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

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Avnet (AVT / NYSE)
Goldman Sachs
Initiating coverage with Market Outperformer rating. $28 Target. Leader in distribution of components and computing systems/subsystems. Reccomend accumulate shares around $21 for expected 30% upside based on valuation. Downside limited to $18.

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Carnival Corporation (CCL / NYSE)
Morgan Stanley Co.
Downgrading from Outperform to Neutral, based on valuation. We believe travel will be soft until next fall.

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Coach (COH / NYSE)
Lehman Bros
Initiating coverage with a Strong Buy rating and $42 price target.

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CV Therapeutics (CVTX / Nasdaq)
Morgan Stanley Co.
Initiating coverage with a Strong Buy rating and $71 price target.

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deCODE genetics (DCGN / Nasdaq)
Robertson Stephens
Initiating coverage with Buy rating and $11 target. Pull-back of the genomics sector in 2000-'01 has left an opportunity. Could offer 5-10x returns over the next several years. Warrants investment prior to the anticipated return-to-favor of the genomics sector in 2002.

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Dynegy (DYN / NYSE)
Goldman Sachs
Downgrade from Recommended List to Market Perform (ENE too). Reducing 01 and 02 ENE eps to $1.35 and $0.50, from $1.80 and $2.15 respectively. Concerns about ENE's ability to recover significant business lost and new and major liquidity issues raised in Monday;s 10Q filing. DYN cash infusion inadequate.

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Guidant Corporation (New) (GDT / NYSE)
Bear Stearns
upgrading to Buy from Attractive. The catalyst for the upgrade is the just-announced positive MADIT II (Multi-Center Automatic Defibrillator Implantation) clinical results, and the potential positive impact on sales and earnings for both companies.

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Guidant Corporation (New) (GDT / NYSE)
Goldman Sachs
Upgraded to Market OutPerform from Market Perform based upon early halt of MADIT II trial due to a 30% reduction in mortality. Positive for sector as a hold; target $53.

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Guidant Corporation (New) (GDT / NYSE)
Piper Jaffray
Has rallied through $45 resistance level; needs to back and fill; support around $41.

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Global Santa Fe(GSF / NYSE)
Smith Barney Shearson
Initiating coverage with a Buy rating and $40 target. World's second largest offshore drilling company. One of the youngest, most technologically advanced fleets.

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Mandalay Resort Group (MBG / NYSE)
Robertson Stephens
Downgrading from Buy to Market Perform Price close to target of $25, EPS volatility limits valuation.

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Microsoft Corporation (MSFT / Nasdaq)
Smith Barney Shearson
Downgrading from Outperform to Neutral based on valuation. Target remains $60. Comfortable with ability to achieve our (and consensus) estimates.

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Patterson-UTI Energy Inc (PTEN / Nasdaq)
Morgan Stanley Co.
Initiating coverage with an Outperform rating and $28 price target. We believe the company has the most earnings leverage in the onshore drilling space.

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Royal Caribbean Cruises (RCL / NYSE)
Deutsche Banc Alex Brown
Upgrading from Market Perform to Buy. We believe the merger with POC is a good fit for the long-term.

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Royal Caribbean Cruises (RCL / NYSE)
Morgan Stanley Co.
Downgrading from Outperform to Neutral.

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St. Jude Medical (STJ / NYSE)
Bear Stearns
upgrading to Buy from Attractive. The catalyst for the upgrade is the just-announced positive MADIT II (Multi-Center Automatic Defibrillator Implantation) clinical results, and the potential positive impact on sales and earnings for both companies.

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Tech Data Corporation (TECD / Nasdaq)
Smith Barney Shearson
Downgrade from Buy to Outperform based on valuation and weakening European IT spending. target price remains $43.

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TriQuint Semiconductor (TQNT / Nasdaq)
Piper Jaffray
Downgrading from Buy to Neutral could be losing market share based on weak orders for wireless handsets. Revising estimates; 4Q01 from 5c to 4c, rev from 80 million to 73; 2002 from 22c to 18c, rev from 336 million to 305.

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Websense (WBSN / Nasdaq)
Dain Rauscher
Initiating coverage with Buy-Aggressive rating and 12-month target of $35.

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Williams Companies (WMB / NYSE)
Goldman Sachs
Downgrade from Recommended List to Market Perform; sector downgrade.

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Xerox Corporation (XRX / NYSE)
Deutsche Banc Alex Brown
Upgrading from Market Perform to Buy, with a $9 price target. We believe the company's newfound liquidity will allow it to execute its turnaround strategy.

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Abbott Laboratories (ABT / NYSE)
Deutsche Banc Alex Brown
We believe the company has many positive catalysts on the horizon, including FDA approval of two or three products in the next six months. Reiterate Strong Buy rating and $64 price target.

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Analog Devices (ADI / NYSE)
Deutsche Banc Alex Brown
Raising fiscal 2002 estimates to EPS of $0.67 on $1.75 billion of sales. The company reported a strong October quarter, and appears to be turning its business around. Maintain Market Perform rating, based on valuation.

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Analog Devices (ADI / NYSE)
Bank of America Montgomery
Lowering 2002 estimate to $0.60 per share, as the company's book-to-bill remains below 1. Maintain Market Performer rating.

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Analog Devices (ADI / NYSE)
Robertson Stephens
Lowering earnings to 60 cents from 76 cents and 12-month price target from $48 to $42. Reported Q4:F01 results Nov. 20. Preserved 52% gross margin and maintained 14% operating margin. Soft end market demand and low visibility persist across most primary business lines.

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Analog Devices (ADI / NYSE)
Morgan Stanley Co.
Cutting 2002 estimate to $0.55 per share, because of low visibility. Maintain Neutral rating.

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Analog Devices (ADI / NYSE)
SG Cowen
Reducing fiscal 2002 EPS estimate to $0.70 per share. Maintain Strong Buy rating.

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Amgen (AMGN / Nasdaq)
Deutsche Banc Alex Brown
Raising estimates and price target to reflect management's new guidance. We now expect the company to earn $1.42 in fiscal 2002, and for the stock to reach $88 per share. Reiterate Strong Buy rating.

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Amgen (AMGN / Nasdaq)
Bank of America Montgomery
Raising 2002 EPS estimate to $1.44, because of a lower overall tax rate. Maintain Buy rating.

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Amgen (AMGN / Nasdaq)
Prudential Securities
Amgen hosted its 2002 guidance call which we believe was positive for both sales and earnings growth. Based on guidance for EPS growth in 2002 in the low 20% range, we are boosting ourEPS estimate from $1.43 to $1.47 per share, and expect consensus of $1.40 per share could increase.

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Amgen (AMGN / Nasdaq)
Robertson Stephens
Management provided 2002 guidance of low 20% EPS growth over 2001. Raising revenue estimate for Epogen/Aranesp franchise by $150 million for 2002,and our EPS estimate to $1.48 from $1.38. We expect this higher EPS and CAGR through 2005 to lead to share appreciation and would be buyers at this level.

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Amgen (AMGN / Nasdaq)
SG Cowen
Raising estimates to $1.43 per share for fiscal 2002. Reiterate Buy rating.

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Bank of America Corp. (BAC / NYSE)
JP Morgan Chase & Co.
Previewing BAC investor meeting on Nov 27-28. Expect productivity initiative announcements to drive upward revisions to 2002E EPS of at least $0.24 per share, P/E expansion is likely in '02 if productivity initiatives are substantial (which we expect to be the case)

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Borders Group (BGP / NYSE)
NEWS
reported a third quarter loss of 4c/share, matching Street forecasts, and narrower than the 6c/share loss posted in the same period of last year.

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BJ Services Company (BJS / NYSE)
Morgan Stanley Co.
Trimming price target to $60, on the prospect of lower earnings next year. Maintain Strong Buy rating.

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Deere & Company (DE / NYSE)
Lehman Bros
Slashing 2002 EPS estimate to $0.60, as the company will not show any signs of recovery next year. Maintain Market Perform rating, and we believe investors should buy the stock at $30.

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Flextronics International (FLEX / Nasdaq)
Lehman Bros
We believe the tone of Flextronics' conference call next Tuesday will be bullish, although the company will not likely raise guidance. Reiterate Strong Buy rating.

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Halliburton Company (HAL / NYSE)
Bear Stearns
4Q01 results will be below expectations due to weak U.S. demand for oilfield services. Lowering our 4Q01 EPS estimate to $0.32 from $0.38 and our 2002 estimate to $1.20 from $1.35. HAL is turning more cautious. Maintain Attractive rating on valuation.

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J.P. Morgan Chase & Co. (JPM / NYSE)
Lehman Bros
Raising price target to $50 per share, after meeting with the head of Investment Banking. The company has right-sized this business, and is taking a tactical approach to reach future clients. Reiterate Strong Buy rating.

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Mandalay Resort Group (MBG / NYSE)
Smith Barney Shearson
Rported F3Q EPS of $0.32 which were in-line with our, and the Street, estimate and represented a 16% decline from F3Q'01 EPS of $0.38. Results were in-line with preannounced F3Q EPS of $0.32-$0.34 from 11/6. Maintain Neutral and $18 target.

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Minnesota Mining & Mfg. (MMM / NYSE)
Morgan Stanley Co.
Raising estimates and price target to $130 per share. The company is looking to cut operating expenses, which will add to the bottom-line. Reiterate Outperform.

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Merck & Co. (MRK / NYSE)
Bank of America Montgomery
Trimming estimates on the prospect of slower Vioxx sales. We now expect the company to make $3.13 this year and $3.38 for fiscal 2002. Maintain Market Performer rating.

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National Semiconductor (NSM / NYSE)
Bank of America Montgomery
Cutting estimates, as we believe the end-market demand continues to worsen. We now expect the company to lose $1.05 in fiscal 2002. Maintain Market Performer rating.

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Patterson Dental Company (PDCO / Nasdaq)
Lehman Bros
Raising estimates and price target to $44 per share. We now expect the company to earn $1.37 this year, on improved cash-flow management.

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PEC Solutions (PECS / Nasdaq)
JP Morgan Chase & Co.
Reiterate Buy, raising 02E revenue/EPS conservatively from $143m/$0.60 to $178m/$0.65, raising Price Target from $28 to $34 after company announced accretive acquisition of Troy Systems for $18m for company with current run rate revenue.

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Praxair (PX / NYSE)
Morgan Stanley Co.
Raising price target to $60 per share.

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Sears Roebuck & Co. (S / NYSE)
Credit Suisse First Boston
Raising our price target to $50 per share, as we believe the company will meet the high-end of our estimates.

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Target Corporation (TGT / NYSE)
Bear Stearns
3Q results were encouraging, considering the weak economy, and we believe that the company continued to strengthen its upscale niche and steal share from other retail channels. Key drivers of the gains in share were Target's innovative merchandise mix as well as greater sales of consumables. Lowering 4th quarter to $0.65 from $0.66 per share to reflect uncertainty surrounding the critical holiday season.

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Target Corporation (TGT / NYSE)
Morgan Stanley Co.
Trimming EPS estimates because of the challenging retail environment. We now expect the company to earn $1.49 this year and $1.75 for fiscal 2003. Maintain Strong Buy rating.

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Tenet Healthcare Corp. (THC / NYSE)
Credit Suisse First Boston
Raising estimates and price target to $75 per share. Reiterate Strong Buy rating.

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TiVo (TIVO / Nasdaq)
Dain Rauscher
TiVo reported revenue of $5.3 million, a 29% sequential revenueincrease.

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Talbots (TLB / NYSE)
Dain Rauscher
Posted strong Q3 results--$0.58 vs. our $0.57 estimate. Our No.1idea.

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TriQuint Semiconductor (TQNT / Nasdaq)
Bank of America Montgomery
Lowering fiscal 2002 estimate to $0.25, because of low visibility. Reiterate Market Performer rating.

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TriQuint Semiconductor (TQNT / Nasdaq)
Lehman Bros
Reducing fourth quarter estimates to the low-end of management's guidance. Maintain Market Perform rating.

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TriQuint Semiconductor (TQNT / Nasdaq)
Dain Rauscher
TQNT held their monthly update call. Signs of strength ininfrastructure division are offset by weaknesses in other business segments.

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TriQuint Semiconductor (TQNT / Nasdaq)
Credit Suisse First Boston
Reducing EPS estimates to $0.25 this year and $0.17. Maintain Hold rating.

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ValueVision International (VVTV / Nasdaq)
Piper Jaffray
Reported Q3 EPS Of ($0.07), Slightly Below Recently Revised Estimate Of ($0.06). Reducing Our Q4 EPS Estimate To $0.00 From $0.10. Maintain Buy Rating And Our 12-Month Target Price Of $24.

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WellPoint Health Networks (WLP / NYSE)
Goldman Sachs
WLP to buy CareFirst. Target raised from $133 to $153. Acquisition will take at least 18 mo to get approvals, so we do not raise our EPS est yet. Could add at least 8c to 2003E EPS. Heightened M&A will benefit OHP, TGH stocks.

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Deutsche Banc Alex Brown (Chip Equipment)
October book-to-bill was 0.71, which was in-line with our expectations. The number included some "noise" though, and we're still waiting for the fundamental upturn. Our top pick remains LTXX.

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Bear Stearns (Sentiment)
TECHNICALS MIXED: BULLISH SENTIMENT DOWN, SPX 63%, NDX 61%, 5 DAY MA 74 AND 73%. EQUITY P/C UP TO .58, SPX P/C DOWN TO 1.27, TOO LOW.

NEWS (Book to Bill)
The North American-based manufacturers of semiconductor equipment posted $651.1 million in orders in October 2001 and a Book-to-Bill ratio of 0.71, according to the October 2001 Express Report published today by Semiconductor Equipment and Materials International (SEMI). This marks an improvement from the September figure of $619.2 million, or 0.64.

Merrill Lynch (Chip Equipment)
The October book/bill figure was slightly better than expected. We believe the market is bottoming, and that valuations are attractive.

Morgan Stanley Co. (Leisure Travel)
We are downgrading the cruise sector from Outperform to Neutral. We believe estimates are still too high for next year.

Lehman Bros (Chip Equipment)
We are nearing the bottom, but a recovery may not be possible in 2002.

Credit Suisse First Boston (Chip Equipment)
We would remain Underweight on the sector, until the fundamentals recover.

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Oscillator: 4.3

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8:30 AM: Initial Jobless Claims for the week ended November 17. During the previous week, claims were 444,000.

9:45 AM: The University of Michigan releases its revised November reading on Consumer Confidence.

2:00 PM: Treasury Budget for October. The September reading was -$11.3 billion.

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Nothing For Today
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