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

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Alcoa (AA / NYSE)
Morgan Stanley Co.
Cutting 2002 EPS estimate to $1.80, matching the company's new guidance. We'd buy the shares, with a target of $46, once this warning is priced in.

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Alcoa (AA / NYSE)
Credit Suisse First Boston
Lowering 2001 and 2002 EPS estimates to $1.43 and $1.00, reflecting Alcoa's pre-announcement and poor outlook for 2002. Remain convinced that the entire metal market will be disappointed by the slow pace of recovery in the first half of next year.

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Alcoa (AA / NYSE)
Goldman Sachs
Preannounced 4Q01 EPS of 10c vs our 35c. Lowering 2001 EPS to $1.44 from $1.69 and 2002 to $1.69 from $2.13. Worse than expected earnings impacts. Weaker demand and economic conditions. Reiterate Recommended List and $43 target.

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Alcoa (AA / NYSE)
NEWS
warned that it expects earnings to come in at 10c/share for the fourth quarter, (excluding a special $225 million after tax (approximately $0.26 per share) restructuring charge). The Street forecast was 30c/share.

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Alcoa (AA / NYSE)
JP Morgan Chase & Co.
Downgrading from Buy to Market perform. Revised 02 ests imply a fair market value of $35. Cutting 4QE to $0.10 from $0.32, 01E to $1.43 from $1.65 and 02E to $1.35 from $2.00. Based on new ests, we think current val is too rich. We would wait to Buy until stock near $30.

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Alcan (AL / NYSE)
JP Morgan Chase & Co.
Downgrading from Buy to market perform and lowering 4QE to $0.12 from $0.17 due to lower aluminum price realizations. Co may be vulnerable to potential customer insolvency as both AA and CENX have seen this quarter.

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Alltel Corporation (AT / NYSE)
Warburg Dillon Read
Initiating coverage with a Buy rating and $76 price target. The company is the leading rural wireless carrier, yet still has room to grow.

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Brooks Automation (BRKS / Nasdaq)
Lehman Bros
Initiating coverage with a Market Perform and a $40 price target. BRKS is an excellent way to participate in the industry's eventual transition to 300mm. However, remain cautious on outlook, do not expect sustainable upturn until 2003.

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Circuit City Group (CC / NYSE)
Lehman Bros
Raising fourth quarter and 2002 EPS estimates to $0.72 and $0.98. While third quarter results better-than-expected, trends in November are not sustainable and point out that CC faces a more difficult comparison in Decemeber. Maintaining Cautious Outlook.

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Circuit City Group (CC / NYSE)
Deutsche Banc Alex Brown
Upgrading to a Buy from Market Perform with an established $28 price objective. Capital efficiency trends are rebounding, comp sales and operating margin prospects improving. Furthermore, believe CC is no longer losing share to competitors like BBY, WMT and TGT.

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CIGNA Corporation (CI / NYSE)
Prudential Securities
Downgrading BUY to HOLD due to valuation concerns. Instituting 2003 earnings estimate of $8.93 and raising our price target from $92 to $100 to reflect our bullish outlook on the industry.

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Costco Wholesale Corp. (COST / Nasdaq)
Piper Jaffray
Initiating coverage as Strong Buy and $58 target. Recent earnings have been weak. Rebound appears imminent. Posied to deliver exceptional earnings.

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Expedia (EXPE / Nasdaq)
Weisel Partners
Upgrading from Market Perform to Buy on rapid recovery in online travel & cost containment efforts; Increasing '02 est for sector.

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Fleming Companies (FLM / NYSE)
JP Morgan Chase & Co.
DOWNGRADING from Buy to long term buy. EPS estimates: $1.96 2001E 2002E $2.50 unchanged but risk to 02, in our view.Co has 27.0% of total sales exposed to K-Mart and KM's ultimate fate remains in question.

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Interlogix (ILXI / Nasdaq)
Piper Jaffray
Downgrade from Neutral to Underperform. In agreement to be acquired by GE. GE agreed to $38.86 price, 50% cash and 50% GE stock. 80% stockholder agreement.

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Lennar Corporation (LEN / NYSE)
Salomon Smith Barney
Raising 4Q01 EPS from $1.18 to $2.30, 2001 $5.38 to $5.87. Homebuilding fundamentals extremely strong. Raising target from $57 to $62.

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Lennar Corporation (LEN / NYSE)
Credit Suisse First Boston
Upgrading to Buy from Hold. Also raising 2001 and 2002 EPS estimates to $6.00 and $6.25. Lennar has one of the strongest balance sheets in the industry; it generates a solid return on capital and a significant amount of cash flow.

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Manugistics Group (MANU / Nasdaq)
Credit Suisse First Boston
Upgrading from Buy to Hold with a $22 price target. Strong activity across various government agencies provides a rich source of revenue over next six to nine months.

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Mercury Interactive Corp. (MERQ / Nasdaq)
Warburg Dillon Read
Initiating coverage with a Buy rating and $40 price target.

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Motorola (MOT / NYSE)
Dain Rauscher
Handset market appears on track, rest of MOT in bad shape. Maintain Neutral rating

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Motorola (MOT / NYSE)
NEWS
announced it still expects to achieve the estimates of fourth-quarter 2001 sales and earnings per share that it provided on October 10th, 2001. The company still sees fourth-quarter sales for ongoing operations to be flat to 3% higher versus the third-quarter

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Motorola (MOT / NYSE)
Piper Jaffray
Downgrading from Outperform to Neutral. Sustainable growth and profits expected for 2002. Reducing target from $20 to $17 over near-term concerns.

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Nucor Corporation (NUE / NYSE)
Salomon Smith Barney
Upgrade from Outperform to Buy. Rasing target from $58 to $65. Recent upgrade to steel stocks. Increase in order rates.

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Oxford Health Plans (OHP / NYSE)
Prudential Securities
Downgrading from BUY to HOLD due to valuation concerns. Instituting 2003 earnings estimate of $3.40 and raising our price target from $30 to $34 to reflect our bullish outlook on the industry.

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Pier 1 Imports (PIR / NYSE)
Piper Jaffray
Upgrade from Neutral to Buy. Raising 2002 EPS from 89c to 96c and 2003 from $1 to $1.10. Target $22. Solid Q301 results 4Q sales. Increased confidence.

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QLogic Corporation (QLGC / Nasdaq)
JP Morgan Chase & Co.
INITIATING with a Market perform. company is sole "One Stop Shop" for SAN components: HBAs (29% shr), chips, & switches (6% shr), lg merchant supplier of silicon & software for networking storage.

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Rational Software Corp. (RATL / Nasdaq)
Warburg Dillon Read
Initiating coverage with a Hold rating and $20 price target. We believe the price will be capped in the near-term, as there is little chance the company will exceed current EPS estimates.

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Royal Dutch Petroleum Co. (RD / NYSE)
Credit Suisse First Boston
Downgrading from Hold to Sell.

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Secure Computing Corp. (SCUR / Nasdaq)
Warburg Dillon Read
Initiating coverage with a Buy rating and $25 price target.

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Scientific-Atlanta (SFA / NYSE)
Lehman Bros
Initiating coverage with a Market Perform rating. Although impressed with the company, its product, its customer relationships, and its visionary management team, believe SFA faces a challenging end market environment.

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Scientific-Atlanta (SFA / NYSE)
Weisel Partners
Decreasing est on challenging digital cable environment; Valuation rich; Reiterate Market Perform.

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Solectron Corporation (SLR / NYSE)
Dain Rauscher
Second-quarter guidance comes in well below expectations. PC and telecom segments softness partially offset by strength in networking. Lowering FY2002 and FY2003 estimate to $0.25 and $0.55.

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Solectron Corporation (SLR / NYSE)
Lehman Bros
Decreasing price target and 2002 EPS estimate to $15 and $0.12. Weak markets, lack of any large program wins and the loss of customers continue to plague SLR.

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Solectron Corporation (SLR / NYSE)
Robertson Stephens
Upgrade from Neutral to Buy despite lowered target of $15 from $20 to reflect lower entry price and trough fundamentals. Lowering cash EPS for 2002 from 35c to 25c and 2003 from 80c to 52c.

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Stillwater Mining Company (SWC / NYSE)
Goldman Sachs
Initiating coverage with Neutral rating and $20 target. Montana based platinum group metals producer. Unfavorable near term fundementals for group. Tight financial position. More postive long-term.

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Telephone & Data Systems (TDS / AMEX)
Warburg Dillon Read
Initiating coverage with a Buy rating and $109 price target.

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Tibco Software (TIBX / Nasdaq)
Lehman Bros
Lifted price target to $16. Despite uncertain and political environments, TIBX was able to produce an impressive quarter with a clean balance sheet and new product flow. Maintain Buy rating, however believe that stock will be fluctuating between the $12-$16 range.

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Tibco Software (TIBX / Nasdaq)
Salomon Smith Barney
Upgrade from Neutral to Outperform. Raising target from $13 to $17. Integration expected to be a key component for enterprise IT. High confidence in estimates.

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TriQuint Semiconductor (TQNT / Nasdaq)
Bank of America Montgomery
Lowering estimates to meet the company's new guidance. We now expect the company to earn $0.23 per share in 2001 and $0.14 for next year. Maintain Market Performer rating.

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TriQuint Semiconductor (TQNT / Nasdaq)
Lehman Bros
Lowering fourth quarter and 2002 EPS estimates to ($0.01) and $0.08. Remain cautious given concerns on wireless demand and their module strategy.

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TriQuint Semiconductor (TQNT / Nasdaq)
Piper Jaffray
Downgrade from Neutral to Underperform. Lowered guidance $7-9 million below estimates. 1Q02 expected lower. Lowering 2002 EPS from 18c to -2c. Losing market share in wireless.

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TriQuint Semiconductor (TQNT / Nasdaq)
Bear Stearns
Downgrading from Buy to Attractive.

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Travelocity.com (TVLY / Nasdaq)
Weisel Partners
Upgrading from Market Perform to Attractive on rapid recovery in online travel & cost containment efforts; Increasing '02 est for sector.

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Tweeter Home Entertain. (TWTR / Nasdaq)
Piper Jaffray
Initiating coverage with Outperform rating and $33 target. Improving same-store sales and easier comparisons. Strong managment team.

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UnitedHealth Group (UNH / NYSE)
Prudential Securities
Upgrading from a HOLD to BUY in recognition of its strong management and underwriting capabilities. Raise price target from $75 to $88 to reflect UNH's earnings power.

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Verizon Communications (VZ / NYSE)
JP Morgan Chase & Co.
INITIATING with a long term buy, $58 price target. Shift in rev from local to wireless and data increases exposure to cyclical biz lines, rev growth should rebound with econ recovery

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Aetna (AET / NYSE)
Prudential Securities
Instituted a 2003 earnings estimate of $2.23, which is significantly higher than our 2002 EPS estimate. Yet, we affirm our $35 price target and HOLD rating based on our assessment of its competitive position.

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Argosy Gaming Company (AGY / NYSE)
Merrill Lynch
Increasing fourth quarter and 2002 EPS estimates to $0.56 and $2.15. Given that all 6 of its properties are located in the riverboat markets, Argosy continues to be one of the primary beneficiaries of the markets' robust fundamentals.

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Apollo Group (APOL / Nasdaq)
Deutsche Banc Alex Brown
Raising 2002 and 2003 EPS estimates to $1.12 and $1.40, due to the strength in online enrollments. Rating remains Strong Buy.

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ATP Oil & Gas Corporation (ATPG / Nasdaq)
Lehman Bros
Cutting price target to $5, reflecting a reduced capital spending outlook for 2002 and remaining uncertainties surrounding its ability to line up new financing.

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Aztar Corporation (AZR / NYSE)
Merrill Lynch
Raising fourth quarter EPS estimates to $0.21, and 2002 EPS estimate to $1.42. Favorable weather, and use of car travel facilitates improving trends in Atlantic City. Tropicana generates 64% of AZR's EBITDA, where in November, revenues improved more than 5.0%. Maintain Buy rating.

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Aztar Corporation (AZR / NYSE)
Lehman Bros
Increasing price target to $20 and 2002 EPS estimates to $1.32. AZR presents a strong showing in their Tropicana unit, located in Atlantic City.

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Agilent Technologies (A / NYSE)
SG Cowen
Raising price target to $37 per share, as we believe the cycle recovery is beginning.

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Best Buy Company (BBY / NYSE)
Goldman Sachs
Superior execution, innovation and financial performance. Raising 2001 est. by 4c to $2.29 and 2002 by 10c to $2.72. Reiterate Outperform.

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Bank of New York Co. (BK / NYSE)
Salomon Smith Barney
Reducing 2001 by 11c to $1.95. Raising target from $46 to $50. Upcoming 4Q report and 1/28 analyst meeting will provide clarity. Under valued. Favorite "processors" pick.

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Caterpillar (CAT / NYSE)
Prudential Securities
Initiating 2003E $3.50, continue to rate the shares a HOLD, with a $54 price target. Monthly retail sales and inventory data exhibited strengthening position in Machinery retail sales andanticipated performance in Engines. Sales of engines continued to grow and were up 2-7%.

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3Com Corporation (COMS / Nasdaq)
NEWS
reported a second quarter loss of 14c/share, narrower than the Street forecast, calling for a loss of 22c/share. Last year, the company recorded a loss of 15c/share.

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Cintas Corporation (CTAS / Nasdaq)
Piper Jaffray
Reported record 2Q sales and earnings. Exceeded EPS consensus of 33c by 1c. Reaffirms guidance for 2nd half of fiscal year. Raising target from $47 to $53.

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Citigroup (C / NYSE)
JP Morgan Chase & Co.
announced will spin off rest of Travelers Property Casualty in IPO. Traditionally a lower growth biz.

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Walt Disney Company (DIS / NYSE)
Salomon Smith Barney
Raising target from $25 to $28. Lowering EPS for next Qtr. from 17c to 10c, 2002 from 73c to 60c, 2003 from $1.05 to 85c. Continued pressure. Cost cutting helping. Reiterate Buy.

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Eclipsys Corporation (ECLP / Nasdaq)
Merrill Lynch
Boosting price objective to $18 dollars per share. ECLP is currently undervalued with significant growth opportunities in 2002.

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GTECH Holdings Corp. (GTK / NYSE)
Merrill Lynch
Raising 2002 and 2003 EPS estimates to $2.74 and $3.17, and price target to $55. Company's current valuation is still attractive given its stable and visible cash flows, dominant and improving competitive position, shareholder oriented management team, and declining expense structure. Reiterate Strong Buy.

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Jabil Circuit (JBL / NYSE)
Dain Rauscher
Expecting cash EPS of $0.11 on revenues of $900 million.Anticipated decline in Dell business expected to result in 12%decline in core revenues. New relationships expected to become material in second half of 2002.

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Jabil Circuit (JBL / NYSE)
JP Morgan Chase & Co.
We expect Q1E on Thurs to be inline, some risk to our Q2E. We believe for group Street is undervaluing execution risk, JBL has least risk, in our view. JBL is our top pick, but we see no reason to buy ahead of Q.

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CarMax Group (KMX / NYSE)
Bank of America Montgomery
Raising estimates and price target to $30 per share. We now expect the company to earn $1 per share next year, based on better sales visibility. Reiterate Buy rating.

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CarMax Group (KMX / NYSE)
Morgan Stanley Co.
Raising our fourth quarter estimate to the high-end of of management's guidance, following strong November results. Reiterate Strong Buy rating.

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L-3 Communications Hldgs. (LLL / NYSE)
SG Cowen
Raising 2002 estimate to $3.57 per share. Maintain Strong Buy rating and $110 price target.

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Marsh & McLennan Co's (MMC / NYSE)
Morgan Stanley Co.
Raising 2002 EPS estimate to $5.28, after our meeting with the CEO. Maintain Neutral rating.

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Microsoft Corporation (MSFT / Nasdaq)
Goldman Sachs
MSFT expects sale of its stake in Expedia to close in March or June qtr. Sale results in pre-tax gain of 8c EPS. Lowering Dec to 42c from 50c and raising 4Q to 53c from 45c. Reiterate Recommended List.

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Microsoft Corporation (MSFT / Nasdaq)
JP Morgan Chase & Co.
Lowering ests on EXPD gain being pushed out to Q4. FY unchanged at $1.84, $0.08 moved from DecQ to JunQ.

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Martha Stewart Living (MSO / NYSE)
Morgan Stanley Co.
We believe that KM's restructuring plans will have a minimal impact on the company's licensing deal. Maintain Outperform rating and $20 price target.

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Micron Technology (MU / NYSE)
Bank of America Montgomery
November quarter was slightly weaker than expected, but there were no major surprises. Widening our 2002 loss estimate, but also expect higher profits for 2003. Maintain Market Performer rating.

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Micron Technology (MU / NYSE)
NEWS
reported a wider than expected loss of 44c/share for the first quarter, compared to Street views, calling for a loss of 39c/share. Total Net Sales were $423.89 million.

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Micron Technology (MU / NYSE)
Robertson Stephens
Reported 1Q loss and 3rd sequential inventory writedown. Reiterate Neutral. Raising 2002 EPS from -$1.18 to -$1.08.

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Micron Technology (MU / NYSE)
Credit Suisse First Boston
Decreasing 2002 and 2003 EPS estimates to ($1.04) and ($1.78), due to lower cost inventory post writedowns. Company has reported an uptick in demand, with current quarter bit shipments significantly outpacing production. Remain cautious on stock, but do believe the stock is range-bound to approximately $35.

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Bank One Corporation (ONE / NYSE)
Salomon Smith Barney
Raising 4Q01 EPS by 2c to 66, 2001 by 2c to $2.48 and target by $10 to $50. Credit card losses expected to be lower and net interest margin higher than expected. Expected to surprise to the upside.

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Phelps Dodge Corp. (PD / NYSE)
Morgan Stanley Co.
Widening loss estimates because of higher expenses. Maintain Underperform rating and $28 price target.

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Principal Financial(PFG / NYSE)
Goldman Sachs
Expecting 18% price move over next year. Appreciated 28% from 10/23 IPO price of $18.50. Raising target to $28.

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Red Hat (RHAT / Nasdaq)
NEWS
reported third quarter earnings of 1c/share, above consensus views, calling for break-even results. Total subscription and services revenue totaled $21.476 million, above the $21.125 million last year.

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Research In Motion (RIMM / Nasdaq)
Dain Rauscher
expect company to report an in line third quarter on December 20.

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Scholastic Corporation (SCHL / Nasdaq)
Deutsche Banc Alex Brown
Boosting 2002 EPS estimate to $2.50 due to strength in November operating results, upward trend in near-term estimates, and the prospects of sustainable 15%-20% EPS growth. Reiterate Strong Buy rating.

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Sabre Holdings Corp. (TSG / NYSE)
Morgan Stanley Co.
Raising estimates and price target to $46 per share. Management believe the travel industry is rebounding faster than previously expected. Maintain Outperform rating.

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TV Azteca S.A de C.V. (TZA / NYSE)
Lehman Bros
Raising price target to $8, due to TZA's diminished risk profile.

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Morgan Stanley Co. (Autos)
Anecdotal information leads us to believe that December sales are proceeding better than expected. We now expect a 1-2% year/year industry decline, with GM posting the strongest comp sales growth.

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Goldman Sachs (Banks)
Fundamentals increasingly challenging - consitent with recession. Rising credit costs. Loan momentum difficult. Deposit growth strong. PNC Outperform, WFC Recommended List.

JP Morgan Chase & Co. (Autos)
Raising industry forecast for Dec, 01 and 02 on tire stocks becoming less negative due to industry pricing and declining raw material costs. No change to MP's due to lack of clarity on potential earnings power.

Bank of America Montgomery (Oil & Gas)
Reducing price targets for the stocks in our universe because of lower than expected commodity prices. The sector remains attractive, trading below its 5-year average valuation.

Bear Stearns (Sentiment)
Sentiment up small: SPX 61%, NDX 60%, 5 day moving average both 39%. EQUITY P/C .59, SPX P/C 1.08, up from extreme lows.

Morgan Stanley Co. (Oil & Gas)
We remain cautious on the sector, although valuations are low. Commodity prices will likely stay under pressure, because of bloated inventories.

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Mortgage Bankers Association Purchase Applications Index (12/14, 2001)

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International Trade (Oct, 2001) $-27.5B

Index of Leading Indicators (Nov, 2001) 0.4%

Oscillator: (0.1)

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CMGI Shareholder meeting

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ERICY Group Luncheon with Management (hosted by Lehman)

RX Analyst Meeting

AOL Time Warner meeting

GIS Management Presentation

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