Stronger Opening
Stocks appeared set to open higher
Thursday on the heels of a tremendous trading session.
Genentech
(
DNA |
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PowerRating) beat analysts’
estimates by a penny, reporting 20 cents per share for the quarter.
Merrill Lynch upgraded Staples
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PowerRating)
to Near Term Buy and Long Term Buy from Accumulate.
Retailer Michaels Stores
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MIKE |
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PowerRating)
raised its Q3 forecast to 51 cents a share, higher than previous guidance by 3
cents.
The European Central Bank left rates
unchanged.
Pacific Sunwear
(
PSUN |
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PowerRating) warned for
Q3 earnings to fall between 25-27 cents a share. Multex consensus was expecting
34 cents a share.
Banc of America Securities downgraded
Veeco Instruments
(
VECO |
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PowerRating) from Buy to Market Perform.
Talbots
(
TLB |
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PowerRating) said it expects Q3
earnings to be at least 57 cents a share vs. First Call estimates of 56 cents
a share. The company also sees Q4 earnings coming in between 52-54 cents vs.
estimates of 52 cents according to First Call.
Wholesale club Costco Companies
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COST |
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reported Q4 earnings of 41 cents a share, beating analysts’ estimates by a penny,
but lower than earnings for the same quarter a year ago of 43 cents.
Qualcomm
(
QCOM |
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PowerRating) was upgraded by
JP Morgan from Long Term Buy to Buy.
Nokia
(
NOK |
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PowerRating) presented the
company’s Nokia 5510 phone which has a digital music player, FM radio and games.
The phone is the first “entertainment” phone to be produced by Nokia.
IDEC Pharmaceutical
(
IDPH |
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PowerRating) said
it expects higher-than-expected Q3 income results, citing increased sales in the
company’s cancer drug Rituxan. The company expects earnings to be about 16 cents
a share vs. analysts’ expectation of 15 cents, according to a survey conducted
by First Call.
Kmart
(
KMT |
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PowerRating) and AnnTaylor
(
ANN |
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PowerRating)
same-store sales were flat for the month of September.
Jobless claims for the week ending
Oct. 6, 2001, fell 67,000 to 463,000.
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