Stocks To Open Lower

Stocks appeared set to open lower
Friday
as we remember the attack on Pearl Harbor 60 years ago today.

Goldman Sachs downgraded Allstate Corp
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from US Recommended for Purchase List to Market Outperform.

ABN Amro upgraded Jack Henry
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from Hold to Buy and put a price target of $30.

Pitney Bowes
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was downgraded
by Lehman Brothers from Strong Buy to Buy due to current valuation after the
stocks took out the firm’s $41-$42 price target. Lehman now has set a new price
target to $47-$48.

Lehman Brothers downgraded Kerr-McGee
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from Strong Buy to Buy.

Robertson Stephens upped its estimates
on Advance Micro Devices
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to $3.78 billion from $3.71 billion for FY01
and $3.4 billion from $3.15 billion for FY02. The firm also raised its price
target on AMD from $16 to $20.

Lehman Brothers said its sees the
storage networking business stabilizing, but feels the current valuations on
(
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,
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,
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and
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may be a bit high for both the long
and short term.

Bank of America
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signed an
agreement to sell its sub-prime real estate servicing operations to Fairbanks
Capital Corp..

E*Trade
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said it will increase
2002 EPS forecasts to come in between 40-50 cents vs. analyst estimates of 32
cents.

Car maker Daimler Chrysler
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announced a recall of 120,000 Jeep Liberty vehicles to fix a brace that may
cause a delay in the deployment of the airbags.

Protein Design Laboratories
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reported positive results in the company’s Phase III clinical trials of its
humanized antibody Zamyl, in patients with acute myeloid leukemia (AML).