Weak Opening
Stocks appear set to open lower
Tuesday after the long holiday weekend.
Hewlett Packard
(
HP |
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PowerRating) has announced
that it will acquire computer maker Compaq Computers
(
CPQ |
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in stock.
Merrill Lynch reported results on
Johnson & Johnson’s
(
JNJ |
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PowerRating) stent study. The report says that the
“data is compelling and that the 0% rate of restenosis is better
than expected."
UBS Warburg upgraded Terayon
Communications
(
TERN |
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PowerRating) from Buy to Strong Buy.
Sanmina
(
SANM |
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PowerRating) lowered the
company’s Q4 outlook to zero cents to 1 cent a share. Analysts’ consensus was for
9 cents a share.
Bear Stearns upgraded Dell Computer
(
DELL |
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PowerRating)
from Attractive to Buy.
Broadcom
(
BRCM |
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PowerRating) was upgraded by
Salomon Smith Barney from Neutral to Outperform.
Robertson Stephens upgraded Openwave
(
OPWV |
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PowerRating)
from Buy to Strong Buy.
UBS Warburg lowered forecasts on U.S.
telecom capital spending in 2002.
Supermarket giant Albertson’s
(
ABS |
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PowerRating)
reported Q2 earnings of 45 cents a share, beating analysts’ expectations by a
penny.
Qwest Communications
(
Q |
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PowerRating) was awarded
a three-year contract worth $108 million to supply voice communications service to
interXchange Limited.
The FDA approved Ortec International’s
(
ORTC |
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PowerRating) OrCel, a bi-layered cellular matrix used for healing donor area wounds
in burn victims.
Aviron
(
AVIR |
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PowerRating) received a formal
response letter from the FDA on its FluMist. The letter stated that it would
like additional information and clarification with respect to the clinical and
manufacturing data.
Motorola
(
MOT |
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PowerRating) presented a new
material for semiconductors that could lessen the expense in optical
communications, high-frequency radio devices and high-speed microprocessors.