Stronger Opening
Stocks appeared set to open higher
Thursday.
Napster, the online music service
announced that it will use Portal Software’s
(
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PowerRating) billing system to charge for music downloads.
Wal-Mart Stores
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December same-store sales rose 8%, beating analysts’ forecasts.
Women’s clothing retailer Talbot’s
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PowerRating)
posted a 7.8% decline in same-store sales.
aaiPharma
(
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PowerRating) said it expects
revenues for 2001 to increase by at least 30% from royalties through licensing
agreements, in addition to an increase in sales.
Iraq has sent a letter to the United
Nations objecting to the U.N.’s retroactive crude oil pricing system.
Leading tool manufacturer Danaher
Corp.
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PowerRating) said it will buy Marconi’s Data Systems division for
approximately $400 million.
UBS Warburg lowered its rating on Ford
Motor
(
F |
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PowerRating) from Hold to Reduce.
AMB Amro upgraded AT&T
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PowerRating) and
Worldcom
(
WCOM |
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PowerRating) from Hold to Add with a price target of $23 for T and $18
for WCOM.
Goldman Sachs had some positive
comments on Brocade Communications
(
BRCD |
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PowerRating), citing the company’s new Silkworm
12000 could provide an edge over rivals. The firm reiterated its Recommended
List rating.
ICN Pharmaceuticals
(
ICN |
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PowerRating) said it
expects Q4 earnings to exceed analysts’ estimates of 29 cents and that it will
probably beat 2002 estimates of $1.72 a share.
Morgan Stanley downgraded Charter
Communications
(
CHTR |
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PowerRating) from Strong Buy to Outperform, citing higher near term
risk.
DB Alex Brown downgraded In Focus
(
INFS |
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PowerRating)
from Buy to Market Perform based on valuation.
Pacific Sunwear
(
PSUN |
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PowerRating) reported a
4.1% increase in December same-store sales and now says its expects to report Q4
earnings between 40 cents to 41 cents vs. analysts’ consensus of 35 cents.
Jobless claims for the week of Jan.
5, 2002 dropped 56,000 to 395,000.