Updated from 8:28 a.m. EST

Second Edition

Image placeholder title

NOTE: TheStreet Notes currently is being offered for FREE to all users of TheStreet.com on a trial basis and for a limited period of time only. We expect to make this a premium service in the future. In the meantime, we welcome your comments at feedback@thestreet.com

Image placeholder title

Click Here

for the legal disclaimer.


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

Image placeholder title


AmeriCredit Corp. (ACF / NYSE)
JP Morgan Chase & Co.
Initiating with market perform and PT $31. Portfolio basis EPS ests F02 $3.35, F03 $3.90 due to more conservative credit loss assumptions. Continual declines in used car prices also hurting ACF recovery rates, which raise credit losses.

Image placeholder title
Image placeholder title

Allstate Corporation (ALL / NYSE)
Goldman Sachs
Downgrade from Recommended List to Market Outperform. Lowering 2002 by 10c to $2.75. Reflecting slower income growth and slower recovery in the company's Homeowners' line.

Image placeholder title

On Assignment (ASGN / Nasdaq)
Deutsche Banc Alex Brown
Upgrading from Market Perform to Buy, with a $26 price target. We believe the fears about recent management changes are overblown.

Image placeholder title

Citizens Communications (CZN / NYSE)
ABN Amro
initiating with an ADD rating, $13 price target, 2001 EPS estimate of ($0.06) and 2002 EPS estimate of ($0.21). CZN represents a defensive investment, with solid growth potential

Image placeholder title

E.I. DuPont de Nemours (DD / NYSE)
Deutsche Banc Alex Brown
Downgrading from Buy to Market Perform, based on valuation.

Image placeholder title

Eastman Chemical Company (EMN / NYSE)
Deutsche Banc Alex Brown
Downgrading from Strong Buy to Buy, with a $46 price target. We believe the major chemicals will continue to be affected by depressed volumes and lower capacity rates.

Image placeholder title

Corporate Executive Board (EXBD / Nasdaq)
Merrill Lynch
Downgrading to Accumulate from Buy, based soley on valuation. With EXBD appreciating 44.6% since our last upgrade, we believe that a more conservative outlook is warranted.

Image placeholder title

Gannett Co. (GCI / NYSE)
Prudential Securities
Downgrading to Hold from Buy on valuation; lowering 2002 eps

Image placeholder title

Gap (GPS / NYSE)
Smith Barney Shearson
Downgrade from Buy to Neutral. Continued deterioration despite best hopes. Target dropped from $17 to $15.

Image placeholder title

Integrated Device Tech. (IDTI / Nasdaq)
NEWS
announced it has reduced its revenue outlook for the third quarter. The company expects third quarter revenues to fall approximately 15% to 20% from prior quarter revenues of approximately $97.1 million

Image placeholder title

Integrated Device Tech. (IDTI / Nasdaq)
Smith Barney Shearson
Downgrade from Buy to Neutral. Lowers 3Q guidance to -15-20%, below our -5%. Lowering 3Q EPS from -4c to -14c, 2002 from -9c to -30c, 2003 from 30c to -14c and 2004 from $1 to 42c. Target from $35 to $30.

Image placeholder title

Jack Henry & Associates (JKHY / Nasdaq)
ABN Amro
Upgrading from HOLD to BUY with a $30 price target basedprimarily upon its inexpensive valuation relative to its peers. Optimistic for an improving fundamental outlook heading into 2H02 and 2003.

Image placeholder title

Kerr-McGee Corporation (KMG / NYSE)
Lehman Bros
Downgrading to Buy from Strong Buy with a lowered price target of $55. Strong recent drilling results will not lead to strong drill-bit-driven growth before 2004.

Image placeholder title

Knight-Ridder (KRI / NYSE)
Prudential Securities
Downgrading to Hold from Buy and lowering target price from $72 to $65. After revising 2002 EPS estimates downward after its analyst presentation, KRI is fairly valued.

Image placeholder title

Lear Corporation (LEA / NYSE)
Deutsche Banc Alex Brown
Upgrading from Market Perform to Buy. The company is experiencing a turnaround in tis vehicle interiors business, which should improve overall margins.

Image placeholder title

Louisiana-Pacific Corp. (LPX / NYSE)
Goldman Sachs
Downgrade from Market Outperform to Market Perform following strong rally. We prefer Canadian stock NF.

Image placeholder title

USX-Marathon Group (MRO / NYSE)
Bear Stearns
Downgraded to Attractive from Buy. Stems from recent disappointments in the company's high-impact drilling program. Marathon's initial success in the program has beenfollowed up by three non-commercial wells drilled by outside operators.

Image placeholder title

National Semiconductor (NSM / NYSE)
Bank of America Montgomery
Increasing 2002 EPS estimates to ($1.03) because of the upside in the November quarter. However, lowering 2003 EPS estimate to $0.20. Maintain Market Perform. NSM is not projected to generate any earnings until Nov 2002 quarter. There is limited upside potential from current levels.

Image placeholder title

National Semiconductor (NSM / NYSE)
Lehman Bros
Raising our third quarter and 2002 estimates to ($0.29) and ($1.09). While signs of a bottom are becoming clear, lower backlog and a higher turns requirement limit visibility into a recovery. Maintain Market Perform.

Image placeholder title

National Semiconductor (NSM / NYSE)
Warburg Dillon Read
Lowering estimates, but our price target to $26 per share. We believe management is successfully executing its strategy. Maintain Hold rating.

Image placeholder title

National Semiconductor (NSM / NYSE)
Smith Barney Shearson
Upgrading from Outperform to Buy. Reported 2Q EPS of -26c ahead of our -31c. Guiding "flat" for 3Q. Raising 2002 from -$1.03 to -92c and target from $35 to $45.

Image placeholder title

National Semiconductor (NSM / NYSE)
Robertson Stephens
Raising estimates for 2002 by 8c to -$1 and 2003 from 18c to 21c. Target raised from $34 to $39. Worst is behind.

Pitney Bowes (PBI / NYSE)
Lehman Bros
Downgrading to Buy from Strong Buy, soley based on valuation. PBI reached our previous price target, our new price target is $47.

Image placeholder title

PEC Solutions (PECS / Nasdaq)
JP Morgan Chase & Co.
Downgrading from Buy to market perform. The recent run-up is overdone, current valuation is increasingly difficult to justify vs ST fundamentals and we like the stock better in the low $30 level.

Image placeholder title

PPG Industries (PPG / NYSE)
Deutsche Banc Alex Brown
Downgrading from Buy to Market Perform, based on valuation.

Image placeholder title

Robert Half Int'l (RHI / NYSE)
Deutsche Banc Alex Brown
Downgrading from Strong Buy to Buy, based on valuation. Investors should consider MAN or ASGN as an alternatives.

Image placeholder title

SonicWALL (SNWL / Nasdaq)
Smith Barney Shearson
Initiating coverage with an Outperform rating and $22 target. Could remain a strong mid and low-end competitor in firewall appliances, and could potentially leverage that position over time to penetrate large enterprise.

Image placeholder title

E.W. Scripps Company (SSP / NYSE)
Prudential Securities
Downgrading to Hold from Buy on valuation.

Image placeholder title

St. Jude Medical (STJ / NYSE)
Goldman Sachs
Downgrade from Trading Buy to Market Outperform. Target reached. Likely 15% EPS growth, 10% achievable in next 6 months.

Image placeholder title

Stilwell Financial (SV / NYSE)
Deutsche Banc Alex Brown
Upgrading from Market Perform to Buy, with a $32 price target. We believe the risl/reward is very compelling at these levels.

Image placeholder title

Wright Medical Group (WMGI / Nasdaq)
Lehman Bros
Initiating coverage with a Strong Buy and price target of $21. With its size, WMGI has more operating flexability and can focus on certain sub-markets with in the industry that offer more attractive and profitable growth opportunities.

Image placeholder title

Zimmer Holdings (ZMH / NYSE)
Lehman Bros
Initiating coverage with a Buy rating and a price target of $35. Core business results are strong along with improving gross marging.

Image placeholder title

back to top

Image placeholder title


Advanced Micro Devices (AMD / NYSE)
NEWS
announced that demand for its Athlon(TM) XP processor has been "robust", and that the company expects overall fourth quarter sequential revenue growth into the 10 percent or better range, when compared to third quarter sales of $765.87 million.

Image placeholder title
Image placeholder title

Advanced Micro Devices (AMD / NYSE)
Bank of America Montgomery
Raising December quarter EPS estimates to ($0.20). Also raising 2002 and 2003 EPS estimates to ($0.05) and $0.58. ADM raised guidance for the December quarter for a sales increase of at least 10%. Maintain Market Perform due to uncertainty for demand environment in 2002.

Image placeholder title

Advanced Micro Devices (AMD / NYSE)
Smith Barney Shearson
Pre-announced to the upside. 4Q likely rise of 10% qtr over qtr vs. our 4%. Resurge in consumer PC market. Atholon XP popular. Intel shortage on low-end P4. Raising 4Q EPS from -24c to -17c, 2002 from -35c to +2c and 2003 from 60c to 95c. Reiterate Buy. Raising target from $14 to $24.

Image placeholder title

Advanced Micro Devices (AMD / NYSE)
Warburg Dillon Read
Improving EPS estimates through 2003, after the company announced a reversal in order trnds. We now expect the company to lose $0.10 this year and $0.26 for 2002.

Image placeholder title

Advanced Micro Devices (AMD / NYSE)
Robertson Stephens
Raising target to $20 from $16. Pre-announced 4Q better than expected.

Image placeholder title

Abercrombie & Fitch Co. (ANF / NYSE)
JP Morgan Chase & Co.
Lowering 01/02 ests to $1.57/$1.83, raising 18 mo price target from $25 to $30. Lowering GPS 01/02 ests from $0.29/$0.60 to $0.09/$0.45 on lower avgerage store sales and margin ests.

Image placeholder title

AOL-Time Warner (AOL / NYSE)
Merrill Lynch
We are lowering our fourth quarter revenue and EBITDA estimates. Our concerns include executive management changes and decelerating operating trends. Maintain Neutral rating.

Image placeholder title

Baxter International (BAX / NYSE)
JP Morgan Chase & Co.
Raising long term growth rate from 15% to 16%, our PT from $60 to $65. 2H'02 consensus numbers could prove conservative by $0.04-0.05 (our 2002 EPS is $2.02), with a short term catalyst of European approval for AHP's Factor VIII St. Louis facility ahead of expectations.

Image placeholder title

Best Buy Company (BBY / NYSE)
Deutsche Banc Alex Brown
Raising estimates to $2.26 per share in 2001 and $2.57 for next year. Consumer electronics sales remain robust, lead by the new video game consoles. Reiterate Buy rating and $72 price target.

Image placeholder title

Computer Associates Int'l (CA / NYSE)
Prudential Securities
Company presentation positive; some major competitive wins were detailed. European business is strong and continues to strengthen. Raising target from $38 To $45, reiterating buy.

Image placeholder title

Circuit City Group (CC / NYSE)
Deutsche Banc Alex Brown
Raising full-year estimate by a penny, to reflect stronger results from KMX. The company also appears to be closing the gap over BBY at its core stores. Maintain Market Perform rating.

Image placeholder title

Circuit City Group (CC / NYSE)
Goldman Sachs
Shares can drift higher. Raising 3Q EPS by 1c to 9c,, 4Q by 5c to 66c and 2002 by 15c to $1.05. Reiterate Market Perform.

Image placeholder title

Cendant Corporation (CD / NYSE)
Weisel Partners
expect investor day on 12/10 to be upbeat: IBM deal & asset salesrepresent potential '02 positives; Reiterate Buy.

Image placeholder title

Deere & Company (DE / NYSE)
Smith Barney Shearson
Weakness due to misunderstood farm bill. Buying opportunity.

Image placeholder title

Elantec Semiconductor (ELNT / Nasdaq)
Weisel Partners
Optical storage strength likely to drive Dec Q rev upside;Maintaining our high on Street est; Increasing price target $45 to $55; Reiterate Strong Buy.

Image placeholder title

FedEx Corporation (FDX / NYSE)
Morgan Stanley Co.
Increased price target to $50. FDX may test the high end of historical valuations as a result of positive news flow, lower fuel prices, and uncertainy about UPS labor negotiations. Maintain Outperform.

Image placeholder title

GlobeSpan (GSPN / Nasdaq)
Warburg Dillon Read
Reducing estimates, but raising our price target to $14 per share. We believe customers, especially Qwest, will have lower CapEx budgets this year. Reiterate Hold rating.

Image placeholder title

Integrated Device Tech. (IDTI / Nasdaq)
Credit Suisse First Boston
Lowering 2002 and 2003 EPS estimates to ($0.26) and $0.24. Weaker than expected markets in Europe and Japan should weigh negatively against IDTI for the next two quarters. Maintain Hold rating.

Image placeholder title

Intel Corporation (INTC / Nasdaq)
Warburg Dillon Read
Raising 2001 estimate to $0.49 per share, after the company's positive mid-quarter conference call. Reiterate Buy rating and $36 price target.

Image placeholder title

Intel Corporation (INTC / Nasdaq)
NEWS
announced expects revenue for the fourth quarter to be between $6.7 billion and $6.9 billion, as compared to the previous range of $6.2 billion to $6.8 billion.

Image placeholder title

Intel Corporation (INTC / Nasdaq)
Goldman Sachs
Mid-qtr update last night as expected. Reality better than low bar set entering quarter. Good news already priced in. AMD announced shockly positive 4Q. Reiterate Recommended List

Image placeholder title

Intel Corporation (INTC / Nasdaq)
Credit Suisse First Boston
Raising 2002 EPS estimates to $0.88 due positive current fundamentals.

Image placeholder title

JDS Uniphase Corporation (JDSU / Nasdaq)
Smith Barney Shearson
Analyst day 12/11. Last catalyst before end of year. Expecting upbeat program. No new guidance or outlook expected. After strong October demand seems to have fallen off. Cautios, lower entry expected.

Image placeholder title

Lockheed Martin Corp. (LMT / NYSE)
NEWS
announced it was awarded a $1.1 billion contract by the US Air Force to begin the System Development and Demonstration phase of the Air Force's C-5 Reliability Enhancement and Reengining Program.

Image placeholder title

Lucent Technologies (LU / NYSE)
Credit Suisse First Boston
Decreasing our revenue and earnings projections to reflect a more conservative view of the rate of recovery to LU's core business.

Image placeholder title

Millennium Pharmaceutical (MLNM / Nasdaq)
Deutsche Banc Alex Brown
The CORR acquisition should be accretive beginning in 2002. We now expect the company to lose $0.31 next year and $0.43 in fiscal 2003.

Image placeholder title

Minnesota Mining & Mfg. (MMM / NYSE)
ABN Amro
raising target from $120 to $135 based on the premise thatinvestors will look through short-term earnings pressure to 3M'stransformation into a higher-growth, higher-return company in 2003. 3M is on track to meet the fourth quarter consensusestimate of $0.98.

Image placeholder title

Microsoft Corporation (MSFT / Nasdaq)
Weisel Partners
No change to revenue forecast following INTC & AMD guidance;Maintain Buy.

Image placeholder title

Netegrity (NETE / Nasdaq)
Weisel Partners
Channel checks indicate stabilizing environment; December quarter tracking towards expectations; Reiterate Buy.

Image placeholder title

Pier 1 Imports (PIR / NYSE)
Robertson Stephens
Raising EPS for 2001 by 7c to 89c and 2002 by 8c to $1. Nov. comps up 12.5%. Valuation reflected in price. Reiterate Market Perform.

Image placeholder title

Reebok International (RBK / NYSE)
Warburg Dillon Read
Raising estimates and price target, to reflect higher sales volume. We now expect the company to earn $1.85 per share in 2002, and the stock to reach $30.

Image placeholder title

Reebok International (RBK / NYSE)
Lehman Bros
Increasing our price target to $32 due to our favorable view of several recent key management moves, and numerous product initiatives aimed at driving top-line growth.

Image placeholder title

RadioShack Corporation (RSH / NYSE)
Deutsche Banc Alex Brown
November sales were weaker than expected, which means Christmas could see heavy discounts. We believe the company can cut expenses enough to meet the bottom-line consensus estimate though. Maintain Market Perform rating.

Image placeholder title

Sanmina Corporation (SANM / Nasdaq)
NEWS
SANM and SCI Systems, Inc. announced they have completed the merger of the two companies after receiving approval from their respective stockholders of matters related to the merger.

Image placeholder title

Sanmina Corporation (SANM / Nasdaq)
Bank of America Montgomery
Raising price target to $35. With announcement of its merger with SCI, we feel it is a positive move towards negotiating new deals that suddenly improve highly leveraged areas of its revenue mix.

Image placeholder title

Sanmina Corporation (SANM / Nasdaq)
Goldman Sachs
Rating as Market Outperformer and $30 target. Sanmina-SCI merged will be a competitive force. Great cost savings expected. Longer term growth merged than as separate companies.

Image placeholder title

SPX Corporation (SPW / NYSE)
Merrill Lynch
We are boosting our price target to $175 due to their strong management team, near term EPS visibility and a well positioned mix of business to capitalize on a cyclical recovery and accelerate earnings growth.

Image placeholder title

Sun Microsystems (SUNW / Nasdaq)
NEWS
announced that that orders in its fiscal second quarter were meeting internal targets.

Image placeholder title

Sun Microsystems (SUNW / Nasdaq)
Weisel Partners
Dec quarter on track; Better order linearity; New product cycle in full swing; Continued penetration of high end mkt; Reiterate Buy.

Image placeholder title

Sun Microsystems (SUNW / Nasdaq)
Credit Suisse First Boston
Reducing 2002 sales and EPS estimates to 12.8 billion and ($.09) due to concerns that the sequential pick-up in the December quarter casts doubt to sustained recovery.

Image placeholder title

Microtune (TUNE / Nasdaq)
Bear Stearns
Reit Buy and $30 price target. Lowering 2001 $(0.36) down from $(0.31); our estimate for 2002 is now $(0.21) down from $(0.04). Although revenue guidance for 2002 is heavily back-end loaded, we believe the business outlook remains sound. We think the stock has significant upside if the company delivers on its guidance.

Image placeholder title

Tyco Int'l. (NEW) (TYC / NYSE)
Merrill Lynch
Even though shares of Tyco rose substantially from their lows, we continue to issue a Buy rating. Tyco has significant operating leverage that could push EPS above our current expectations.

Image placeholder title

Unisys Corporation (UIS / NYSE)
NEWS
announced last night that "while the financial environment continues to remain challenging," it still sees fourth quarter earnings of between 10c-15c/share, compared with the estimate of 11c/share.

Image placeholder title

Unisys Corporation (UIS / NYSE)
SG Cowen
Lowering 2002 estimate to $0.70 per share, as visibility remains poor. Maintain Neutral rating.

Image placeholder title

UnitedHealth Group (UNH / NYSE)
Goldman Sachs
Raising EPS 5c in 02 and 03 to $3.55 and $4.05. Raising 01 by 1c to $2.76. Positive investor conference. Reiterate RL and $96 target.

Image placeholder title

UnitedHealth Group (UNH / NYSE)
Warburg Dillon Read
Raising estimates and price target, following the company's analyst meeting. We now expect the company to earn $3.27 per share in 2002, and for the stock to reach $83. Reiterate Strong Buy rating.

Image placeholder title

UnitedHealth Group (UNH / NYSE)
JP Morgan Chase & Co.
Yesterday's Annual Investor Conf did an excellent job of spotlighting the strategic opportunities it is pursuing.Co provided compelling demonstrations of the ways in which it is using tech to improve member health, expand access to health information and lower costs over time, and said for the 1st time that they would prob outperform ests. Comfortable with our ests 02/03 $2.75/$3.25.

Image placeholder title

United Surgical Partners (USPI / Nasdaq)
Lehman Bros
Raising our 2002 EBITDA estimates to $67m, reflecting the recent acquisitions. The recent acceleration in deal activity suggests the potential for additional upside to 2002 results. Reiterate Strong Buy.

Image placeholder title

back to top

Image placeholder title


Goldman Sachs (airlines)
Airline traffic improved a bit faster than expected in Nov. (lead by Latin markets) and oil prices dropped quiker than forecasted. CAL recapturing traffic quickest (Trading Buy, $40 target). DAL on Recommended List. AMR attractive given price and gains in Latin market.

Image placeholder title

Deutsche Banc Alex Brown (Housing)
Orders grew 11.6% year/year in November. Raising price targets on most companies to reflect this surprise resiliency.

Morgan Stanley Co. (Healthcare Distribution)
Remain positve on industry. Generics, consolidation and a favorable competitive environment should drive 20%+ net earnings growth over two to three years. Valuations have become more attractive and returns are rising.

Bear Stearns (Sentiment)
Technicals mixed with Sentiment high and the SPX P/C extremely high: SPX sentiment 83%, NDX 88%, 5 day moving average 70 and 71%. EQUITY P/C .59, SPX P/C 2.76.

JP Morgan Chase & Co. (Retailers)
Upgrading group from Underweight to Neutral on significant underperformance since May downgrade ((31%) vs (6%) SPX and slightly negative broad retail group). Believe bad news in stocks, Nov trends will accel into Dec, making it a better month. Only going to Neutral due to risk on Q1 EPS (Q4 ests lowered enough).

ABN Amro (US Paper & Forest Products)
raising our price targets for the US Paper & Forest Products tolevels approximating our targets prior to 9/11. This restorationreflects our increased confidence that a robust economic recovery will commence in 2Q02 and spark a resurgence in industry earnings that we forecast to last into early 2004

back to top

Image placeholder title


10:00 a.m. The University of Michigan's Consumer Confidence

Image placeholder title

Oscillator: 3.2

8:30 a.m. Employment SituationNonfarm Payrolls Nov, 2001 -200,000 Unemployment Rate Nov, 2001 5.6% Average Hourly Earnings Nov, 2001 0.2% Average Workweek Nov, 2001 34.0

back to top

Image placeholder title


Lehman Brothers 3rd Annual T3 Telecom, Trends, and Technology Conference Orlando, FL XMSR, STLW

Image placeholder title

Sonoco Products Analyst Meeting

BHI - November International Rig Count to be Released Before Market Open

HON analayst meeting.

WPI analyst meeting

HWP and CPQ Board Meeting

back to top

Image placeholder title

LEGAL DISCLAIMER:

THE 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. TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW, THESTREET.COM, ITS OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES, SUPPLIERS, ADVERTISERS, AND AGENTS DISCLAIM ALL WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF TITLE, NON-INFRINGEMENT, MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE, AND ALL WARRANTIES RELATING TO THE ADEQUACY, THESTREET.COM DOES NOT WARRANT THE ACCURACY, OR COMPLETENESS OF ANY INFORMATION IN THESTREET NOTES.

IN NO EVENT SHALL THESTREET.COM BE LIABLE TO YOU OR ANYONE ELSE FOR ANY DECISION MADE OR ACTION TAKEN BY YOU IN RELIANCE ON SUCH INFORMATION OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES. YOU AGREE THAT THE LIABILITY OF ACCURACY OR COMPLETENESS OF ANY INFORMATION ON THE SITES ARISING OUT OF ANY KIND OF LEGAL CLAIM (WHETHER IN CONTRACT, TORT OR OTHERWISE) IN ANY WAY CONNECTED WITH THESTREET NOTES OR INFORMATION THEREIN SHALL NOT EXCEED THE AMOUNT YOU PAID TO THESTREET.COM FOR USE OF THE SERVICE, IF ANY.