Financial/First Call.

Viacom Inc.
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announced an
offering of $325 million of senior notes due 2051. The proceeds from the 7.25%
notes will be used to repay short-term and variable-rate loans.

The Estee Lauder Co.
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announced
Irvine O. Hockaday Jr. was elected to the board after Estee Lauder’s Board
of Directors increased the number of directors to nine. Mr. Hockaday is
President and Chief Executive Officer of Hallmark Cards.

 

 

 

 

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