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Updated from 8:38 a.m. EST 
 Click Here for the legal disclaimer. Change In Ratings | Stock Comments / EPS Changes | Strategy Calls / Market Calls | Economics | Meetings | View Archived StreetNotes   Best Buy Company
(BBY / NYSE)
Weisel Partners Initiate w/ Buy & $102 target; Digital revolution in CE, new store prototype & continued store growth should drive growth, in our view. Circuit City Group
(CC / NYSE)
Weisel Partners Initiate w/ Mkt Perform & $20 target; Cautious due to lack of strategic & earnings visibility; Strategic initiatives have yet to stem mkt shr losses, in our view. Concord EFS
(CEFT / Nasdaq)
Piper Jaffray Beginning coverage with Strong Buy rating and $40.00 price target. The company has an appealing recurring revenue model, a strong management team, and impressive margins. We view Concord as an excellent way to play the secular growth trend of payments moving from cash and check transactions to credit card and debit transactions. Celgene Corp.
(CELG / Nasdaq)
Warburg Dillon Read Beginning coverage with Strong Buy rating and $33 price target to reflect the company's exciting technology platform in major disease categories. We project the Celgene to achieve full year profitability in 2002 with an EPS estimate of $0.16.  Colonial BancGroup
(CNB / NYSE)
Merrill Lynch Initiating coverage with a near-term Neutral and long-term Buy rating and $16 price target.  ChevronTexaco
(CVX / NYSE)
Bank of America Montgomery Downgrading from Buy to Market Performer, based on valuation. We believe any near-term merger synergies are already priced into the stock, and that fair value is closer to $86 per share. Emulex Corporation
(EMLX / Nasdaq)
Weisel Partners Upgrading from Attractive to Buy based on attractive valuation and confidence in estimates. Valuation appears very attractive following pull back. Hollywood Entertainment
(HLYW / Nasdaq)
Weisel Partners Initiate w/ Buy & $19 target; Strong capitalization positions company well for new store expansion, in our view; Believe new mgmnt team promises to drive increased profitability. ILOG S.A.
(ILOG / Nasdaq)
SG Cowen Upgrading from Neutral to Buy, with a $20 price target. IONA Technologies PLC
(IONA / Nasdaq)
SG Cowen Initiating coverage with a Strong Buy rating and $17 price target. Macromedia
(MACR / Nasdaq)
Robertson Stephens Upgrading from Market Perform to Buy to reflect strong growth in server sales driven by an new business model. In addition, we are raising our price target to $25 from $16. Mercury Computer Systems
(MRCY / Nasdaq)
NEWS The company cautioned that revenues for the third quarter are projected to be in the range of $32 million to $35 million, and diluted EPS are anticipated to be in the range of 5-12 cents per share. The Street estimate was 24 cents. The shortfall is due in part to "delays in shipments to the defense industry." Mercury Computer Systems
(MRCY / Nasdaq)
Warburg Dillon Read Downgrading to Hold from Strong Buy as we are disappointed by the company's performance in a favorable enviornment. Even with an increased focus on defense spending and homeland security, the company has not been able to generate demand for its products. In addition, shipments are being stretched out far longer than usual. We are also cutting the price target from $42 to $28. Petco
(PETC / Nasdaq)
Lehman Bros Initiating coverage with a Buy rating and $27 price target. We expect mid single-digit same-store sales growth over the next five years and 25% earnings growth. RadioShack Corporation
(RSH / NYSE)
Weisel Partners Initiate w/ Buy & $37 target; Believe shift toward "anchor" products will yield improved returns; Efficiency-enhancing initiatives promising, in our view. Scientific-Atlanta
(SFA / NYSE)
Merrill Lynch Reducing our near-term rating from Buy to Neutral. Our channel checks show that SFA will likely miss its quarter, based mainly on AOL's expectation of fewer new digital cable subscribers. Also cutting full-year estimate to $0.22 per share. Sunoco
(SUN / NYSE)
Bear Stearns We downgraded SUN to Unattractive from Neutral. We reduced our 2002 earnings estimate to $1.75 from $2.45 per share and our cash flow estimate to $6.10 from $6.80 per share. This reflects depressed margins in SUNs operating regions in January and February. In Q1 to date, we estimate average East Coast refining margins to be $1.82/bbl, 19% below Q4, and well below breakeven for most refiners. Midwest refining margins are estimated at an average $3.07/bbl, modestly positive, but 32% below Q4. USA Networks
(USAI / Nasdaq)
Piper Jaffray Initiating coverage with an Outperform rating and price target of $38. The company should be able to develop a highly profitable e-commerce platform within the next two years.  back to top Alcoa
(AA / NYSE)
Salomon Smith Barney Reducing first quarter EPS estimate from $0.28 to $0.23 and 2002 EPS estimate from $2.15 to $1.73 to reflect continuing weakness in the global economy. However, we maintain Buy rating as we believe that the company's recent investments have been overlooked. Long-term, the acquistion of Ivex should result in synergies of $75 million annually. Albertson's
(ABS / NYSE)
Lehman Bros Reducing our fiscal 2003 estimate to $2.07 per share, after the company's analyst meeting yesterday. We are now more cautious on ABS's ability to expand margins, given management's new square footage growth guidance. Maintain Market Perform rating. Alltel Corporation
(AT / NYSE)
Morgan Stanley Co. Reducing EPS estimates through 2003, to reflect the acquisition of CTL's wireless business. Maintain Overweight rating, as we believe the deal is favorable to AT's long-term prospects. Boeing Company
(BA / NYSE)
NEWS The Pentagon announced it has awarded aerospace giant Boeing a $770 million contract to build 11 MV-22 "Osprey" military helicopters. Textron's Bell Helicopter division will also be participating in the project. Baker Hughes
(BHI / NYSE)
Warburg Dillon Read Lowering EPS estimates for each quarter of 2002 and full year estimate fo $1.14 from $1.23. North American rig counts have fallen faster to a greater degree than originally anticipated. However, business should rebound in 2003 and we maintain Strong Buy rating. BMC Software
(BMC / NYSE)
Dain Rauscher Reiterate Sector Perform rating with an Average Risk and price target of $24. However, we remain cautious as the pipeline looks weak for June. CheckFree Corporation
(CKFR / Nasdaq)
Piper Jaffray Raising 2002 EPS estimate to $0.12 from $0.06 and 2003 EPS estimate to $0.50 from $0.33. The company has improved its operating efficiencies related to platform consolidation, office consolidation, and headcount reduction. Reiterate Market Perform rating. 3Com Corporation
(COMS / Nasdaq)
Morgan Stanley Co. We believe the company could miss consensus estimates on Thursday, due to softer product demand. Maintain Equal-weight rating, as the shares are trading slightly below our estimate of fair value. Cognizant Technology Sol.
(CTSH / Nasdaq)
SG Cowen Raising price target to $51 per share, based on improved visibility. 55% of 2002 target appears to have already been booked. Reiterate Buy rating. Federated Investors
(FII / NYSE)
Merrill Lynch Cutting our estimates to $1.92 per share in fiscal 2002 and $2.31 for next year, based on weaker expectations for market asset appreciation. Maintain Strong Buy rating and $45 price target. General Motors Corp.
(GM / NYSE)
Deutsche Banc Alex Brown We believe there is potential upside to our 2002 EPS estimate, following the company's upbeat analyst meeting. Maintain Underperform rating though, as we believe the company will fall well short of its mid-decade profit goal. General Motors Corp.
(GM / NYSE)
Prudential Securities We believe incentive may continue in the future, following the company's analyst meeting. Maintain Hold rating, as we believe GM faces declining market share and profit margins in the coming quarters. Goldman Sachs Group
(GS / NYSE)
Robertson Stephens Only increasing 2002 EPS estimate from $4.25 to $4.30 because asset management fees and securities services revenue should continue to experience weakness throughout the remainder of the year. Integrated Device Tech.
(IDTI / Nasdaq)
SG Cowen Raising fiscal 2003 estimate to $0.30 per share, as bookings for the current quarter look positive. Reiterate Buy rating. Intel Corporation
(INTC / Nasdaq)
Salomon Smith Barney Lowering 2002 and 2003 EPS estimates to $0.70 and $1.30 from $0.72 and $1.50, respectively. Maintain price target of $45.00. Jabil Circuit
(JBL / NYSE)
Deutsche Banc Alex Brown Raising EPS estimates to $0.43 for fiscal 2002 and $0.70 for next year, because of the company's new cost restructuring plan. JBL also beat our quarterly cash earnings estimate by $0.02. Maintain Market Peform rating, based on valuation. Jabil Circuit
(JBL / NYSE)
Bank of America Montgomery Raising fiscal 2003 estimate to $0.76 per share, based on the company's lower expected tax rate. Maintain Buy rating and $30 price target.
Jabil Circuit
(JBL / NYSE)
NEWS JBL reported second quarter earnings of 8 cents per share, versus the Street forecast of 7 cents. Last year, the company earned 21 cents. Revenue for the quarter was $822 million, compared to $1.2 billion for the same period of fiscal 2001. Looking into the third quarter, the company sees revenues in a range of $825 to $855 million, and corresponding cash earnings of between 11-13 cents. For full year 2002, the company anticipates full fiscal year revenue to be on the lower end of its guidance of $3.5 to $4.0 billion range, with cash earnings of 45-50 cents per share, versus the estimate of 45 cents. Jabil Circuit
(JBL / NYSE)
Dain Rauscher Cutting 2002 EPS estimate to $0.45 from $0.48 over concerns stemming from OEM pre-releases and lower guidance for June quarter. Jabil Circuit
(JBL / NYSE)
Prudential Securities Raising our EPS estimates, but keeping them below the company's guidance. Also reducing our price target to $21 per share, as we believe JBL is too optimistic about its earnings leverage. Maintain Hold rating. Jabil Circuit
(JBL / NYSE)
Weisel Partners We are reducing our 2002 and 2003 estimates to reflect current conditions. We are maintaining our Strong Buy rating and increasing our 6-12 month price target to $30 (from $29), which is 30x our 2003 cash EPS estimate of $1.00. Juniper Networks
(JNPR / Nasdaq)
Merrill Lynch Cutting EPS estimates through 2003, as carrier CapEx spending continues to deteriorate. Maintain long-term Strong Buy rating, as we believe management is sensibly navigating the current downturn. Jones Apparel Group
(JNY / NYSE)
Bank of America Montgomery Raising 2002 earnings estimate and price target to $42 per share. We now expect the company to earn $2.52 this year, based on improving trends in the footwear industry. Reiterate Buy rating. J.P. Morgan Chase & Co.
(JPM / NYSE)
Lehman Bros Cutting 2002 earnings estimate to $2.80 per share, based on lower profits in the trading business. Maintain Strong Buy rating, in anticipation of a future pickup in market activity. Coca-Cola Company
(KO / NYSE)
Weisel Partners Decreasing Mar Q est due to strong dollar & consolidation of lower margin bottling ops; View strategic initiatives as positive, but remain cautious on near-term outlook; Maintain Attractive rating. Paychex
(PAYX / Nasdaq)
Lehman Bros Trimming our fiscal 2002 estimate to $0.73 per share, based on new expectations for revenue growth. Maintain Buy rating, but with our new $52 price target. Paychex
(PAYX / Nasdaq)
Robertson Stephens Lowering 2002 and 2003 EPS estimates to $0.73 and $0.86 from $0.75 and $0.87, respectively. However, we reiterate Buy rating because the company demonstrated that market leadership can still translate into revenue gains even in a difficult economy. Progressive Corp.
(PGR / NYSE)
Sanford Bernstein We are raising our earnings estimates for 2002 to $8.00 from $7.25 and 2003 to $8.50 from $8.25 and have increased our target price $153 from $140. Polycom
(PLCM / Nasdaq)
Dain Rauscher Maintain Top Pick rating and $42 price target as we strongly believe that this company is undervalued and now is an excellent buying opportunity. The company's Video, Network Systems, and Voice businesses are all showing signs of growth this year. Red Hat
(RHAT / Nasdaq)
Prudential Securities Reducing estimates and price target to $6 per share. The company is seeing demand weakness across all product lines. Maintain Hold rating. Rohm and Haas Company
(ROH / NYSE)
Salomon Smith Barney Reiterate $0.38 first quarter EPS estimate and Buy rating after the company issued a very positive press release. The company has a solid cost position and strong product mix. Rohm and Haas Company
(ROH / NYSE)
Bank of America Montgomery Raising EPS estimates to $1.65 in fiscal 2002 and $1.95 for next year, after the company's first quarter earnings pre-announcement. We believe the company's full-year guidance continues to be conservative, based on improving fundamental and economic trends. Rohm and Haas Company
(ROH / NYSE)
NEWS ROH announced it expects to report first quarter operating earnings of 37-39 cents per share, ahead of the current consensus estimate of 33 cents, thanks to "a better business portfolio and product mix, along with cost reduction efforts that have been under way for nearly a year." Schlumberger
(SLB / NYSE)
Bear Stearns We reduced our 2002 EPS estimate from $1.75 to $1.65 and our 2003 EPS estimate from $2.35 to $2.15. The downturn in oilfield services in North America and pricing/margin pressure in smart cards are the reason. We expect the turnaround in oilfield services in 2003 to be moderate and to start from a lower base. SLB is holding on to a policy of minimal workforce cuts in oilfield and non-oilfield services. Schlumberger is nearing our price target of $65, but we maintain our Attractive rating for now. TriQuint Semiconductor
(TQNT / Nasdaq)
SG Cowen Cutting full-year estimate to $0.05 per share, after the company's mid-quarter update. Second quarter sales are now expected to be flat, although the wireless book-to-bill is back above 1.0. Maintain Strong Buy rating. Sabre Holdings Corp.
(TSG / NYSE)
NEWS The company announced it sees first quarter earnings rising to between 58-61 cents per share, versus the Street estimate of 50c/share, and second quarter earnings of 55-60 cents, compared with the 54-cent forecast. For the full year 2002, excluding special items, earnings are projected to be in the range of $1.93 to $2.03/share, above previous guidance of $1.80 to $1.90/share. Sabre Holdings Corp.
(TSG / NYSE)
Goldman Sachs Raising estimates on tight cost control; demand recovery on track United Auto Group
(UAG / NYSE)
NEWS UAG announced it sees first quarter earnings coming in at 35c/share, comfortably above the current 29-cent estimate, which also represents a 67% improvement from the 21 cents per share in the first quarter of 2001. For 2002, the company expects to earn at least $1.73/share Weatherford International
(WFT / NYSE)
Bear Stearns WFT's earnings are coming under further downward pressure in North America. We reduced our 2002 EPS estimate from $1.80 per share to $1.65 per share.The co.'s downhole services operations and artificial lift operations are seeing pricing erode. Expandable tubular technologies and underbalanced drilling continue to shine amid the gloom. We rate WFT an Attractive but the stock is now within 10% of our price target. XM Satellite Radio Hold.
(XMSR / Nasdaq)
Salomon Smith Barney Maintain 2S rating and $15.50 price target despite KPMG's report that the company may need to seek additional financing in the near future. We believe that the market has overreacted as this is not new information. XM Satellite Radio Hold.
(XMSR / Nasdaq)
SG Cowen Cutting estimates, but maintain Strong Buy rating after yesterday's sell-off. back to topRobertson Stephens (Satellite Radio) After conducting a channel check survey, market penetration for this sector was better than expected. Market penetration rates were 10-15% in markets where only XMSR is available and close to 20% in markets where both XMSR and SIRI are available. This is well ahead of our 3% expectations. As a result, we are increasing our 2002 after market subscriber addition numbers for the industry. Goldman Sachs (Chip Equipment) February book-to-bill of 0.87 above Goldman Sachs 0.84 estimate on overall orders of $712 million up 10% m-o-m (8% above our estimate of $660 million) and total shipments of $822 million up 3% m-o-m (5% above our estimate of $785 million). January front-end orders revised up 4% with strong February front-end order improvement off of a higher than originally estimated base. Back-end b-t-b (1.11) above 1.0 for the first time in 17 months. Expect improvement to continue in March with overall b-t-b estimated at 0.90 with orders of $745 million (up 5% m-o-m) and shipments of $825 million (flat m-o-m). Reiterate positive stance on the stocks and expect intermediate-term positive momentum to continue. Credit Suisse First Boston (Chip Equipment) February industry data came in at the high-end of our estimates. We believe our bullish cyclical recovery thesis remains intact. SALOMON SMITH BARNEY (Healthcare Distributors) From a study of the top 100 selling drugs in 2001, we noticed that the average price inflation was 6.54% for those drugs verse 4.5-5% for the overall pharmaceutical market. As a result, we have greater confidence in our esimates for ABC, CAH, and MCK and feel that gross margins will be better than expected in the next two quarters. Weisel Partners (Hardline Retail) Initiate sector w/ Mkt Weight rating; Increasingly complex new products driving growth & share gains for CE retailers; Video rental retailers benefiting from DVD & video game growth. Lehman Bros (Integrated Oil) Raising estimates for the companies in our universe, based on the expectation of higher oil prices. Market fundamentals are not improving though, and earnings momentum remains weak. Bear Stearns (Sentiment) SENTIMENT CREEPS UP AGAIN, PUT/CALL RATIOS DECLINING. SPX 72%, NDX 67%, 5 DAY MA 69 AND 63%. EQUITY P/C UNCH AT .59, SPX P/C WAY DOWN TO 1.30. Bear Stearns (Interest Rates) The FOMC left both the fed funds target rate and the discount rate unchanged at 1.75% and 1.25%, respectively. However, contrary to our expectations, the Fed switched the stance of the balance of risks statement to neutral. We would describe it as a weak neutral statement. The Fed appears to be on a faster timetable to raise interest rates than we thought and it seems more likely than not that the Fed will modestly adjust interest rates higher in 2002. However, the statement strongly suggests to us that the Fed is in no hurry to raise rates and will wait until it is clear that the strength of final demand growth is sufficient to ensure that the recovery is self sustaining. We do not expect the Fed will be able to make that assessment until well into Q302 and we expect, therefore, rates will remain on hold at least through the end of Q2. Prudential Securities (Consumer PCs) The latest weekly data shows that industry sales have rebounded sharply. This is seasonally the weakest sales period of the year though. Pricing remains relatively stable, despite GTW's aggressive actions. Maintain our cautious stance on the group, as we see few near-term catalysts. Bear Stearns (Semiconductors) The semiconductor industry recovery should grow progressively stronger during 2002 as end market demand improves in response to an economic recovery and the semiconductor supply chain is depleted. Growth is likely to be back-end loaded as end market demand will probably lag an economic recovery. Industry fundamentals are currently tracking a gradual recovery curve. We expect PC component fundamentals to be seasonally weak during the June quarter, which could cause downward pressure on the group during the next 3-4 months. Weisel Partners (Chip Equipment) Though only a forecast, we view positive order guidance by industry leaders like AMAT, KLAC, and NVLS as indicative of prevailing positive industry trends. These trends are supported by what we believe are pending upward revisions in capex budgets at leading wafer fabs/foundries. We reiterate our MARKET OVERWEIGHT rating on the sector. SEMI data provides further evidence supporting our thesis that semiconductor capital equipment sector is at the onset of a recovery. Deutsche Banc Alex Brown (Major Oils) We expect fundamentals, not just speculation, is driving oil past $25 per barrel. As a result, we believe U.S. crude stocks could see a quick drop in stock price, to last year's lows. Credit Suisse First Boston (Chip Equipment) We expect the stocks to react positively to the February book-to-bill gains. We believe earnings surprises will tend to be to the upside in future quarters. Bear Stearns (Broadcasting) We modestly increased our revenue expectations for 2002 for the broadcast TV and radio industries (see our note, "May Flowers? - Part One") because we believed there is mounting evidence that a better advertising climate is developing. We raised our radio industry revenue expectations to 3-4% for 2002 from our original 1% growth view. In television, we raised our industry outlook from 3%-4% growth to 4%-5% growth. We also raised our 2002 estimates for the TV and radio broadcasters that we cover, although modestly. Lehman Bros (Chip Equipment) We remain cautious on the sector, although there was another sequential increase in business during February. At this pace however, we do not expect the group to significant recover by the second half of this year, as most investors expect. back to topOscillator: 3.8 8:30am Housing Starts (Feb) 1635K 2:00pm Monthly Budget Statement (Feb) -$75.0B back to topLuncheon with CFO (FLM MEETING) Meeting with Management (UVN MEETING) Field Trip (AET MEETING) Management Presentation (OVER MEETING) Annual Shareholders Meeting (MKC MEETING) Shareholder Meeting (CPQ HWP MEETING) CSFB Global Services Growth Conference: APOL, PAYX, KFY, EDS, SDS Merrill Lynch Global Branded Consumer Product Conference: CL, NWL, YUM Merrill Lynch Chemicals Conference: ROH, LYO, EMN back to topTHE INFORMATION IN THESTREET NOTES HAS BEEN COMPILED FROM A VARIETY OF SOURCES. 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