Warnings Weighing Down The Open
Stocks appear set to open lower
Wednesday on warnings from Triquint Semiconductors
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PowerRating) and Motorola
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PowerRating).
Motorola
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PowerRating) announced that it
will layoff 9,400 workers in an effort to bring the company back to
profitability and reiterated that it is comfortable with Q4 estimates.
Coca-Cola
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PowerRating) said it is
comfortable with earnings projections for the full year of 2001 and 2002.
Merrill Lynch is positive on Airline
stocks.
Salomon Smith Barney initiated
coverage on Microtune
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PowerRating) with a (Speculative) Buy rating and put a
price target of $30 on the stock.
Paychex
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PowerRating) reported Q2
earnings of 18 cents a share, a penny shy of consensus, but outpacing earnings for
the same quarter one year ago of 16 cents.
Bear Stearns downgraded Triquint
Semiconductors
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PowerRating) from Buy to Attractive after the company lowered
guidance last night. Bear Stearns also lowered the price target on TQNT to $18.
Robertson Stephens upgraded Solectron
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PowerRating) from Market Perform to Buy based on the company’s valuation. At the
same time, the firm lowered FY02 estimates from 35 cents to 20-25 cents due to its near-term outlook.
Handspring
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PowerRating), the maker of
PDAs, has priced a secondary offering of $5.50 per share for an offering of
between 7-10 million shares.
Credit Suisse First Boston upgraded
Manugistics
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PowerRating) from Hold to Buy, stating it believes the company is
turning the corner and that the company’s pipeline has solidified.
ABN Amro upgraded TIBCO Software
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PowerRating)
from Hold to Add after the company reported earnings.
Prudential Securities upgraded Kulicke
& Soffa
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PowerRating) from Hold to Buy and raised the price target on the
company from $20 to $25.