Stocks Set To Open Stronger
Stocks
appear set to open higher Wednesday after the GDP Q2 numbers were revised upward 0.2% better than
expected. Markets were expecting the GDP to remain flat.
The Dow Jones Industrial Average is testing
its 10,200 support level, closing at 10,222.
According to a report in the Wall
Street Journal, Airgate PCS
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PowerRating) plans to acquire iPCS Inc. for $802.8
million in stock.
The Wall Street Journal also reported
that Mead
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PowerRating), the maker of paper products, has agreed to merge with
Westvaco
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PowerRating) for a $3 billion stock swap.
Networking equipment maker Cisco Systems’
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former senior vice president, Kevin DeNuccio, was named president and CEO of
Redback Networks
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PowerRating).
Lehman Brothers reduced its estimate
on Cypress Semiconductor
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PowerRating) for Q3, citing that the semiconductor company experienced a poor August.
Bear Stearns upgraded Williams
Companies
(
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PowerRating) from Attractive to Buy.
Gap
(
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PowerRating) was downgraded by Banc
of America Securities from Buy to Market Perform.
Salomon Smith Barney lowered estimates
for Micron Technologies
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PowerRating) for Q4, FY02 and FY03, citing softer prices.
Merrill Lynch lowered Juniper Networks
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PowerRating) September quarter estimates from 9 cents to 8 cents. It also reduced Calendar Year 2001 estimates from 52 to 50 cents a share and Calendar Year 2002
to 55 cents from 66 cents.
Biotechnology company Protein Design
Laboratories
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PowerRating) announced a 2-for-1 stock split, payable Oct. 9.
Pivotal Corp
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PowerRating) signed a
global business development initiative with Intel
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PowerRating) to create a
Pivotal Demand Chain Management solution suite.
Until later,