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Old 12-05-2003, 09:58 AM
jjgold jjgold is offline
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Default Stock Report Friday

07:05 ET Early Research Calls : Piper Jaffray downgrades ADBE to Outperform from Strong Buy... JP Morgan upgrading TRI to Overweight from Neutral; also upgrading ACE to Neutral from Underweight... Smith Barney upgrading BG to Buy from Hold... SG Cowen upgrades RMD to Strong Buy from Mkt Perform... Lehman calling FCX their top pick in metals, also continuing to find attraction in pair trades that are long FCX and short either ABX or NEM... Wachovia downgrades HRL to Mkt Perform from Outperform and initiates coverage on CGNX with Outperform and $32-$39 valuation range... First Albany downgrading ANF to Neutral from Buy.
07:00 ET Computer Prgms & Syst could be poised for upside -- B-Week (CPSI) 18.92: BusinessWeek Online highlights CPSI, which designs information systems for rural hospitals. Yet some pros think CPSI will get a boost from the recent $400 billion Medicare bill. According to Joel Ray from Wachovia Securities the new law is set to raise reimbursements to rural hospitals by an estimated $25 bln over 10 years. Dennison Veru of Palisades Capital Management notes that 500 small hospitals (fewer than 300 beds) in 45 states use CPSI to manage patient-care, clinical, and financial data. Among America's total of 4,900 rural hospitals, 80% are this small. Given Medicare's cash infusion, many of these hospitals will now have funds to install CPSI gear to cut costs. In addition, analysts haven't adjusted their numbers to include the impact from the new bill. Veru believes the shares are likely to hit $30 in a year.
06:56 ET Qualcomm: TI and STMicro launch new CDMA drive against Qualcomm -- Reuters (QCOM) 49.10: Reuters reports that Chipmakers Texas Instruments (TXN) and STMicroelectronics (STM) said on Friday they plan to grab market share from Qualcomm Inc. with their new chipset expected in cell phones during next year's holiday season. TXN, the top supplier of microchips for cell phones, and STMicro, Europe's biggest chipmaker, said their new cdma2000 1X product will greatly enhance what high-end mobile devices do, and will let the two companies better compete with Qualcomm, the leading developer of Code Division Multiple Access (CDMA) technology for wireless devices.
06:48 ET European Summary : European markets showing moderate losses with technology stocks leading the way. STMicroelectronics (STM), Europe's largest semiconductor maker, trading down 1.6 percent after somewhat disappointing outlook from top chip firm Intel Corp (INTC) overnight. Nokia (NOK), the world's biggest mobile-phone maker, down around 1 percent after a study showed its share of the Western European mobile- phone market dropped to 42 percent from 51 percent in the third quarter. Deutsche Bank (DB) rose one percent after an investor newsletter reported the company was looking at splitting into a corporate and retail bank and an investment bank, prompting further talk of consolidation in the German banking industry. The dollar recovered its poise ahead of a key U.S. jobs report , winning some respite after being beaten to record lows against the euro for five consecutive days, Reuters reporting... UK -0.42%, France -0.68%, Germany -0.46%.
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Old 12-05-2003, 09:22 PM
jjgold jjgold is offline
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Close: Investors turned their nose at Intel's (INTC 32.13 -1.41) revised Q4 (Dec) guidance and the November employment report, and instead took the major indices progressively lower throughout the course of the day... The jobs report wasn't necessarily bad - the unemployment rate dipped to 5.9% (consensus of 6.0%) and the average work week rose to 33.9 hours (consensus of 33.8) - it was just the negative headline buzz associated with the weaker than expected nonfarm payrolls numbers that put a damper on things...
Payroll gains were limited to 57K versus the consensus of 150K, and the past two months' figures were revised downwards by 15K... Briefing.com, though, believes the employment report was encouraging, and indicative of improvement in the labor market with four consecutive months of job growth... Nonetheless, the news wasn't strong enough to support another run in the stock market, and Intel's failure to raise its Q4 revenue forecast above that of the consensus estimate was another overhang on equities... The semiconductor group was one of the session's biggest losers, and found company in other technology sectors such as computer hardware and networking...

As for the blue chips, airline and retail were the largest laggards... Elsewhere, the treasury market flew higher thanks to the slump in stocks and the slower rate of nonfarm payrolls growth, with the 10-year note spiking 39 ticks and bringing its yield to 4.22%...
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