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Old 12-22-2003, 10:20 AM
jjgold jjgold is offline
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Default Stock Reports Monday

07:19 ET Boeing: Korean Air to buy nine Boeing 777s aircraft worth US$1.5 bln (BA) 41.48:
07:17 ET KB Toys woes could affect suppliers -- WSJ :
The Wall St Journal reports that privately held KB Toys is in distress. After days of rumors, the toy retailer confirmed it has held off making its December payment to its suppliers because of slack sales. The co also said it is assessing its cash position and prospects for the coming year, prompting some analysts to predict a retrenchment and store closings. Hasbro (HAS 21.13) and Mattel (MAT 19.42) are named as suppliers in the article.

07:17 ET Ford Motor to take charges, raises guidance (F) 15.24: Company issues in line preannouncement for Y03 (Dec), raises EPS guidance from $0.95-1.05 to $1.05-1.10, Reuters consensus $1.05. Ford also announces it has inked new agreements with Visteon (VC) that "improve competitiveness of both companies". VC is Ford's largest supplier and former subsidiary. F will take Q4 largely non-cash, pre-tax charge of $1.6 bln to reflect transfer from Visteon of certain post-retirement health care and life insurance benefit liabilities. Company will also take Q4 non-cash restructuring charge of $150 mln for disposition of non-core businesses.
07:16 ET Biosite Triage BNP Test approved for usage on BEC platforms (BSTE) 25.00: Company announces it has initiated shipments of the Triage B-type natriuretic peptide (BNP) Test for Beckman Coulter Immunoassay Systems in Europe within six months of announcing its agreement with BEC. Co plans to launch the product in the U.S. in Q104.
07:15 ET Dept of Homeland Security yesterday raised Terror Alert to Orange from Yellow : CNN reports that Homeland Security Secretary Tom Ridge warned Sunday of possible terrorist strikes more devastating than the al Qaeda attacks of September 11, 2001. He said the move was the result of a "substantial increase" in the volume of intelligence pointing to "near-term attacks that could either rival or exceed what we experienced on September 11." Under an orange alert, the Department of Homeland Security urges increasing security at public events and restricting access to facilities that could be targeted.
07:14 ET UTEK upgraded at Merrill Lynch 27.45: Merrill Lynch upgrades Ultratech Stepper to Buy from Neutral; firm says UTEK is the leading supplier of lithography equipment to the fast emerging mkt for "bumping" for semi flip-chip packaging, and the co has pioneered a new technology that has potential to solve several advanced IC technology problems; also, although UTEK announced that an order pushout from Q4 will cause an earnings shortfall, firm says orders have accelerated, increasing 2004 visibility. Target is $38.
07:12 ET Taiwan Semi mentioned favorably in Barron's (TSM) 9.90: Barron's article highlights TSMC, which has weathered the collapse associated with the Internet and telecom bubbles. The co now appears to be benefiting as the global economy heals and tech spending is snapping back. However, the stock is trading at a lofty 26x earnings and 4.2x book. The co's chairman Morris Chang is upbeat about its prospects given capacity utilization is likely to stay high, so long as prices are competitive. In addition, he's pleased with the co's 12-inch fabs and its ordering equipment. Chang also states "If you achieve 20% ROE for three years, for two to three years, it's attractive. It's been growing rapidly. And five to six times book is not inconceivable", which suggests Taiwan Semiconductor could move up by at least 18% from its current level and perhaps by as much as 42%. The article notes as the stock approaches those levels, the wise investor might do well to keep his eye on the exit. Analysts, on average, expect TSMC to earn NT$2.32 a share this year, and NT$3.49 a share in '04, exceeding the peak earnings of NT$3.43 set in 2000.
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Old 12-22-2003, 12:01 PM
jjgold jjgold is offline
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08:57 ET MMM estimates, target raised at BofA 84.07: Banc of America reiterates their Buy rating on 3M Company, raises their Q4 and 2004 ests above consensus, and raises their target to $100 from $90; firm cites higher Optical Systems Division sales and margins, improving US industrial production, forex tailwinds, and accelerating sales growth in Asia (particularly China).
08:55 ET S&P futures vs fair value: -2.8. Nasdaq futures vs fair value: -5.0. The futures market climbs a bit higher, but continues to point to a slightly lower open for the cash market. There are no earnings or economic news of note today, but the announcement of the Terror Alert being raised to Orange from Yellow over the weekend is pressuring the market. The bond market is higher with the 10-year note up 5/32, bringing its yield down to 4.11%, which is a new low for the March contract.
08:53 ET GNSS upgraded at CE Unterberg 16.59: CE Unterberg upgrades Genesis Microchip to Short-Term Buy from Mkt Perform; although Trident continues to remain their top idea in the Digital TV segment due to its faster growth rates, pure play nature, higher earnings leverage, leading integration/price performance, and its China presence, firm believes that GNSS will also equally benefit in 2004 given the rapid growth in the LCD TV mkt, and as such they see a short-term trading opportunity going into the New Year. Target is $21.
08:51 ET STJ: Epic HF filing should lift stock -- Fulcrum 60.05: Fulcrum believes that St Jude Medical filing of its closely watched PMA application for the Epic HF (heart failure) device is a positive catalyst for the stock, and firm would expect the shares to trade up today.
08:46 ET AV upgraded at JMP Securites; target raised to $20 11.40: JMP Securites upgrades Avaya to Strong Buy from Market Outperform as all signs point toward a double-digit growth in IT spending for 2004. The firm also raises its target to $20 from $16. This target is based on Avaya trading at 30x the firm's CY05estimate range of $0.60-$0.80. At $20, the forward P/S would be 2.0x the firm's CY04 sales estimate, in-line with the current trailing P/S. Also, the stock trades at a 10% discount to the S&P 500 while the firm believes the co will grow earnings faster than the index.
08:44 ET ABM upgraded at Lehman 16.54: Lehman upgrades ABM Industries to Overweight from Equal-Weight and raises their target to $21.50 from $17; firm says checks indicate that for the first time since 2000 the co is now accelerating in nearly all (if not all) of its 7 divisions, which includes the co's second largest division, Ampco System Parking, which has been a particularly poor performer over the last two years but is now beginning to realize improved performance as leisure travel begins to rebound.
08:43 ET Gold Oil and Dollar Summary : The start of a shortened holiday week had the Dollar making another record low against the Euro (1.2440) this morning. Positive economic numbers (GDP and Durable Goods) are expected to be reported this week, however concerns about a growing US account deficit and a heightened security alert are adding more pressure to the greenback...Gold trades higher near $410.55 an ounce as it acts as a "safe-haven" against a falling dollar...Oil prices (33.02 a barrel) extend Friday's loss this morning as profit-taking and reports of warmer temperatures for this week are expected. Recent attacks on oil facilities in Iraq have had little effect on the price of oil as little damage to their operating processes is reported.
08:40 ET Barron's positive on Honeywell valuations (HON) 31.82: Barron's suggests Honeywell looks attractive despite the co warning by the CFO suggesting the '04 pension hit to profits would be smack in the middle at 30 cents. As a result, the shares dipped 1% Tuesday to $30.49 after the warning. According the article, the market overreacted when considering the company's long-term prospects have not changed. Trading at 20.8x '04 earnings estimates, Barron's suggests the shares are still pretty inexpensive compared with other multi-industry giants.
08:35 ET INAMED Corp: FDA dismisses two citizen petitions seeking delay of Silicone Gel Breast Implant PMA (IMDC) 47.36: Co has learned that the U.S. FDA denied two citizen's petitions seeking to delay the FDA's review of the Co's silicone gel-filled breast implant pre-market approval (PMA) application. The FDA denied both petitions on procedural grounds and this action has no bearing on its review and ultimate decision regarding the PMA. "While we have not yet heard from the FDA on our PMA, it is our expectation that the review process will finish its current phase in the next few weeks," said Nick Teti, Chairman, CFO and President of Inamed.
08:33 ET Ligand Pharma expands R&D pact with TAP, to receive up to $44 mln in funding/milestones (LGND) 14.75: Co and TAP Pharmaceutical Products Inc. announce they will extend for one year their research collaboration focused on the discovery and development of selective androgen receptor modulators (SARMs). SARMs contribute to the prevention and treatment of certain diseases, including male and female sexual dysfunction, male and female osteoporosis, frailty, and male hypogonadism.
08:32 ET CompuDyne to be key supplier for Air Force IBDSS program (CDCY) 9.20: Co announces that its fiber optic security systems subsidiary, Fiber SenSys, will supply perimeter security systems for the U.S. Air Force's Integrated Base Defense Security System (IBDSS). Encompassing a total of 108 Air Force bases, this program to upgrade overall security capability, represents a significant opportunity for the company. Deployment of the Fiber Defender system on one of the first bases to be upgraded is scheduled for the Q1 of 2004.
08:31 ET Stryker receives subpoena (SYK) 83.32: Co announces that its subsidiary, Physiotherapy Associates, Inc., and Stryker have received a subpoena from the U.S. Attorney's Office in Boston, in connection with a Dept of Justice investigation of Physiotherapy Associates' billing and coding practices. Physiotherapy Associates provides physical, occupational, and speech therapy services to patients through apprx 370 outpatient centers in the U.S., and represented 7% of Stryker's net sales for the year ended 12/31/02 and 6% of Stryker's net sales for the nine months ended 9/30/03. Co is fully cooperating with the Dept of Justice regarding this matter
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Old 12-22-2003, 02:49 PM
jjgold jjgold is offline
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11:30 ET Dow -1, Nasdaq -8, S&P -1.43: [BRIEFING.COM] The market has weakened since the last update, with the S&P 500 and the Dow joining the Nasdaq in negative territory... Today's trade has been choppy, but the major averages have stuck to relatively tight trading ranges through most of the session... Nevertheless, it wouldn't be surprising to see greater volatility considering the expected limited market participation this week... Although little changed so far, the bulk of the sectors are in the red now, with laggards of note including the airline, oil & gas services, drug retail, electronic manufacturing services, and biotech sectors... Among the leaders to the upside are the aluminum, railroad, healthcare facilities, and auto manufacturing sectors... The latter is higher after Ford (F 16.05 +0.81) raised its FY03 EPS guidance of $0.95-1.05 to $1.05-1.10 (Reuters Research consensus is $1.05)... Please see the Earnings Briefing for more details... NYSE Adv/Dec 1666/1352... Nasdaq Adv/Dec 1256/1671.

11:00 ET Dow +15, Nasdaq -2, S&P +0.81: [BRIEFING.COM] Mostly sideways for the blue-chip averages, while the Nasdaq has weakened into negative territory... Losses and gains, alike, remain only mild and the bulk of the sectors are little changed... The divergent trade of the blue-chip averages versus the Nasdaq is consistent with the trend observed through most of December in which a rotations has favored value plays over momentum stocks... Accordingly, while the Nasdaq remains the top year-to-date performer with gains of 46%, the tech composite has lagged the Dow and the S&P 500 on a relative basis over the past roughly 3 weeks... Currently, breadth figures are mixed with advancers outpacing decliners on the NYSE, but the opposite being true on the Nasdaq... Up volume is leading down volume on both exchanges and the number of new 52-week highs versus new lows is favorable, with 232 and 109 on the NYSE and the Nasdaq, respectively, versus only 1 new low on each of the exchanges... NYSE Adv/Dec 1709/1265... Nasdaq Adv/Dec 1331/1533.

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