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

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AK Steel Holding Corp. (AKS / NYSE)
Morgan Stanley Co.
Upgrading to Outperform from Neutral with a price target of $15. AKS is the safest vehicle for investors looking to play the positive momentum in steel shares.

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Apogee Enterprises (APOG / Nasdaq)
Piper Jaffray
Downgrade from Buy to Neutral on valuation. Target $15. Stock ahead of itself.

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Ashland (ASH / NYSE)
Bear Stearns
Downgrading from attractive to neutal on valuation.

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Avon Products (AVP / NYSE)
Warburg Dillon Read
Downgrading from Buy to Hold, primarily based on valuation. Trimming estimates becuase of exposure to Argentina and Brazil, but believe the market has already priced in this risk.

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CNF (CNF / NYSE)
Morgan Stanley Co.
Raising 2002 EPS estimates to $1.50 reflecting their sound strategic decision of combining Menlo, Emery and Vector to form Menlo Worldwide.

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CNF (CNF / NYSE)
Goldman Sachs
Upgrade from Market Perform to Market Outperform. Target mid 30s. However, will likely guide 4Q lower.

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Duke Realty Corp. (DRE / NYSE)
Prudential Securities
Downgrading from Buy to Hold off investor meeting on 12/4. Management did not provide much comfort in terms of timing and indicated potential additional earnings downside. Lowering our estimates to $2.62 in 2001 and $2.63 in 2002 which is the low end of the current Street range.

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Embratel Participacoes (EMT / NYSE)
Goldman Sachs
Downgrade from Market Outperform to Market Perform. Negative accounting adjustments. Estimates descreased, 2001 -31c to -88c, 2002 33c to 22c.

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GlogalSanteFe (GSF / NYSE)
Bank of America Montgomery
Initiating coverage with a Strong Buy and a $40 price target. With added liquidity, significant earnings visibility and the strongest balance sheet in the group, GSF should trade at a premium to the group.

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IBM (IBM / NYSE)
ABN Amro
Initiating coverage with a BUY rating and $150 pricetarget. Our 2001, 2002 and 2003 EPS estimates are $4.37, $4.82 and $5.62, respectively. IBM has been a leading technology vendor for over 100 years, and has navigated through booms, busts, wars and technology shifts.

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Intuit (INTU / Nasdaq)
Warburg Dillon Read
Downgrading from Strong Buy to Hold, based on valuation. The stock has reached our $45 price target, and the shares have historically sold off during the first quarter.

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Lyondell Chemical Company (LYO / NYSE)
JP Morgan Chase & Co.
Downgrading from Long term buy to market perform. Stock is fairly valued after 43% increase. Lowering 02E from $0.25 to $0.00, 03E from $2.00 to $1.00

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MGM Mirage(MGG / NYSE)
Lehman Bros
Upgrading to Buy from Market Perform with a new $33 price target and EPS estimates to $1.27. Top-line trends are improving gradually and margin progress has been strong.

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News Corporation Limited (NWS / NYSE)
JP Morgan Chase & Co.
Upgrading to Buy from long term buy, 12-month PT $35.43. Increased confidence that an economic recovery should occur in the 2H02 and that this would result in a sustained improvement in the ad market from that time.

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Parker-Hannifin Corp. (PH / NYSE)
Prudential Securities
Upgrading to BUY from hold and raising price target to $55 from $43. Order trends indicate continued weakness in all business lines. The benefit of improved order patterns should extend with an anticipated North American recovery in mid-2002.

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Park Place Entertainment (PPE / NYSE)
Lehman Bros
Downgrading to Buy from Strong Buy with a price target of $10 per share. While remaining convinced a recovery in travel trends will be positive for the gaming stocks, we are slightly cautious until we see more consistent earnings results.

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SPX Corporation (SPW / NYSE)
Bear Stearns
Initiating coverage with Buy rating and $175 price target. Strong profit record coupled with disciplined EVA approach suggest growth can continue at even advanced levels for many years. Management performance has been impressive.

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Teekay Shipping Corp. (TK / NYSE)
JP Morgan Chase & Co.
Downgrading from Buy to long term buy on increased likelihood of an additional OPEC oil production cut and valuation.

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Titan Corporation (TTN / NYSE)
Merrill Lynch
Raising our near-term rating from Neutral to Accumulate, with a $32 price target. We believe the company will benefit greatly as the economy recovers.

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Alcoa (AA / NYSE)
Warburg Dillon Read
Cutting 2001 estimate, but raising price target to $43 per share. Declining aluminum prices will cause the company to earn $1.13 this year. Maintain Buy rating.

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American Eagle Outfitters (AEOS / Nasdaq)
Robertson Stephens
Nov. comps (9.6%) vs. +13.4% below our (5-7)% forecast. Lower sales of higher ticket winter items due to unseasonably warm weather. Lowering EPS for 2001 to $1.48 from $1.54 and 2002 to $1.77 from $1.81. Reiterate Buy and $32 target.

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Advanced Micro Devices (AMD / NYSE)
JP Morgan Chase & Co.
Expect PC unit demand to be up this Q, Flash revenue flattish; inventory of flash for old cell phone models remain high; new models ramping well, we believe it remains a good value

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AnnTaylor Stores Corp. (ANN / NYSE)
Bear Stearns
Met with management yesterday, came away encouraged about the initiatives management is taking, particularly at the divisional level, reit attractive. Implies a 12-15 month stock price target range of $35-$37 per share.

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Ariba (ARBA / Nasdaq)
Weisel Partners
View new products direction & customer wins positively; Wouldwait for less challenging environment before buying shrs; Reiterate Market Perform.

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American Express Company (AXP / NYSE)
Robertson Stephens
Lowering EPS, 2001 from $1.20 to $1.15 and 2002 from $2 to $1.95. Target $32. Continued weakness in billed business and deteriorating credit environment.

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AutoZone (AZO / NYSE)
Goldman Sachs
Reported 1Q EPS of 76c vs. our est. of 60c. Can continue to appreciate. Tracking 2Q up 10%. Rasing 2Q02 est. by 19c to 56c, 2002 by 47c to $3.25 and 2003 by 40c to $3.60.

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Bristol-Myers Squibb Co. (BMY / NYSE)
SG Cowen
Future sales forecast remain positive, however, EPS estimates lowered by $0.10 each through 2005 to reflect higher operating expenses given a handful of new product releases in 2002 and a lower gross margin in 2003. Reiterate Strong Buy.

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Cendant Corporation (CD / NYSE)
Smith Barney Shearson
Expected to raise guidance on or before12/12 8:30am meeting. Improved visibility. All industries better than expected. Target $24, Reiterate Buy.

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Canadian Pacific Limited (CP / NYSE)
Morgan Stanley Co.
Increasing fourth quarter EPS estimates to $0.44 because of better-than-expected carloadings in the first 7 weeks of the quarter. However, cut 2002 and 2003 earnings to reflect a weaker Canadian dollar. Maintain Outperform rating.

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Cisco Systems (CSCO / Nasdaq)
Robertson Stephens
Raising target from $11 to $19. Significant challanges. Reiterate Market Perform.

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Centex Corporation (CTX / NYSE)
Merrill Lynch
Raising estimates to $5.85 per share in 2001 and $7.33 for next year, following the company's investor day. The company said that orders were robust in October and November, and backlog remains well booked.

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Centex Corporation (CTX / NYSE)
Goldman Sachs
Raised guidance for 2002 at analyst meeting from $5.65 to $5.85. Preliminary guidance on 2003 is $6.85-$7.70.

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Citigroup (C / NYSE)
Merrill Lynch
Lowering our 2001 estimate to $2.80 per share, factoring in the company's exposure to Enron. A recent meeting confirms that all strategies are in place for strong performance in 2002. Reiterate Buy rating and $80 price target.

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DaimlerChrysler AG (DCX / NYSE)
Lehman Bros
DaimlerChrysler shares have the most downside among the "Big 3." We believe DCX is overvalued, up a whopping 60% since Sept. 21. Maintain market Underperform.

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Dell Computer Corporation (DELL / Nasdaq)
Warburg Dillon Read
Raising estimates to reflect the clear recovery in consumer demand. We now believe the company will earn $0.17 per share in the fourth quarter and $0.80 for 2002. Reiterate Buy rating.

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Quest Diagnostics (DGX / NYSE)
SG Cowen
Raising 2002 EPS estimates to $2.54 due to two vital completions. Purchase of Clinical Diagnostics Services reiterates our belief of DGX as our top pick. Maintain Strong Buy.

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Dynegy (DYN / NYSE)
Bank of America Montgomery
Maintain Strong Buy rating. Concerns that DYN is analogous to ENE's spiral are unfounded. Although shares may be chopy on forthcoming trial events, management indicates that business is strong and channel checks reveal that counter parties are not hesitant.

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Brinker International (EAT / NYSE)
Lehman Bros
Shaving December quarter EPS estimates to $0.34 due to light November Comps. Maintain Market Perform.

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Furniture Brands Int'l (FBN / NYSE)
Credit Suisse First Boston
Raising 2002 EPS estimates to $2.25 and price target to $36 due to announcement of key acquisitions Henredon, Drexel, and Maitland-Smith. If the industry improves as expected, FBN should easily surpass our estimates. Maintain Buy rating.

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Ford Motor Company (F / NYSE)
Credit Suisse First Boston
Revising fourth quarter operating estimates to a loss of $0.50. Delinquency rates and reposssions have increased as the economy has deteriorated, but F said that loss is attributed to an increase in reserves. Maintain Buy rating.

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General Electric Company (GE / NYSE)
Merrill Lynch
Broadening our 2002 estimate, to account for the company's limited Enron exposure and lower expected pension income. GE's earnings (excluding the elimination of goodwill expenses) could be as low as $1.50 next year.

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Intel Corporation (INTC / Nasdaq)
NEWS
5:30 PM (est.): INTC is scheduled to provide a mid-quarter business update. A conference call is slated for 5:30 PM.

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J.P. Morgan Chase & Co. (JPM / NYSE)
Bear Stearns
Reiterate attractive rating. Execution risk remains from the merger, we nonetheless view the stock as one of the most attractive valuation stories in the group. Estimate Enron exposure of roughly $0.10 per share.

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J.P. Morgan Chase & Co. (JPM / NYSE)
Smith Barney Shearson
reit buy; Low risk bargain. Lowering 2001 EPS from $2.04 to $1.94. Raising target from $46 to $60.

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Kerr-McGee Corporation (KMG / NYSE)
Bank of America Montgomery
Increasing 2002 EPS estimates to $4.97 based on lower forecast debt and a slightly more profitable production mix.

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Kmart Corp. (KM / NYSE)
Morgan Stanley Co.
Cut fourth quarter EPS forecast to $0.43. Comps remain under pressure through year-end, leaving little room for expense leverage. Remain Neutral.

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MetLife (MET / NYSE)
ABN Amro
Reiterating BUY rating and $35 price target ahead of anall-day investor meeting on December 11. We expect the EPS growth goal to be maintained and the 2003-2004 ROE targets to be raised by 25-50 bp.

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Millennium Pharmaceutical (MLNM / Nasdaq)
SG Cowen
Market unlikely to view the acquisition of COR Therapeutics as favorable. Expect the stock to take a hit today.

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McClatchy Company (MNI / NYSE)
Morgan Stanley Co.
Raising fourth quarter EPS estimates to $0.40. Furthermore, we are raising 2002 and 2003 EPS estimates to $1.60 and $1.75, all due to positive guidance of better ad revenues from MNI.

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Photronics (PLAB / Nasdaq)
NEWS
reported fourth quarter earnings of 7c/share, above the Street forecast of 2c/share, but below the 29c/share in the same quarter last year.

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Photronics (PLAB / Nasdaq)
Warburg Dillon Read
The company beat our estimates last night, and we expect to raise our January quarter estimates following this morning's conference call. Reiterate Buy rating.

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Pharmaceutical Product (PPDI / Nasdaq)
NEWS
announced it sees revenue for fiscal year 2002 in the range of $512 million to $520 million, up 19%-21%, as compared to 2001 forecasted net revenue of 83c for fiscal year 2001, representing a 35% annual growth rate

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Sun Microsystems (SUNW / Nasdaq)
NEWS
4:30 PM SUNW will hold its mid-quarter update in a conference call.

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USA Networks (USAI / Nasdaq)
Warburg Dillon Read
Raising estimates and price target to $32 per share. Barry Diller gave an amazing performance at our Media conference yesterday, spelling out the company's path to profitability next year. We now expect USAI to earn $0.18 in 2002.

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UST (UST / NYSE)
Goldman Sachs
Lowering 2002 EPS estimates by 5c to $3.10 due to higher-then-expected net interest expense and dilution from options. Improved outlook. Reiterate Market Outperform and $40 target.

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UST (UST / NYSE)
Smith Barney Shearson
Raised target from $35 to $39 and lowered 2002 EPS from $3.13 to $3.09. Valuation attractive. Conwood litigation resolved, award expected to be reduced substantially or reversed.

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Lehman Bros (Specialty Chemicals)
As many investors embrace "cyclical" stocks in anticipation of being beneficiaries of a potential meaningful 2002 economic recovery, we caution that the vast majority of specialty chemical companies should underperform the market near-term. Investors might be best advised to take profits on those stocks that appear overextended near-term.

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Robertson Stephens (Radio Broadcasters)
Group up 30%. Time to take money off the table. Stock multiples maxing out. CCU and EMMS Attractive and rated Buy.

Bear Stearns (Sentiment)
Technicals at a critical point. SPX and DJX hovering just below the 200 day, all other major indices went through. Bullish sentiment way up. SPX 87%, NDX 90%, 5 day moving average both 66%. Equity P/C LOW AT .51, Index P/C up to 1.83

Merrill Lynch (Life Insurance)
We believe further upside exists for some of the value stocks in this area. Our top picks are PFG, NFS and HIG.

ABN Amro (Semiconductor Industry)
We believe the recent rally in the SOX is more technical than fundamental in nature. We believe INTC will reaffirm its earlier revenue guidance and guide revenues to the upperhalf of that range. The recent shortage of Pentium 4 chips is a supply, rather than a demand issue. Despite recent run-ups in contract DRAM prices, the DRAM industry still has a long way to go before it achieves a favorable supply/demand balance.

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8:30 a.m. Jobless Claims

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10:00 a.m. Factory Orders

Oscillator: 2.7

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Credit Suisse First Boston Annual Media Week New York, NYDJ, WPO, PGTV, XMSR, SIRI, KRI, NYT, TRB, SSP, GCI, IATV, TIVO, WINK, WGAT, RTRSY, CRWN

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UBS Warburg 29th Media Week Conference New York, NY MDP

Lehman Brothers 3rd Annual T3 Telecom, Trends, and Technology Conference Orlando, FL SITE, TLAB

HON Annual Meeting

UNH Annual Investor Day

CA Analyst Meeting

BRL Analyst Meeting

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