Weaker Opening
After Cisco Systems
(
CSCO |
Quote |
Chart |
News |
PowerRating)
reported earnings after the bell in line with analysts’ expectations, stocks
appeared set to open weaker Wednesday.
Although CSCO reported earnings of 2
cents a share, the revenue warning which came
from the conference call yesterday appears to be weighing on the markets.
Data storage provider Emulex
(
EMLX |
Quote |
Chart |
News |
PowerRating)
reported a larger Q4 loss than expected and warned that revenues would not meet analysts’
expectations for the current quarter and will fall short for the up coming year.
Waste Management
(
WMI |
Quote |
Chart |
News |
PowerRating) posted Q2
earnings which increased by 6%. The company reported earnings of 33 cents a
share, beating analysts’ consensus of 32 cents according to Thomson
Financial/First Call.
Nextel Communications
(
NXTL |
Quote |
Chart |
News |
PowerRating) was
removed from the Goldman Sachs Select List, but still maintains its BUY rating
from the brokerage house.
UBS Paine Webber upgraded Tyco
International
(
TYC |
Quote |
Chart |
News |
PowerRating) to Strong Buy from Buy.
Prudential lowered their estimates on
BEA Systems
(
BEAS |
Quote |
Chart |
News |
PowerRating), citing weakness in IT spending. Estimates for Q3 were
lowered from 11 cents to 9 cents, Q4 to 10 cents from 15 cents and Fiscal Year
03 estimates from 65 cents to 51 cents.
Proctor & Gamble
(
PG |
Quote |
Chart |
News |
PowerRating) was
downgraded by Lehman Brothers from Buy to Market Perform.
CIBC World Markets upgraded Cisco
Systems
(
CSCO |
Quote |
Chart |
News |
PowerRating) to Buy from Hold.
LSI Logic
(
LSI |
Quote |
Chart |
News |
PowerRating) was named to
Prudential’s Single Best Idea list.
Agilent Technologies
(
A |
Quote |
Chart |
News |
PowerRating) was
downgraded by Lehman Brothers to Buy from Strong Buy.
Polo Ralph Lauren
(
RL |
Quote |
Chart |
News |
PowerRating) posted Q1
earning of 30 cents a share, in line with analysts’ consensus.
Insurance carrier Aetna
(
AET |
Quote |
Chart |
News |
PowerRating)
posted a Q2 loss of 67 cents a share, missing analysts’ consensus of a loss of 20
cents a share.
Clear Channel Communications
(
CCU |
Quote |
Chart |
News |
PowerRating)
reported a loss for Q2 of 40 cents a shares and warned that it would not meet
Wall Street’s estimates for the current quarter.
Cooper Industries
(
CBE |
Quote |
Chart |
News |
PowerRating) rejected
the unsolicited $5.5 billion takeover bid by Danaher Corp
(
DHR |
Quote |
Chart |
News |
PowerRating).