Weaker Opening
Stocks appear set to open lower
Monday after a long holiday weekend.
Onyx Software
(
ONXS |
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PowerRating) warned that
Q1 revenues will be approximately $14 million vs. the Multex consensus of $17.6
million.
Pharmaceutical Resources
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PRX |
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PowerRating)
reported Q4 net of 50 cents a share, in line with analysts’ estimates and
outpacing earnings from a year ago of 1 cent. Revenues rose to $88.1 million, a
271% increase.
Prudential Securities downgraded Ford
Motor
(
F |
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PowerRating) from Hold to Sell and lowered its estimates on the motor giant for
2002-2003. The firm also lowered its price target from $16 to $12 based on
F-Series concerns.
RSA Security
(
RSAS |
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PowerRating) warned for Q1,
saying they see a loss from operations coming in the range of 8 cents to 11 cents.
Consensus was for the company to earn 3 cents a share.
Banc of America upgraded some
communication equipment sellers. Ciena
(
CIEN |
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PowerRating),
Cisco
(
CSCO |
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PowerRating), Juniper
(
JNPR |
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PowerRating)
and ONI Systems
(
ONIS |
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PowerRating) from Buy to Strong Buy, while
Nortel Networks
(
NT |
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PowerRating),
Lucent
(
LU |
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PowerRating), Telabs
(
TLAB |
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PowerRating) and
Advance Fiber Communications
(
AFCI |
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PowerRating)
were raised from Market Perform to Buy.
Wal-Mart
(
WMT |
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PowerRating) was downgraded by
UBS Warburg from Strong Buy to Buy due to the belief that the run-up will most
likely slow down.
Toys R Us
(
TOY |
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PowerRating) was downgraded by
Merrill Lynch to Neutral from Buy citing limited top-line catalysts.
Morgan Stanley said it sees further
upside for Yahoo!
(
YHOO |
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PowerRating) based on the
firm’s belief that the company’s
revenue growth could lead to an increase in earnings and cash flow growth.
DB Alex Brown upgraded Emmis
Communications
(
EMMS |
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PowerRating) from Buy to Strong Buy after a four-million-share equity
offering.
Credit Suisse First Boston downgraded
Nokia
(
NOK |
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PowerRating) from Strong Buy to Buy and put a price target of $26 on the
company.