Weaker Opening For The Broader Markets
Stocks appear set to open lower
Friday.
According to a report in the Wall
Street Journal, cosmetic giant Revlon
(
REV |
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PowerRating) is near an agreement to hire
former Coca-Cola
(
KO |
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PowerRating) executive Jack Stahl as the company’s new CEO.
Athletic footwear and clothing maker
Saucony
(
SCNYA |
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PowerRating) posted a Q4 loss of $1.5 million, or 25 cents a share,
excluding one-time items.
Hollywood Entertainment
(
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PowerRating)
said it plans to sell 7 million shares in a public offering next week.
Kulicke & Soffa Industries
(
KLIC |
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PowerRating)
said it is planning a shelf filing with the Securities and Exchange Commission
to sell stock and bonds in the amount of $250 million
Zales Corp
(
ZLC |
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PowerRating) reported a 7% rise
in Q2 profits. The jewelry chain posted a net income of $93 million, or $2.64 a
share, before unusual items. Earnings came in line with analysts’ consensus
according to a survey taken by Thomson Financial/First Call.
Xcel Energy
(
XEL |
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PowerRating) said it plans to
acquire through an exchange offering all of the outstanding publicly held
shares of its subsidiary NRG Energy
(
NRG |
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PowerRating). In the exchange, NRG stockholders
would receive 0.4846 share of XEL.
ABN Amro downgraded Symbol
Technologies
(
SBL |
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PowerRating) from Buy to Add after its CEO’s sudden departure and the company lowered their FY02 numbers.
J.P. Morgan lowered Dell Computer’s
(
DELL |
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PowerRating)
Q1 estimates to 17 cents a share from 18 cents a share.
Bear Stearns downgraded Gap Inc
(
GPS |
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PowerRating)
from Buy to Attractive after the company reported earnings yesterday.
Robertson Stephens upgraded SunGard
Data Systems
(
SDS |
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PowerRating) from Buy to Strong Buy citing faster internal growth and
a higher likelihood of consistent earnings.
Credit Suisse First Boston upgraded
Memory and Microcontroller stocks from Hold to Buy.