Weaker Opening
Stocks appeared set to open lower
Thursday as the US dollar continues to slide against European currencies, as
fears of the state of the US economy continue to loom heavily on the market.
Credence Systems
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PowerRating) posted Q3 numbers beating estimates by a penny. However the company warned that is does
not see an increase in new orders, due to existing exorbitant capacity.
Merit Medical Systems
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announced a 5-for-4 stock split payable on August 27.
Financial services company Charles
Schwab
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Cruise line Royal Caribbean
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was upgraded by UBS Warburg from Hold to Buy.
UBS Warburg lowered its rating on
retailer Gap Inc
(
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Tiffany & Co
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net of 24 cents a share, in line with analysts’ expectations and provided earnings
guidance for Q3 to be in the range of 22 to 24 cents a share.
Comverse Technologies
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upgraded by Goldman Sachs to Recommend List from Market Outperform and gave the
company a $39 price target.
JP Morgan initiated coverage on
Electronic Arts
(
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PowerRating) with a Long Term Buy rating.
UBS Warburg downgraded retailer
Pacific Sunwear
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PSUN |
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Panera Bread
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earnings of 16 cents share, beating analysts’ consensus by a penny. The company
also raised its guidance for 2002 to $1.16.
Brocade Communications
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posted Q3 results in line with analysts’ expectations.
Apparel retailer Ann Taylor Stores
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announced that profits fell 52% for Q2. Earnings for the company came in at 22
cents a share, in line with analysts’ consensus according to a poll taken by
Thomson Financial/First Call.
Motorola
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PowerRating) and Telekom
Malaysia have signed a $145 million deal to expand network service and coverage
in Malaysia.
Rupert Murdoch’s News Corp
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warned that it expects a 30% decline in Q4 earnings. Analysts polled by Thomson
Financial/First Call were expecting 11 cents a share, down from 18 cents.
Jobless claims came in better than
expected, falling 8000 to 380,000. CPI numbers were down 0.3%, CPI Core
increased 0.2%.