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

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Atlantic Coast Airl Hldgs (ACAI / Nasdaq)
Deutsche Banc Alex Brown
Downgrading from Strong Buy to Buy.

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Alaska Air Group (ALK / NYSE)
Deutsche Banc Alex Brown
Upgrading from Buy to Strong Buy.

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AMR Corporation (AMR / NYSE)
Deutsche Banc Alex Brown
Upgrading from Buy to Strong Buy.

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Baxter International (BAX / NYSE)
Deutsche Banc Alex Brown
Upgrading from Buy to Strong Buy, with a $62 price target. We believe the win of the smallpox vaccine contract will be worth about $0.10 per share in future earnings.

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Biomet (BMET / Nasdaq)
Warburg Dillon Read
Initiating coverage with a Hold rating and $34 price target.

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Brocade Communications (BRCD / Nasdaq)
Deutsche Banc Alex Brown
Raising 2002 estimates, following strong October quarter results. We now expect the company to earn $0.29 per share on $530 million of sales.

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Brocade Communications (BRCD / Nasdaq)
Goldman Sachs
Upgrade to Recommended List from Market Outperform. Raising 2001 estimates from 26c to 30c. Target low 30s to low 40s. Strong 4Q. Solidifying its leadership in SANs.

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Brocade Communications (BRCD / Nasdaq)
Robertson Stephens
Beat 4Q estimates. Revenue $116.5 million vs. est. $110.5. EPS of 5c vs. our est. of 4c. Reiterate Market Outperform and $25 target. Tuning 02Q1 est. from 4c to 5c and 2002 EPS from 24c to 26c.

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Brocade Communications (BRCD / Nasdaq)
Morgan Stanley Co.
Raising EPS estimates to $0.28 this year and $0.48 for fiscal 2002. Maintain Neutral rating.

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Continental Airlines (CAL / NYSE)
Deutsche Banc Alex Brown
Uograding from Market Perform to Strong Buy.

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Delta Air Lines (DAL / NYSE)
Deutsche Banc Alex Brown
Upgrading from Buy to Strong Buy.

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Embarcadero Technologies (EMBT / Nasdaq)
JP Morgan Chase & Co.
UPGRADING from market perform to long term buy, $21 price target after meeting with co, seems like things better than we thought and in front of investors at competitor conference on Fri.

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Enron Corp. (ENE / NYSE)
Smith Barney Shearson
Suspending earnings estimates following downgrades of Enron's debt to non-investment grade status by S&P, Moody's and Fitch today. Enron is obligated to pay $3.9 billion debt, which largely shuts down their trading desk. Target $0.25, equity value of zero.

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Equity Residential Prop. (EQR / NYSE)
Lehman Bros
Downgrading from Strong Buy to Buy, based on valuation.

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Eaton Vance Corp. (EV / NYSE)
Warburg Dillon Read
Upgrading from Hold to Buy, with a $39 price target. The company's performance continues to be off the charts in this difficult environment.

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Instinet Group (INET / Nasdaq)
Deutsche Banc Alex Brown
Downgrading from Buy to Market Perform, with an $11 price target. Also cutting 2002 estimate to $0.65 per share, as we believe the company will face increased competition from the Redibook/Archipelago merger.

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Southwest Airlines Co. (LUV / NYSE)
Deutsche Banc Alex Brown
Downgrading from Buy to Market Perform.

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Morgan Stanley (MWD / NYSE)
ABN Amro
Downgrading from ADD to HOLD purely on valuation. Thestock has risen over 34% since our 10/01/01 initiation of coverage, vs. the Dow + 9.9%.

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Northwest Airlines Corp. (NWAC / Nasdaq)
Deutsche Banc Alex Brown
Upgrading from Buy to Strong Buy.

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ONI Systems Corp. (ONIS / Nasdaq)
Morgan Stanley Co.
Initiating coverage with a Neutral rating. We believe the stock's fair value is about 50% lower from its current price.

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P&O Princess Cruises plc (POC / NYSE)
Warburg Dillon Read
Downgrading from Buy to Hold, based on valuation.

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Royal Caribbean Cruises (RCL / NYSE)
Warburg Dillon Read
Raising estimates and price target to $18 per share, based on accretion from the proposed POC merger.

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Shire Pharmaceuticals PLC (SHPGY / Nasdaq)
JP Morgan Chase & Co.
DOWNGRADING from Buy to long trem buy, lowering 02 from $957m/$1.64 to $893/$1.46 due to generic Adderall 6 mos early. We see stock trading down into low $30's. We see no upcoming catalysts and limited pipeline

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Stryker Corporation (SYK / NYSE)
Warburg Dillon Read
Initiating coverage with a Hold rating and $64 price target.

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Toys R Us (TOY / NYSE)
Smith Barney Shearson
Initiating coverage with Outperform and $25 target. Turnaround story could be one of the more compelling investors have seen in the retail category. New vision driven by a new CEO.

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Zimmer Holdings (ZMH / NYSE)
Warburg Dillon Read
Initiating coverage with a Hold rating and $38 price target.

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Accenture (ACN / NYSE)
Credit Suisse First Boston
Raising full-year EPS estimate to $0.80, based on management's continued bullish outlook.

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ADC Telecommunications (ADCT / Nasdaq)
NEWS
reported a loss of 7c/share in the fourth quarter, in-line with Street views, but well below the 18c/share in the same period last year.

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Alloy Online (ALOY / Nasdaq)
Piper Jaffray
Raising estimates for 2003 EPS from 63c to 68c, and revenue from $235.2 million to $248.8 million in anticipation of accelerating advertising and sponsorship revenue; maintain Strong Buy rating. Raising price target from $22 to $24.

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Altera Corp. (ALTR / Nasdaq)
Lehman Bros
The company maintained fourth quarter guidance, but offered bo further visibility. Maintain Market Perform rating, based on valuation.

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Altera Corp. (ALTR / Nasdaq)
Morgan Stanley Co.
Maintaining estimates and Outperform rating. We believe ALTR's overall business is recovering.

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Advanced Micro Devices (AMD / NYSE)
JP Morgan Chase & Co.
Proprietary data point that AMD's process tech transition is experiencing difficulties in .13mu. Undermines ability to compete, negative margin and share impact, could benefit INTC. Brings risk to Q1 or longer. We would lighten up short term exposure after recent outperformance vs SOX.

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AOL Time Warner (AOL / NYSE)
Lehman Bros
We expect the shares to pullback in the coming weeks. The stock looks expensive, given the uncertainty about 2002 EPS potential.

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Bank of America Corp. (BAC / NYSE)
JP Morgan Chase & Co.
Post analyst meeting: we believe could be $0.30 upside to $5.30 02 ests but not changing yet.

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Bank of America Corp. (BAC / NYSE)
Warburg Dillon Read
Trimming estimates through 2002, as we believe the economic recovery will be muted.

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Bank of America Corp. (BAC / NYSE)
Dain Rauscher
Investor day laid out opportunities for improved revenue growth, but near-term looks sluggish and credit concerns persist.

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Barr Laboratories (BRL / NYSE)
Warburg Dillon Read
Raising 2002 estimate to $4.60 per share, but reducing price target to $92.

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Capital One Financial (COF / NYSE)
ABN Amro
raising price target from $71 to $75 and reiterating BUY rating. We expect COF to move toward the high end of its P/Erange over the next few quarters as we move toward actual GDP growth.

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Cisco Systems (CSCO / Nasdaq)
Morgan Stanley Co.
Raising price target to $22 per share, as we believe the consensus estimate could prove to be conservative.

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Cisco Systems (CSCO / Nasdaq)
Smith Barney Shearson
Raising target from $23 to $25 ahead of analyst meeting. Field checks show reordering, relatively stable pricing, and continued demand. New product momentum should gain steam. Reiterate Buy.

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Dow Jones & Co. (DJ / NYSE)
Morgan Stanley Co.
Cutting fourth quarter EPS estimate to reflect lower ad volume.

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R.R. Donnelley & Sons Co. (DNY / NYSE)
Morgan Stanley Co.
Cutting estimates to reflect lower advertising revenue. We now expect the company to earn $1.50 per share in 2002.

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Amdocs Limited (DOX / NYSE)
Bank of America Montgomery
Raising estimates and price target to $38 per share, based on recent acquistition.

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Darden Restaurants (DRI / NYSE)
Dain Rauscher
We are maintaining our Strong Buy rating and our 2002 and 2003estimates to $1.85 and $2.10.

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FreeMarkets (FMKT / Nasdaq)
Morgan Stanley Co.
Raising fourth quarter estimates, to reflect new guidance. Reiterate Outperform rating.

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Gannett Co. (GCI / NYSE)
Morgan Stanley Co.
Lowering EPS estimates through 2003, because of lower advertising revenue. We now expect the company to earn $3.40 next year.

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Starwood Hotels & Resorts (HOT / NYSE)
Credit Suisse First Boston
Raising price target to $33 per share, and maintaining Buy rating. The company continues to follow our long-term cyclical recovery thesis.

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H&R Block (HRB / NYSE)
Goldman Sachs
Beat 15c estimates by 5c. Raising 2002 EPS by 15c to $2.20 and 2003 by 5c to $2.40. Good outlook for tax season. Solid Mortgage for Q2 and Q3 and more expected in 02. Reiterate Market Outperform.

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H&R Block (HRB / NYSE)
Morgan Stanley Co.
October loss was better than expected, and we now expect the company to earn $2.20 this year. Also raising estimates through fiscal 2004. Maintain Outperform rating.

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J.P. Morgan Chase & Co. (JPM / NYSE)
NEWS
confirmed last night that it has approximately $500 million of unsecured exposure to Enron Corporation entities, including loans, letters of credit, and derivatives. It also has additional exposures that are secured, including $400 million in loans secured by the Transwestern and Northern Natural pipelines.

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Lehman Brothers Holdings (LEH / NYSE)
ABN Amro
lowering our November quarter EPS estimate from $0.73 to $0.68(2001 now goes from $4.67 to $4.61) to reflect our belief that 9/11 related operational disruptions will have a more adverse impact on the company's results than we had anticipated. maintaining our 2002 EPS estimate of $5.45 as we continue to view this quarter's operating difficulty as a one-time event.

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McKesson Corporation (MCK / NYSE)
Weisel Partners
Information Solutions showcase reinforced our expectation of strong non-core business growth & upside potential; Reiterate Buy.

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Mirant Corporation (MIR / NYSE)
Deutsche Banc Alex Brown
We believe the company will benefit most from Enron's demise. Reiterate estimates and Buy rating.

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Micron Technology (MU / NYSE)
Weisel Partners
Taiwan DRAM mfr meetings increase our supply/demand concerns;Sell-through remains questionable; Maintain cautious near-term view.

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Palm (PALM / Nasdaq)
NEWS
announced that it expects to report revenue for its fiscal second quarter, ending Nov. 30, of between $250 million and $280 million, which is toward the upper end of its prior guidance.

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Palm (PALM / Nasdaq)
Lehman Bros
The company raised revenue guidance, but kept EPS flat. We believe most of the inventory it's sold recently has been heavily discounted. Maintain Strong Buy rating.

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E.W. Scripps Company (SSP / NYSE)
Morgan Stanley Co.
Cutting 2002 estimate to $2.05 per share, because of reduced expectations for the advertising market.

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State Street Corporation (STT / NYSE)
Bank of America Montgomery
Raising estimates and price target to $62 per share, as we believe the company will be able to attract more assets over the coming quarters.

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Tupperware Corporation (TUP / NYSE)
NEWS
cautioned that it expects full year 2001 earnings of about $1.60/share, while the outlook for 2002 earnings per share is $1.71 to $1.74. The 2001 forecast is in-line with consensus views, while the 2002 projection is shy of the $1.81/share estimate.

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Vitesse Semiconductor (VTSS / Nasdaq)
Credit Suisse First Boston
Improving full-year loss estimate to $0.34 per share. The company raised guidance at our Technology Conference.

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Walgreen Company (WAG / NYSE)
JP Morgan Chase & Co.
See downside to stock and valuation due to front end biz segment concern because of competition from other drug stores and KM/WMT.

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Smith Barney Shearson (Banks)
Enron causes weakness in some banks due to potential writedowns. JPM, BAC, FBF, WB, ONE, STI, and BK have largest loan exposure. JPM sold off 6% today, impact is now fully priced into JPM shares. JPM has about $470m loan exposure to Enron (almost half of this is secured), and about $200m of derivatives exposure. Based on our assumptions, we estimate the EPS impact would be about $0.10-0.15.

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Lehman Bros (Entertainment)
Media fundamentals need to catch up with stock prices in our opinion. VIA and FOX appear to be the most overvalued.

Smith Barney Shearson (Brokers)
No material impact on BSC, GS, LEH, MER, MWD from credit and counter-party energy trading exposure. Largely hedged against exposure. Some limited counterparty exposure is inevitable.

Smith Barney Shearson (Power & Gas)
Remain positive on group following ENE debacle. Near-term concern over earnings exposure and industry conequences. Recommend purchase of stronger Merchants on dips. Most have reduced exposure to ENE over past 4 wks. Positive on DYN following exit from merger.

S&P (S&P Changes)
S&P 500 NVDA in, and ENE out on 11/29S&P 100 BUD in, and ENE out on 11/29S&P 400 ISSX in, and NVDA out on 11/29S&P 600 IGIwi in (PBI spin off) and AIZ out on 11/30S&P 400 SFD in, and SCI out on 12/6S&P 600 MANH in, and SFD out on 12/6

Bear Stearns (Sentiment)
Technicals mixed: Bullish sentiment down: SPX 35%, NDX 31%, 5 day moving average still 66 and 62%. Equity P/C up to .78, SPX P/C down to 1.11, very low on low volume.

Lehman Bros (Advertising & Marketing)
The easy money has already been made in this sector. We believe investors have already priced in a 2002/2003 recovery.

Deutsche Banc Alex Brown (Oil & Gas)
We believe many stocks are trading well below their takeover value, and foresee a wave of industry consolidation. Likely targets include BR, XTO, OEI, and UCL.

Warburg Dillon Read (Lodging)
We believe the industry offers many short opportunities for investors. We would look to sell HOT, HLT, FS, MAR and FCH- based on their recent runs. The only Buy-rated stock in our universe is ESA.

Deutsche Banc Alex Brown (Airlines)
We believe the sector still has room to run, despite a 31% run from September lows. We would buy DAL, SKYW, NWAC, CAL and AMR -- in that order.

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8:30 a.m. Durable Goods Orders consensus 1.4%

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8:30 a.m. Jobless Claims

10:00 a.m. Help Wanted Index (Oct, 2001)

10:00 a.m. New Home Sales 850,000

Oscillator: 2.3

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ADSK User Conference

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IBM Web Builder Conference

SUNW JavaOne User Conference

ALA Analyst Day

MOT Analyst Meeting

SFE Safeguard Scientifics Inc.

SGP Analyst Meeting

WM Investor Day

DIS Group Luncheon (sponsored by BAC)

INHL Analyst Meeting

ODP Investor Meeting

Credit Suisse First Boston Annual Technology Conference Scottsdale, AZ ADCT, JBL, TEK, MANH, EMC, SBL, VRSN, SYMC, SPLX, NEWP, TXN

Lehman Brothers Industrial Select Conference Coral Gables, FLTRW, BLL

Salomon Smith Barney Paper and Forest Products Conference New York, NY W, IP, DTC, SSCC, GP, MEA, PCL, BOW, WLL, ABY, WYSG

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