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Old 12-03-2003, 10:06 AM
jjgold jjgold is offline
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Default Stock Reports Wednesday

07:11 ET SanDisk and Toshiba to build wafer fab facility (SNDK) 78.21: Co and Toshiba announce that they intend to cooperate in the construction of a new 300-mm wafer fabrication facility at Toshiba's Yokkaichi operations in order to meet growing demand for NAND flash memory. The move is expected to allow mass production in the new facility to be advanced to the second half of Toshiba's FY2005 from the originally planned FY2006.
07:04 ET Motorola reaffirms Q4 guidance in line with consensus (MOT) 14.05: Reuters reports that company reaffirms Q4 guidance, still sees EPS of $0.11-0.15 (before one-time items), vs the Reuters Research consensus of $0.13, and revenues of $7.5-7.8 bln vs an estimate of $7.71 bln. According to company President and COO Mike Zafirovski at the CSFB conference, "based on two months of results, we are comfortable that this is the appropriate guidance for Motorola for the fourth quarter."
07:01 ET Fairchild Semi raises Q4 revenue outlook (FCS) 26.10: Co announces that order rates continue to be strong across all end markets and Q4 revenues are now expected to be 8-10% higher sequentially. Fairchild previously guided 6-8% sequential revenue growth. "Bookings continued to be brisk through October and November, which raised our 13-week backlog significantly higher than our third quarter ending position... The increase in backlog is driven both by higher end market demand as well as customers giving us greater visibility into their requirements to ensure component availability. Our turns orders, which book and ship within the same quarter, have also been better than expected. Inventories in the distribution channel appear to have continued to drain, dropping to less than 10 weeks supply on hand as of the end of October, due to the combination of strong resales and longer lead times." Co to report Q4 results on Jan 15.
07:00 ET Early Research Calls : Morgan Stanley downgrading HRB to Equal-Weight from Overweight... Piper Jaffray cutting CHS to Mkt Perform from Outperform... Deutsche Bank upgrading ADCT to Buy from Hold... Lehman downgrading CTL and CTCO to Equal Weight from Overweight... JP Morgan upgrading CMCSK to Overweight from Neutral and RHB to Overweight from Underweight, also downgrading GCOR to Neutral from Overweight... UBS downgrading GSF to Neutral from Buy, while upgrading GT to Neutral from Reduce... Smith Barney downgrading CSE to Hold from Buy, but raising tgt to $27 from $22... RBC out with a positive note on LRCX, raising tgt to $40 from $31... CSFB ups BOL to Neutral from Underperform.
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Old 12-03-2003, 11:28 AM
jjgold jjgold is offline
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08:20 ET: [BRIEFING.COM] S&P futures vs fair value: +3.2. Nasdaq futures vs fair value: +7.0. The revised reading for the Q3 Productivity report will be released at 8:30 ET. As with the preliminary report, the GDP data released prior to the productivity data provide a clear indication of the direction of the productivity revision, which is expected to be to the upside. Specifically, the market forecasts a reading of 9.2% versus the prior reading of 8.1% and the Briefing.com consensus of 9.5%.

08:00 ET: [BRIEFING.COM] S&P futures vs fair value: +2.9. Nasdaq futures vs fair value: +7.0. The futures market is higher on the heels of yesterday's lackluster session and in conjunction with the European bourses, where the DAX, CAC, and FTSE are up +0.9%, +0.7%, and +0.1%, respectively. Contributing to the favorable bias are upgrades of PSFT and ORCL at UBS, as well as FCS raising its Q4 revenue outlook.

06:47 ET: [BRIEFING.COM] S&P futures vs fair value: +2.0. Nasdaq futures vs fair value: +4.0.

06:46 ET: [BRIEFING.COM] FTSE...4391.20...+12.30...+0.3%. DAX...38.22.97...+13.71...+0.4%.

06:46 ET: [BRIEFING.COM] Nikkei...10326.39...-83.76...-0.8%. Hang Seng...12361.18...-51.05...-0.4%.

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Old 12-03-2003, 02:29 PM
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11:30 ET Dow +62, Nasdaq +13, S&P +4.93: [BRIEFING.COM] Dips continue to be used as buying opportunities and the major averages are back to their session highs... The Dow, which started the session nearly unchanged, is now outperforming the S&P 500 on a relative basis... Among the top performers in the Dow are General Motors (GM 45.60 +2.32), Merck (MRK 43.58 +1.08), and Caterpillar (CAT 76.26 +0.68)... GM is in the news after The Wall Street Journal reported that General Motors Acceptance Corp, the company's financing arm, has decided not to sell one of the units... MRK, for its part, announced this morning it now sees FY04 EPS of $3.11-3.17 (including the effect of restructuring charges) versus the Reuters Research consensus of $3.18 and FY03 EPS at the lower end of $2.90-2.95 range versus the consensus of $2.97... For more details regarding the guidance, please see Briefing.com's Earnings Briefing... NYSE Adv/Dec 1771/1226... Nasdaq Adv/Dec 1542/1367.

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Old 12-03-2003, 03:25 PM
jjgold jjgold is offline
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12:00 ET Dow +79, Nasdaq +16, S&P +6.77: [BRIEFING.COM] With newsflow on the light side of things, the market used yesterday's mild dip as a buying opportunity, with the major averages retracing the entirety of the pullback and then some in today's session... The advance is reflective of the underlying bullish trend for stocks and has catapulted the Dow, S&P 500, and Nasdaq to new 52-week highs... The favorable bias has been supported by economic data, including the revised Q3 Productivity report at 9.4% (consensus 9.2%) and the ISM Services report at 60.1 (consensus 64.0)... Although below the consensus, the ISM Services report was very strong and supportive of a Q4 GDP reading of 4% or above... The bulk of the sectors are trading in positive territory, with leaders to the upside including the networking, semiconductor, software, telecommunications, drug, transportation, and broker/dealer sectors... Groups in the red include the gold, oil services, internet and hardware sectors... The Nasdaq has spent the bulk of the session outperforming its blue-chip counterparts on a relative basis due to the resilient technology sectors... Contributing to the positive sentiment are upgrades of Peoplesoft (PSFT 21.71 +0.63) and Oracle (ORCL 12.94 +0.54) to Buy from Neutral at UBS, saying the gradually improving IT spending environment favors the companies... Elsewhere, the bond market is volatile, with the 10-year note currently little changed at -2/32, bringing its yield up to 4.39%... NYSE Adv/Dec 1915/1146... Nasdaq Adv/Dec 1743/1232.

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Old 12-03-2003, 09:38 PM
jjgold jjgold is offline
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Close: Today's session had something to offer to both the bulls and the bears out there... Specifically, the bulk of the session was spent with the major averages climbing on a trek of fresh session and 52-week highs... The bullish bias was largely a rebound effort from yesterday's lackluster session and was supported by strong economic data, including the revised Q3 Productivity at 9.4% (consensus 9.2%) and the ISM Services report at 60.1 (consensus 64.0)... While the ISM Services report was worse than expected, it was very strong and supportive of a Q4 GDP reading of 4% or above...
Although the major averages looked like they were going to close at new 52-week highs, buying interest was stymied after the Nasdaq breached the psychologically important level of 2000 for the first time since 1/15/02, but failed to surpass it in a meaningful fashion... Accordingly, with an hour of trading remaining, the Nasdaq spearheaded the market's retreat, dipping into the red and closing the session down 1% after having been higher by 1.1% earlier in the day...

The Dow and the S&P 500 joined the tech-composite in its reversal, with the S&P 500 closing the session with mild losses and the Dow holding on to only a small portion of its earlier gains... While the volume on the NYSE was nothing to talk about, the volume on the Nasdaq was the heaviest it's been in several weeks, with 2.2 bln shares traded... Another unusual factor was the fact that the small- and mid-cap averages underperformed their large-cap counterparts on a relative basis for the entirety of the session, which was different from the recent trend, which has seen the small- and mid-cap averages outperforming the major averages on a relative basis...
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