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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plans to acquire iPCS Inc. for $802.8
million in stock.

The Wall Street Journal also reported
that Mead
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, the maker of paper products, has agreed to merge with
Westvaco
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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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.

Lehman Brothers reduced its estimate
on Cypress Semiconductor
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for Q3, citing that the semiconductor company experienced a poor August.

Bear Stearns upgraded Williams
Companies
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from Attractive to Buy.

Gap
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was downgraded by Banc
of America Securities from Buy to Market Perform.

Salomon Smith Barney lowered estimates
for Micron Technologies
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for Q4, FY02 and FY03, citing softer prices.

Merrill Lynch lowered Juniper Networks
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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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announced a 2-for-1 stock split, payable Oct. 9.

Pivotal Corp
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signed a
global business development initiative with Intel
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to create a
Pivotal Demand Chain Management solution suite.

Until later,

Greg