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Updated from 8:35 a.m. EDT 
 Click Here for the legal disclaimer. Change In Ratings | Stock Comments / EPS Changes | Strategy Calls / Market Calls | Economics | Meetings | View Archived StreetNotes   Seacor Smit
(CKH / NYSE)
Lehman Bros Initiating coverage with a Buy rating. We foresee a strong earnings recovery over the next 2-3 years, that will accentuate the company's leverage to the Gulf of Mexico. Cognos Incorporated
(COGN / Nasdaq)
Weisel Partners Upgrading from Market Perform to Attractive; Series 7.0 Suite improves customer's ease of integrating multiple COGN products together; Mgmt offers 1-Yr forward guidance for 1st time in 3 Q's; Est appear realistic & achievable. Corn Products Intl.
(CPO / NYSE)
Salomon Smith Barney We are initiating coverage on Corn Products with a Buy rating and a target price of $41.50/share. CPO is a global producer of corn starches and sweeteners: primarily dextrose and high fructose corn syrup (HFCS). The company has an extensive asset base that reaches every major geographic region. Entercom Communications
(ETM / NYSE)
Morgan Stanley Co. Upgrading to Overweight, with a $62 price target. Also raising EPS estimates, to match the company's new guidance. Same-station revenues are trending upward, and ETM has an excellent management team. Entercom Communications
(ETM / NYSE)
JP Morgan Chase & Co. Reiterate Long-term Buy, raising 12-month PT from $52 to $60. 1Q same station rev growth 3% again outpaced industry, beating our estimate of a flat to slightly up. Mgmt provided 2Q guid above our ests (5% rev growth vs. our 3% est) and pacings color that we believe support cont'd improvement in ad mktplace (May/Jun/Jul pacing above 5% guid). IDEX Corporation
(IEX / NYSE)
Credit Suisse First Boston Initiating coverage with a Buy rating and $45 price target. The company has a highly diversified business model, with a market-leading position for all of its brands. Internet Security Systems
(ISSX / Nasdaq)
Bear Stearns We are upgrading ISS to a Buy rating from an Attractive. We believe ISS is among the best positioned vendors to leverage a rebound in software spending given its dominant position in the IDnA market. We believe ISS should benefit in the next two years from a compelling product cycle. The company either just released or plans to release several new products including RealSecure 7.0, RealSecure Guard, Site Protector, PAM, and a wireless scanner. We believe ISS's current product road map represents the most significant product development since the company's inception.  Lifepoint Hospitals
(LPNT / Nasdaq)
Goldman Sachs We are changing our rating on the shares of Lifepoint Hospitals (LPNT) to Market Outperformer from Trading Buy, principally to reflect the stock's recent strong price performance. The shares have appreciated approximately 25% since Feb. 27. We are also raising our 12-month price target to $48 from $41. Nokia Corporation
(NOK / NYSE)
Soundview Downgrading from Strong Buy to Buy. Precision Drilling Corp.
(PDS / NYSE)
Merrill Lynch We are upgrading our intermediate-term opinion for PDS from Neutral to Buy. We are also increasing our 2002 & 2003 EPS estimates to $1.60 & $2.40 from $1.20 & $1.90, respectively. Our upgrade stems from growing indications of a near term rebound in drilling activity. We anticipate activity in Canada will precede a broader recovery in the Lower 48. Parker-Hannifin Corp.
(PH / NYSE)
Bear Stearns Downgrading to Unattractive (4) from Neutral (3). No change to estimates. Our downward rating revision is due principally to concerns over Parker's present (high) valuation, recent order weakness, eroding commercial aerospace business and relatively high exposure to automotive and housing end markets. We examined valuation on a P/E, EV/EBITDA and EV/Sales basis. All three approaches suggest that PH could trade below $40 if the market were to reassign the stock a more historical (lower) valuation, perhaps due to a reassessment toward lower profit prospects over the next two years. Pemstar
(PMTR / Nasdaq)
Lehman Bros Downgrading from Strong Buy to Buy, with a $10 price target. The company reduced its earnings expectations late Friday, due to lower utilization rates. Pemstar
(PMTR / Nasdaq)
Bear Stearns We are downgrading PEMSTAR to Neutral from Buy. PEMSTAR preannounced its Q4 results unusually late on Friday night. The company expects to report sales of $145 million versus our estimate of $155 million (or 6.5% lower) and a cash EPS net loss of between ($0.22)-($0.32) versus our cash EPS estimate of $0.07 and consensus of $0.06. Pemstar
(PMTR / Nasdaq)
JP Morgan Chase & Co. Downgrading from Long-term Buy to Market Performer due to worse than expected EPS miss. Lowering ests. PMTR pre-announced late Friday evening. Q4 eps expected to be a ($0.22)-($0.32) vs our $0.04 est. Operating loss estimated in the $0.08-$0.10, balance from write downs of A/R and inventory.  PeopleSoft Incorporated
(PSFT / Nasdaq)
Merrill Lynch We are reinstating coverage on PeopleSoft with an intermediate-term Neutral, long-term Strong Buy opinion. We expect PeopleSoft to outperform the software group in general over time as buying trends favor the larger vendors. However, we believe the next few quarters will be difficult for the technology sector as IT spending remains soft. Siebel Systems
(SEBL / Nasdaq)
Merrill Lynch We are reinstating coverage on Siebel with an int-term Neutral, long-term Strong Buy. We believe the next few quarters will be difficult for the technology sector as IT spending remains soft, and growth in general is expected to be muted due to a global macroeconomic slowdown. This will likely maintain SEBL's moderated growth.  back to top AMC Entertainment
(AEN / AMEX)
Credit Suisse First Boston Maintaining our above-consensus estimates, as the Spider-Man momentum should continue to drive traffic. Reiterate Buy rating and $18 price target. Applied Materials
(AMAT / Nasdaq)
Deutsche Banc Alex Brown We expect the company to report a strong April quarter next week, as channel checks show the company will likely exceed our revenue estimate. Expense management could also lead to 2 cents of EPS upside. Reiterate Strong Buy rating, as bookings should indicate AMAT has a big head start on the July quarter. Advanced Micro Devices
(AMD / NYSE)
JP Morgan Chase & Co. Recent channel checks revealed persistent weakness in the desktop PC market, lowering ests in INTC, AMD, NVDA. We are finding a well-stuffed channel with inventory built up in: processors, core logic, graphics, motherboard, monitors, DRAM. Anadarko Petroleum Corp.
(APC / NYSE)
Lehman Bros Trimming EPS estimate to $2.20, reflecting the company's new guidance. Maintain our below-consensus view, as we believe APC is overly optimistic about improving oil prices. Maintain Market Perform rating. On Assignment
(ASGN / Nasdaq)
Lehman Bros Raising EPS estimates to $0.74 in fiscal 2002 and $0.95 for next year, as we believe a recent acquisition will be accretive to earnings. Reiterate Buy rating. Activision
(ATVI / Nasdaq)
Deutsche Banc Alex Brown We believe the company will meet or bear March quarter estimates tomorrow. ATVI should also be a major beneficiary of the Spiderman craze, evidenced by the weekend's box office results. Reiterate Strong Buy rating and $38 price target. Activision
(ATVI / Nasdaq)
Weisel Partners Expect revenue & earnings upside tomorrow after the close; Recommend purchase ahead of near term catalysts. Allegheny Energy
(AYE / NYSE)
Lehman Bros Cutting earnings estimate to reflect the company's lower margins in the first quarter. Maintain Buy rating and $43 price target. Allegheny Energy
(AYE / NYSE)
Goldman Sachs Due to mild winter weather in Q1-which negatively impacted retail power sales/distribution revenues--we are cutting our '02 EPS estimate to $3.55 from $3.65. Our '03 EPS estimate remains $3.85 and our price target is $44/share or 11.5X '03 EPS, which implies 15% total return prospects from current levels. AYE remains on the Recommended List. Boeing Company
(BA / NYSE)
NEWS Boeing's Rocketdyne Propulsion & Power subsidiary, was awarded a $1.14 billion contract from NASA to provide maintenance and support to the space shuttle's reusable main engines for the next five years. Brocade Communications
(BRCD / Nasdaq)
Lehman Bros We believe the company can beat our quarterly revenue estimate next week, and could raise forward guidance. Maintain Market Perform rating, based solely on valuation. EchoStar Communications
(DISH / Nasdaq)
Salomon Smith Barney We believe that shares of DISH have become increasingly attractive after selling off since the company missed EBITDA estimates for the first quarter, and management indicated that full-year forecasts are likely to be too high. Delphi Automotive Systems
(DPH / NYSE)
Prudential Securities Raising estimates and price target to $17 per share. We now expect the company to earn $0.82 this year, based on increased production from GM. Maintain Hold rating. Devon Energy Corporation
(DVN / AMEX)
Morgan Stanley Co. Raising estimates and price target to $59 per share. We now expect the company to earn $3 this year, based on the company's lower expense base. Reiterate Overweight rating. Edison International
(EIX / NYSE)
Deutsche Banc Alex Brown Trimming full-year estimate to $1.75, as the company lowered forward guidance. Maintain Market Perform rating. Elan Corp. plc
(ELN / NYSE)
Deutsche Banc Alex Brown Cutting 2002 EPS estimate to $1.37, after the company's large first quarter miss. Maintain Market Perform rating, as the company's weak fundamentals do not suggest much value at these levels. Harley-Davidson
(HDI / NYSE)
NEWS Harley-Davidson approved a quarterly cash dividend of $.035 per share, payable June 21, 2002 to shareholders of record June 11, 2002, representing a 16.7 percent increase. Health Net
(HNT / NYSE)
Morgan Stanley Co. Raising estimates and price target to $34 per share, after the company's solid first quarter results. Reiterate Overweight rating, as we believe HNT will continue to post consistent gains. Intel Corporation
(INTC / Nasdaq)
JP Morgan Chase & Co. Recent channel checks revealed persistent weakness in the desktop PC market, lowering ests in INTC, AMD, NVDA. We are finding a well-stuffed channel with inventory built up in: processors, core logic, graphics, motherboard, monitors, DRAM. Lehman Brothers Holdings
(LEH / NYSE)
Morgan Stanley Co. Raising estimates, but trimming our price target to $71 per share. Our recent meeting with the company show that the company is taking market share, although overall demand for investment banking remains weak. Maintain Overweight rating, with our new full-year earnings estimate of $4.48 per share. Loral Space & Commun.
(LOR / NYSE)
Lehman Bros Reducing our price target to $5 per share, based on lower potential asset values. Maintain Strong Buy rating, based on the company's manageable liquidity situation. May Department Stores
(MAY / NYSE)
Prudential Securities Raising EPS estimates to $2.61 in fiscal 2002 and $2.91 for next year, as we believe the consolidation of some of its regional businesses will lower expenses. Reiterate Buy rating and $42 price target. Philip Morris Companies
(MO / NYSE)
Morgan Stanley Co. Raising price target to $72 per share, as we expect another dividend increase. More share repurchases should also improve earnings growth in 2003. Reiterate Overweight rating. Merck & Co.
(MRK / NYSE)
JP Morgan Chase & Co. Lowering estimates 2002 and 2003 on reduced expectations for Vioxx (from $2.9B to $2.7B in '02 and from $3.1B to $2.8B in '03) due to slower growth for the COX-2 class and lower market share ests for Vioxx. Significantly, our revised Vioxx estimates do not reflect the worst case scenario (i.e. accelerating share loss for Vioxx), which in our view could result in an additional 250bps share erosion (or $0.07 in '02E EPS). NVIDIA Corporation
(NVDA / Nasdaq)
JP Morgan Chase & Co. Recent channel checks revealed persistent weakness in the desktop PC market, lowering ests in INTC, AMD, NVDA. We are finding a well-stuffed channel with inventory built up in: processors, core logic, graphics, motherboard, monitors, DRAM. Providian Financial Corp
(PVN / NYSE)
Lehman Bros Reducing full-year earnings estimate to break-even, to reflect higher credit losses in March. Maintain Market Perform rating. Charles Schwab Corp.
(SCH / NYSE)
Morgan Stanley Co. Cutting earnings estimates to $0.36 per share in 2002 and $0.49 for next year, as we expect a slower trading environment. Maintain Underweight rating, although the valuation is beginning to look interesting again. Silicon Valley Bancshares
(SIVB / Nasdaq)
Dain Rauscher Reiterate Top Pick rating, as the company gained market share in the first quarter. Strayer Education
(STRA / Nasdaq)
Credit Suisse First Boston Raising estimates and price target to $65 per share, after the company's strong first quarter results. Maintain Buy rating, as we believe STRA's momentum can continue in future quarters. back to topJP Morgan Chase & Co. (Economics) April data is tracking the JPMorgan forecast of 4% second quarter GDP growth. Manufacturing indicators -- including the latest ISM figures -- remain consistent with JPM expectations of a 7% a.r. increase in manufacturing output this quarter. Employment data shows that firms are starting to increase hiring. The March-April rise in temp workers is a good leading indicator of faster hiring in the coming months. Strong figures on autos and housing underpin consumption. Bear Stearns (Sentiment) BULLISH SENTIMENT BACK DOWN; SPX 13%, NDX 7%, 5 DAY MA 21 AND 14%. PUT/CALLS DON'T CONFIRM AGAIN : EQUITY .76, INDEX 1.34. Lehman Bros (Strategy) Cutting our earnings estimates to $51.50 per share in 2002 and $56 for next year, after first quarter earnings came in lower than expected. Maintain 80% of our recommended allocation in stocks, as we expect an 11% return from equities in for the remainder of the year. Morgan Stanley Co. (Chip Equipment) Improving our 2002 spending estimate to a decline of 18%, due to steady upward revisions from Asian customers. We still believe the cyclical recover is underway, but would remain selective with single stocks. JP Morgan Chase & Co. (Disk Drives) Lowering our CQ2 estimates on MXO (BUY) (to $990m/$(0.23) from $1.01B/$(0.21)), WDC (Buy) (to $550m/$0.06 from $560/$0.05) and HTCH (Market Performer) based on channel checks indicating a weak desktop PC market. April demand was sluggish, component inventories have built, and IBM (IBM/$81.78/Buy) is pricing aggressively this quarter. We find valuations attractive: MXO and WDC trdg between 0.4-0.5x sales and 15-20 x earnings. MXO $10PT, WDC $9PT JP Morgan Chase & Co. (Banks) Raising 12-month PT's for BAC from $72 to $88; CFR from $39 to $46; and USB from $24 to $28 multiples expansion given increasingly pos earnings momentum. BAC looks particularly interesting. As the U.S. economy continues to stabilize, it is increasingly likely that '03 loan loss provision estimates can come down. $0.15 of upside from lower loan loss provision is quite likely ($3.0B vs $3.4B modeled currently) and is possibly much more. Our '03 EPS estimate is currently $6.35. Warburg Dillon Read (Paper) Raising Ratings on WY, BCC, TIN, IP; Growing Signs Markets Are Improving. We visited with the West Coast companies (Weyerhaeuser, Boise, Potlatch, Plum Creek and Louisiana-Pacific) last week. There are growing indications that paper markets are gaining some momentum. The tone of the markets has improved during the last 2-3 weeks. Price increases are in the offing. The April 1 uncoated free sheet price increase is now meeting with success, the April/May pulp price increase is seeing movement and spot prices in containerboard and pulp are firming. Morgan Stanley Co. (Semiconductors) Raising full-year revenue growth forecast to the low single-digits, as we see a turn in demand occuring in July. Our overall view of the group is attractive. Morgan Stanley Co. (Paper) Recent price increases by TIN and IP should stick. Inventory remains low, and this new strategy could lead to upside to our numbers. Dain Rauscher (Regional Banks) Reducing estimates for PNC, BK, STT, and MEL, to reflect weaker capital markets. Maintain Neutral stance on the group. Prudential Securities (Strategy) Reducing our recommended weighting for IT stocks to 11%, and shifting the exposure to consumer and energy stocks. We believe that technology earnings could get even worse, despite the market pricing in a recovery. Salomon Smith Barney (Telecom Equipment) Some might argue that 1Q's sharp decline must represent a spending trough, providing a base for equipment vendors to improve their performance. Our concerns about additional capex cuts, however, keep us on the sidelines relative to the optical and traditional telecom equipment companies. Merrill Lynch (Semiconductors) The Philadelphia Semiconductor Index (SOX) went through its crucial support level of 500 last week, and is now 22% off the high of 618 in mid-April. Perhaps April has become the season of irrationality for semiconductor stocks, although we hope not. The good news is that irrationality doesn't last forever. April 2001 was a great time to sell semiconductor stocks before the industry's collapse reasserted itself. April 2002, we believe, will be a great time to buy semiconductor stocks as the industry's recovery becomes increasingly apparent. Goldman Sachs (Food Retail) We are increasingly confident that the food retail sector is in the very early stages of a moderate, cyclical top-line recovery. This recovery would have positive gross margin, expense leverage, earnings, and investor psychology ramifications. Considering that valuations remain near decade-low levels, it appears that the groundwork has been laid for solid outperformance during the next 3-6 months. We continue to recommend purchase of Kroger and Safeway shares with price targets of $26 and $50, respectively, 15%-20% upside from current levels. Weisel Partners (Wireless Services) We are maintaining our overweight rating on the group but recognize that, in the short term, the larger cap names with sizable absolute EBITDA will move sooner than the marginally positive or negative EBITDA stocks. Our best idea remains STRONG BUY - rated Sprint PCS ($11.05) which trades at 10.2x times 2002e EBITDA. Credit Suisse First Boston (Airlines) We believe the recent industry sell-off has created a buying opportunity. We continue to believe CAL, DAL and AMR offer the best industry values, although further estimate reductions could limit the potential price upside. JP Morgan Chase & Co. (Retail) While April sales trends varied week to week, along with the weather, we expect most names ended the month and the quarter on to ahead of plan. We expect many names to see Q1 earnings upside. Standouts to the downside should include WMT and KSS, as their on plan results appear muted on an absolute basis compared with recent trends ? we recommend buying on weakness for LT, we find FD is an attractive value option Goldman Sachs (Integrated Oil) With the surprisingly lively first quarter 2002 earnings season in our view marking the cyclical trough for the integrated oil and R&M sector, we believe investors should take advantage of sector down days to buy our picks. There is no change to our preference for higher beta, cyclically-leveraged domestic oil and R&M shares that also exhibit superior internal growth, cost cutting/restructuring, or M&A potential. Our favorites are MUR, VLO, and UCL. Among the international majors, we would aggressively buy CVX by reducing positions in XOM and RD following CVX's strong 1Q result, which we believe shows that its merger is very much on-track. back to topNothing For Today back to topAmerican Gas Association Financial Forum (Day 2 of 3) - May 5, 2002 to May 7, 2002 Boca Raton: D , TXU , CEG , CMS , DTE , ED , KSE J.P. Morgan H&Q 30th Annual Technology Conference (Day 1 of 4) - May 6, 2002 to May 9, 2002 San Francisco, CA: JDSU , SBL , SEBL , TQNT , VRSN , VRTS , VTSS The Wall Street Analyst Forum 44th Institutional Investor Conference (Day 1 of 4) - May 6, 2002 to May 9, 2002 New York, NY: RYL , COA , BZH Luncheon Meeting with Management (LIZ MEETING) Shareholder Meeting (P MEETING) back to topTHE INFORMATION IN THESTREET NOTES HAS BEEN COMPILED FROM A VARIETY OF SOURCES. NEITHER THESTREET.COM, REALMONEY.COM NOR ANY OF THE PROVIDERS OF THE INFORMATION MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED FROM USE OF THESTREET NOTES, WHICH IS PROVIDED "AS IS" AND WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. 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