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Change In Ratings | Stock Comments / EPS Changes | Strategy Calls / Market Calls | Economics | Meetings | View Archived StreetNotes

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Adobe Systems (ADBE / Nasdaq)
Weisel Partners
Upgrading from Market Perform to Attractive; High quality core holding pending improvement in market conditions, in our view.

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Agile Software Corp. (AGIL / Nasdaq)
Deutsche Banc Alex Brown
Lowering fiscal 2002 loss estimate to $0.45 per share, to meet the company's new guidance. The company has a strong balance sheet, but visibility remains poor. Maintain Buy rating.

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Agile Software Corp. (AGIL / Nasdaq)
Piper Jaffray
Downgrade from Buy to Neutral due to valuation. Reports solid quarter beating estimates; Large deals and aggressive expense control drive upside; Downside is dramatically higher, reliance on large deals.

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American Power Conversion (APCC / Nasdaq)
Goldman Sachs
Initiating coverage with an Market outperform and $18 price target. Leader in the $6 billion global UPS market. Retains market share in a difficult environment. Strong balance sheet; ample cash; no debt. Lower revenues near-term. Should continue to generate profits and free cash flow.

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Bed Bath & Beyond (BBBY / Nasdaq)
Smith Barney Shearson
Initiating coverage with an Outperform rating and $36 target. 2002 EPS estimates $0.72; 2003 $0.88. Forecasted sales growth of 20% in 2001, and 19% in 2002. Confidence based on consistent historical performance, extensive merchandise offerings.

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Best Buy Company (BBY / NYSE)
Smith Barney Shearson
Initiating coverage Buy rating and $90 target. 2001 EPS est. $2.22, 2002 $2.70. Capacity to drive sales and expand already high operating margins. Near-term estimates may be at risk due to deteriorating consumer spending.

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Best Buy Company (BBY / NYSE)
Robertson Stephens
Reiterating Buy Heading Into Holiday Season. Target $75. Estimates increased; 2001 $2.27 up from $2.13; 2003 $2.62 up from $2.40. Continues to perform well and gain share. Worst case outlook no longer appropriate.

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Borders Group (BGP / NYSE)
Smith Barney Shearson
Initiating coverage Outperform rating and $20 target. 2001 EPS est. $1.20, 2002 $1.41. Operating margin and sales growth may sustain modest price outperformance; falls short on strength.

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Barnes & Noble (BKS / NYSE)
Smith Barney Shearson
Initiating coverage Buy rating and $40 target. 2001 EPS est. $1.11, 2002 $1.70. Exhibits only some robust sales growth and operating margin characteristics but attractive valuation compensates. Near-term estimates down due to a sales shortfall stemming from the weak economy and the terrorist attacks.

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Bank of New York Co. (BK / NYSE)
Robertson Stephens
We are initiating coverage with a Neutral rating.

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Cable & Wireless (CW.L / Nasdaq)
Bear Stearns
downgrading from Attractive to Neutral on valuation. The results have not provided us with an opportunity to upgrade our forecasts, and we continue to remain concerned for the second half outlook.

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Circuit City Group (CC / NYSE)
Smith Barney Shearson
Initiating coverage Neutral rating and $17 target. 2001 EPS est. $0.77, 2002 $0.92. Business model remains under pressure. Limited participation in economic recovery due to: no presence in appliances; questionable effectiveness of store remodels; competitive pressure from Best Buy.

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Comverse Technology (CMVT / Nasdaq)
Credit Suisse First Boston
Upgrading from Hold to Buy, with a $30 price target. We believe the fundamentals have bottomed out, and that the return of contract momentum will be a positive catalyst for the shares.

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Dynegy (DYN / NYSE)
Prudential Securities
Downgrading to Hold from Buy, and expect the stock to trade in the mid-toupper 40s range until the merger becomes more concrete. Upside potential of the merger, is largely reflected in the stock, and at its current price, looks fairly valued.

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Enersis S.A. (ENI / NYSE)
Bear Stearns
Downgrading to Attractive in View of Valuation and HighEnergy Losses; Reducing Target Price to $15.21

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E*Trade Group (ET / NYSE)
Warburg Dillon Read
Downgrading from Buy to Hold. There are no major catalysts down the road to send the stock much higher from here.

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Forest Laboratories (FRX / NYSE)
Warburg Dillon Read
Upgrading from Buy to Strong Buy, with a $90 price target. We believe the recent decline in the stock has presented a prime buying opportunity in this fast-growing drug company.

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Genentech (DNA / NYSE)
Prudential Securities
Initiating coverage with a hold rating and a $60 price target.

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Goldman Sachs Group (GS / NYSE)
Warburg Dillon Read
Downgrading from Buy to Hold. We believe the shares have run ahead of fundamentals.

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Home Depot (HD / NYSE)
Smith Barney Shearson
Initiating coverage Buy rating and $60 target. 2001 EPS est. $1.27, 2002 $1.50. Capacity to drive sales and expand already high margins. Near-term estimates may be at risk due to deteriorating consumer spending.

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Kindred Healthcare (KIND / OTC)
Goldman Sachs
Initiating coverage at Market Outperformer, $58 target. Long-term care services. Fixed operating cost. Increasing demand. Growth can be aided through acquistions.

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Lehman Brothers Holdings (LEH / NYSE)
Warburg Dillon Read
Downgrading from Buy to Hold. We believe there is more downside risk to our current EPS estimates.

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Lehman Brothers Holdings (LEH / NYSE)
Bear Stearns
We are lowering our 4Q01 estimate for Lehman Brothers from $1.04 to $0.70 per share. There are three main take-a-ways from the 4Q01 estimate change: September hurt; October and November are normalizing; and we still expect longer-term relative outperformance. Maintain our FY02 estimate of $5.65 per share intact.

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Lowe's Companies (LOW / NYSE)
Smith Barney Shearson
Initiating coverage Buy rating and $55 target. 2001 EPS est. $1.21, 2002 $1.48. Capacity to drive sales and expand already high operating margins. Near-term estimates may be at risk due to deteriorating consumer spending.

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Macromedia (MACR / Nasdaq)
Warburg Dillon Read
Downgrading from Buy to Hold, based on valuation.

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Merrill Lynch & Co. (MER / NYSE)
Warburg Dillon Read
Downgrading from Buy to Hold, based on valuation.

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Morgan Stanley (MWD / NYSE)
Warburg Dillon Read
Downgrading from Buy to Hold. We believe the stock is beginning to look expensive, given the prospects of a more gradual recovery.

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Newmont Mining Corp. (NEM / NYSE)
Morgan Stanley Co.
Upgrading from Neutral to Outperform, with a $25 price target. The company has proposed to merge with two other firms, creating the world largest gold company, and we really like the strategy.

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Office Depot (ODP / NYSE)
Smith Barney Shearson
Initiating coverage Buy rating and $20 target. 2001 EPS est. $0.70, 2002 $0.86. A turnaround and a growth story. Operating enhancement initiatives helped more than double off its lows this year. Positioned well for sales rebound. Near-term estimates may be at risk due to deteriorating consumer spending.

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RadioShack Corporation (RSH / NYSE)
Smith Barney Shearson
Initiating coverage Outperform rating and $35 target. 2001 EPS est. $1.50, 2002 $1.70. High operating margin; falls short on sales growth. Near-term estimates may be at risk due to deteriorating consumer spending. Any sell-off based on missed earnings would be short-lived.

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Charles Schwab Corp. (SCH / NYSE)
Warburg Dillon Read
Downgrading from Buy to Hold. We believe the stock has overreacted to one positive month of robust retail trading activity.

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Saks (SKS / NYSE)
Bank of America Montgomery
Initiating coverage with a Buy rating and $12 price target. Despite some bankruptcy speculation, the risk/reward is very enticing here.

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Staples (SPLS / Nasdaq)
Smith Barney Shearson
Initiating coverage Buy rating and $25 target. 2001 EPS est. $0.62, 2002 $0.77. Strong sales growth and operating margin. Focusing on core business. Near-term estimates may be at risk due to deteriorating consumer spending.

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State Street Corporation (STT / NYSE)
Dain Rauscher
initiating coverage with an Underperform rating.

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Automatic Data Processing (ADP / NYSE)
Weisel Partners
Analysts' meeting highlights stability of model; Powerful franchise in large underpenetrated mkt; Good cost control.

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Applied Materials (AMAT / Nasdaq)
Bank of America Montgomery
The company's results came in below expectations, with net orders being particularly weak. Maintain Buy rating.

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Applied Materials (AMAT / Nasdaq)
Lehman Bros
While it may have surprised some, we knew that the company's quarter would be soft. Maintaining 2002 estimates well below consensus, at a loss of $0.20 per share.

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Applied Materials (AMAT / Nasdaq)
Credit Suisse First Boston
Cutting 2002 estimate to $0.10 per share, as we believe there is further downside risk to bookings.

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Applied Materials (AMAT / Nasdaq)
Prudential Securities
reported $0.03, slightly below our estimate of $0.05 and consensus of $0.04. Given the guidance, the stock could pullback. we believe that end market data has been positive and if it maintains, we could see the start of an order recovery in the March/April time frame. Maintain Buy rating and would use any weakness as a buying opportunity.

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Applied Materials (AMAT / Nasdaq)
Warburg Dillon Read
Raising 2002 estimate to $0.24 per share, as we believe customers will return to AMAT in the coming quarters.

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Applied Materials (AMAT / Nasdaq)
Weisel Partners
Cutting 2002 estimate to $0.40 per share, but maintaining Attractive rating.

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Applied Materials (AMAT / Nasdaq)
SG Cowen
Lowering 2002 estimate to $0.50 per share, but we believe orders are poised to return with a vengeance. Maintain Buy rating.

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Applied Materials (AMAT / Nasdaq)
Piper Jaffray
Reducing 2002 estimates to $0.30. Orders rates nearing bottom, visibility of upturn remains elusive; Company expects weak customer capEx during 1H of fiscal 2002 with hopes for improvement in fiscal 2H02; Target $41.

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Amgen (AMGN / Nasdaq)
Deutsche Banc Alex Brown
The company received FDA approval for its Kineret (arthritis) product. We believe the drug can achieve annual sales of $384 million by 2005.

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Amgen (AMGN / Nasdaq)
Lehman Bros
We believe Kineret can generate $50 million of revenue in 2002.

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AnnTaylor Stores Corp. (ANN / NYSE)
Morgan Stanley Co.
Trimming our fiscal 2002 estimate to $1.25 per share.

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Apache Corporation (APA / NYSE)
Warburg Dillon Read
The stock remains our top pick in the Oil and Gas exploration sector.

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Agilent Technologies (A / NYSE)
Lehman Bros
The company will likely have to reduce guidance for the January quarter, as the chip testing and telecom markets remain week. Maintain Buy rating, on low historical valuation.

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Agilent Technologies (A / NYSE)
SG Cowen
We believe the company could announce further restructuring plans with its earnings release tonight.

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Celestica (CLS / NYSE)
Robertson Stephens
Refining EPS, 2001 $1.37, down from $1.40, 2002 $1.55, down from $1.70 and price target $50 down from $55; Growth Shifts Toward Acquisitions; Maintain Buy Rating.

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Conoco (COC.B / NYSE)
Deutsche Banc Alex Brown
Trimming 2002 estimate, to reflect lower production levels announced at yesterday's analyst meeting. We now expect the company to earn $2.10 per share next year.

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Conoco (COC.B / NYSE)
Bank of America Montgomery
Trimming estimates and price target to $28 per share. Maintain Buy rating.

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Campbell Soup Company (CPB / NYSE)
Lehman Bros
Soup volumes showed robust volume growth in October, but management still has a long way to go in turning the business around. Maintain Market Perform rating and $26 price target.

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Citigroup (C / NYSE)
NEWS
C revealed in a 10-Q Form filed with the Securities and Exchange Commission, late yesterday, that it plans to cut a total of 7,800 jobs after acquiring Mexico's Grupo Financiero Banamex-Accival for $12.5 billion.

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Dell Computer Corporation (DELL / Nasdaq)
SG Cowen
Co reaffirmed guidance of $0.15-0.16 and $7.2-7.6B back on Oct 5. We forecast $0.14 on $7.38B vs. St $0.15 on $7.27B.Expect DELL will make noise on competitive environment and picking up share, especially in consumer. Remain cautious on valuation.

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Delphi Automotive Systems (DPH / NYSE)
Bank of America Montgomery
We believe management will lower its guidance at or before the company's analyst meeting on December 10.

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Eastman Kodak Company (EK / NYSE)
Deutsche Banc Alex Brown
We believe the company's restructuring plan could work, but that it will take a long time to come to fruition. Maintain Market Perform rating.

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Federated Department Str. (FD / NYSE)
ABN Amro
raising price target from $33-$35 to $42-$43, our 2001 EPSestimate from $2.80 to $2.87 and 2002 EPS from $3.15 to $3.25 onyesterday's 3Q results. We are less pessimistic about 4Q at FD given central division expense cuts.

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General Electric Company (GE / NYSE)
Bear Stearns
GE manufactured both CF6-80C2 engines on Flight 587. The only immediate financial impact to GE appears to be a $10 million loss to its ERC unit, which reinsured the aircraft. GE maintains sufficient reserves to cover potential future engine upgrade expenses.

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Gemstar-TV Guide Int'l (GMST / Nasdaq)
SG Cowen
Reducing 2002 EPS estimate to $1.25, to reflect weaker economy. Maintain Strong Buy rating.

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Goodyear Tire & Rubber (GT / NYSE)
Deutsche Banc Alex Brown
Positive momentum continues to build for the company. GT will benefit greatly from lower oil prices and it appears the industry is looking to pass a third round of price increases in North America. Maintain Market Perform rating, although we believe the stock could potentially reach $30 in the next 12-18 months.

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Hilton Hotels Corp. (HLT / NYSE)
Bank of America Montgomery
The company remains our top pick in the lodging sector, as RevPAR results continue to improve each week following 9/11.

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Hewlett-Packard Company (HWP / NYSE)
SG Cowen
Raising EPS estimates after the company's better-than-expected October results. We now expect the company to earn $0.75 this year and $1.15 in fiscal 2003.

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IBM (IBM / NYSE)
Prudential Securities
We did not take away any information from the meeting that changes our view on the shares and maintain our Hold rating. Management did not address any questions about the near-term outlook but reiterated high single-digit revenue growth and double digit EPS growth. It also reiterated its commitment to buy-back shares.

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IBM (IBM / NYSE)
Goldman Sachs
Reit Recommended list; analyst meeting reaffirmed the framework which underlies our investment thesis - that IBM's business and strategy are in sync with today's mkt, enabling IBM to broaden its influence in the tech sector, gain share and ultimately accelerate growth. could lead to multiple expansion, resulting in its tgt price climbing from current $120-130 levels more towards $140-150.

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IBM (IBM / NYSE)
JP Morgan Chase & Co.
Reit Buy and 12-month $150 PT after co held it's regularly scheduled analysts' event in NY last night, with Sam Palmisano, and CEO Lou Gerstner visibly not in attendance. Mgt emphasized the strengths underpinning our thesis on the company, i.e., that the concurrent investment in tech and services allows the latter to evolve into a formidable conduit for bringing the former to market.

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Johnson & Johnson (JNJ / NYSE)
Lehman Bros
Raising 2003 earnings estimates, as the company continues to prove its leadership in the coated stent market.

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Marriott Int'l (NEW) (MAR / NYSE)
Lehman Bros
The company is our top pick in the recovering lodging industry.

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Oracle Corporation (ORCL / Nasdaq)
Dain Rauscher
Our recent diligence suggests the demand environment will not likely improve across product lines in FY02. We continue to becautious on growth prospects in FY02, in spite of easy comparables. We maintain our Buy-Aggressive and $18 price target.

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PeopleSoft Incorporated (PSFT / Nasdaq)
Prudential Securities
management on road marketing in Baltimore and Philadelphia yesterday. 4Q is tracking at or slightly ahead of plan. Company has won over 50 new crm deals since product launch in June. Reiterating Buy rating. Price target is $37.

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Providian Financial Corp (PVN / NYSE)
Deutsche Banc Alex Brown
Slashing EPS estimates to a loss of $0.20 in 2002, after the company's 10-Q disclosed accelerated deterioration of credit quality. The company may also be looking to sell up to $3 billion in assets.

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Providian Financial Corp (PVN / NYSE)
NEWS
announced that it plans to close its Henderson, Nevada facility on December 7, 2001, resulting in the termination of approximately 700 employees. The company later announced it has received a commitment for a new securitization from Salomon Smith Barney and Goldman, Sachs & Co., and that it is pursuing the possible sale of $3 billion in higher-risk credit card receivables, as part of a mass restructuring. The company has suspended for an indefinite period the payment of quarterly cash dividends on the company's common stock, and withdrawn previously issued earnings guidance for the fourth quarter of 2001 and the year 2002.

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Providian Financial Corp (PVN / NYSE)
Lehman Bros
Removing our 2002 estimate because of new uncertainty. We continue to recommend that investors avoid the stock.

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Reader's Digest Assoc. (RDA / NYSE)
ABN Amro
We reiterate our BUY rating and $25 target as RDA's businesses have shown compelling signs of recovery and drivers for growth going forward.

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Siebel Systems (SEBL / Nasdaq)
SG Cowen
Raising estimates, as our surveys suggest improving demand for the company's products next year. We now expect SEBL to earn $0.49 per share in fiscal 2002.

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Whole Foods Market (WFMI / Nasdaq)
Morgan Stanley Co.
Raising 2002 estimate to $1.36 per share, following strong September quarter results. Maintain Neutral rating.

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Whole Foods Market (WFMI / Nasdaq)
Piper Jaffray
Double digit comps again; Stock looks cheap relative to other retail industry leaders ? Raising price target; Raising FY02 estimate and introducing FY03; Maintain Strong Buy Rating.

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Prudential Securities (Oil)
Makes Quota Cut Contingent on Non-OPEC Cooperation; We Do Not Expect an Oil Price Collapse; However, Oil Stocks Likely to Lag Market Until Production Cut or Demand Growth AcceleratesReduce Exposure to Market Weighting from recommended weighting

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Deutsche Banc Alex Brown (Oil Drilling)
The OPEC decisions yesterday do not affect our earnings models, and rig count should recover by mid-2002. Valuations remain attractive, and would buy ESV, NBR, and BJS on a pullback.

Warburg Dillon Read (Oil & Gas)
The OPEC production cuts will be disappointing to anyone wishing for crude oil to remain above $20/barrel. We believe this could also have an adverse affect on Natural Gas prices, as the fuel is beginning to look relatively expensive.

Warburg Dillon Read (Pharmaceuticals)
The sector currently trades at a discount to the S&P 500, but we believe it should be valued at a 25% premium. We particularly recommend purchasing PFE and AHP.

Morgan Stanley Co. (Integrated Oil)
The stocks are beginning to look cheap, but we'd like to see more fundamental improvements before we'd buy.

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Oscillator: 5.8

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8:30 AM: Business Inventories for September. The August reading was -0.1%.

8:30 AM: Initial Jobless Claims for the week ended November 10. During the previous week, the figure was 450,000, leaving the 4-Week Moving Average at 487,250.

12:00 PM: Philadelphia Fed Survey for November. The October figure was -27.4.

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BEAS Financial & Industry Analyst Day

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Electronics for Imaging Meeting sponsored by Lehman

MSFT Product Launch

TYC Analyst/Business Meeting

YHOO Analyst Day

JDSU Group Luncheon & Presentation

QCOM Group Dinner

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