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

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Click Commerce (CKCM / Nasdaq)
Piper Jaffray
Downgrade from Outperform to Neutral. Preliminary 4Q results well below expectations. License sales off. Management change likely. Lowering 4Q01 to -5c from -2c and 2002 from -4c to -13c.

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MatrixOne (MONE / Nasdaq)
Dain Rauscher
assuming coverage with Neutral rating.Conversations with management and due diligence checks with SIs suggest a near-term operating environment that should continue to be challenging.Amending our FY2002 revenue estimate up to $100 million from$97 million and operating EPS estimate down to ($0.59) from ($0.50).

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WatchGuard Technologies (WGRD / Nasdaq)
Credit Suisse First Boston
Downgrading to Hold, reflecting WatchGuard's preannouncement fourth quarter results of revenue in the range of $11-13M, well below our estimated $17.5M. Further, we are reducing 2002 EPS estimates to $(0.22). Negativite news due to weak economic conditions.

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Amazon.com (AMZN / Nasdaq)
Robertson Stephens
Announced final Delight-O-Meter reults. Positive reaction could occur short-term. Reiterate Neutral. Long-term business model concerns.

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Apache Corporation (APA / NYSE)
Goldman Sachs
Raising estimates, reit Recommended List $5.46 to $5.78.

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Allegheny Energy (AYE / NYSE)
Deutsche Banc Alex Brown
Reducing 2001 and 2002 EPS estimates to $3.60, due to yesterdays negative statements from management. Management stated that mild weather and weak economy prompted expectation reduction for 2001, as for 2002, continued recession, lower wholesale electricity forward price curves, and potential increases in expenses for security activities causes the earnings to be flat.

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Allegheny Energy (AYE / NYSE)
NEWS
announced it currently expects 2001 earnings to be between $3.60 and $3.70/share, and 2002 earnings to be flat with 2001, in the range of $3.60 to $3.70. previously expected levels were $3.80 to $4.10

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CompuCredit Corporation (CCRT / Nasdaq)
Deutsche Banc Alex Brown
Lowering 2002 EPS estimates to $1.17, reflecting the sale of a subordinate interest and the new issue of a convertable preferred stock. View the two transactions largely as source of additional liquidity. Assuming the proceeds create additional receivable gowth, dilution should be partly offset. Maintain Market Perform rating.

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Cabot Oil & Gas Corp. (COG / NYSE)
Goldman Sachs
Raising estimates, reit Outperform, $1.91 to $1.94

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Cablevision Systems Corp. (CVC / NYSE)
NEWS
announced that it will take a fourth quarter 2001 restructuring charge of approximately $55 million that relates to improvements in operational efficiency aimed at positioning the company for continued growth in 2002 and beyond. The efforts include the elimination of approximately 600 positions, roughly 4% of the company's workforce.

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Encore Acquisition Co. (EAC / NYSE)
Goldman Sachs
Lowering estimates, reit Recommended List $1.10 to $1.07

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EOG Resources (EOG / NYSE)
Goldman Sachs
Lowering estimates, reit Recommended List $3.26 to $3.23

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FelCor Lodging Trust (FCH / NYSE)
Lehman Bros
We estimate that by the first quarter of 2002, Felcor stands to be one of the first to resume quarterly dividends. With the stock still 20% below 9/10 and this desirable devidend visibility, FelCor is a good value. Maintain Buy rating with a new $20 price target.

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Microsoft Corporation (MSFT / Nasdaq)
NEWS
Co reports that it is shipping 100,000 Xbox units per week to N. American retailers through the end of yr, putting the system on target for goal of delivering 1-1.5 mln units for 2001.

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Noble Affiliates (NBL / NYSE)
Goldman Sachs
Raising estimates, reit Outperform, $2.69 to $2.71.

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Pogo Producing Company (PPP / NYSE)
Goldman Sachs
Lowering estimates, reit Recommended List $1.72 to $1.63.

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DMC Stratex Networks (STXN / Nasdaq)
Morgan Stanley Co.
Cut 2002 EPS estimates to $(0.44), based on managements preannounced guidance for third quarter 2002 revenue of $43-46m, below previous guidance. The company appears to be tightly managing costs, and indicated that it should report a positive book-to-bill ratio. Maintain Neutral raing.

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DMC Stratex Networks (STXN / Nasdaq)
Credit Suisse First Boston
Reducing 2002 third quarter and fourth quarter sales estimates to $43M, based on DMC's preannouncement lowering its expectations for third quarter 2002 expectations. Maintain Hold rating.

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Target Corporation (TGT / NYSE)
Piper Jaffray
Raising target to $48 from $44, reiterate Strong Buy. Holiday sales trend is "above plan". Maintain above concensus est. of 66c for 4Q. Lowering 2003 EPS from $1.80 to $1.73 accounting for more conservative approach.

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Yahoo! (YHOO / Nasdaq)
Warburg Dillon Read
announced that HotJobs had accepted its acquisition proposal for a fixed price of $10.50/share consisting of equal parts cash and stock, valuing the equity at an estimated $436 million. Maintain Hold rating with a $13 price target and perpetual growth rate of 12%.

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Yahoo! (YHOO / Nasdaq)
Merrill Lynch
Reports 1/16, expect solid results at high end of company expectations. Increased confidence in ability to gain share in online advertising. Raising rev. est. to $175 mm from $168mm (concensus).

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Bear Stearns (Bullish sentiment flat and trendless: SPX 66%, NDX 63%, 5 day moving average 64 and 59%. EQUITY P/C up small to .6.)

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OPEC (OPEC, to the suprise of no one, cuts production 1.5M BBL. Oils react modestly positively in Europe, where most exchanges are up about 0.5%.)

Goldman Sachs (oil & gas)
Continued correction in spot gas and oil prices. 4Q results are going to be down sequential for most. Bottom approaching. Opportunity exists for APA, EOG, PPP, XTO, NFX, OEI. 4Q price assumptions $20.50 per barrel down from $22.50.

Warburg Dillon Read (retailers)
For December, we are forecasting a revised overall sales decline of (5.3)% for specialty apparel retailers versus year agoUBS Specialty Apparel Index results of (1.3)% and less of a decline versus November's results of (8.7)%. December same store sales will be announced Thursday, January 10th.

Deutsche Banc Alex Brown (Oil - OPEC)
OPEC's plans to cut quotos by nearly 1.5 mmb/d in order to drive prices back to the mid-$20s seems to be unsuccessful. Non-OPEC production is on the rise, especially with Russian becoming a player. OPEC utilization capacity sinks toward 70-75%, where OPEC countries are currently about 0.6 mm/b over the September quota. Non-compliance remains an issue.

S&P (S&P changes)
S&P 500 WAT in FMC out on 12/31; S&P 400 FMC in WAT out on 12/31S&P 400 FTI in LNCE out on 12/31; S&P 600 LNCE in APW out on 12/31; S&P 400 CBH in DME out TBA; S&P 600 SRZ in CBH out TBA

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8:30 a.m. Initial Jobless Claims (Dec 22) 400k

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8:30 a.m. Durable Goods Orders (Nov) -5.5% Less Transportation (Nov) -0.5%

10:00 a.m. New Home Sales (Nov) 885k

10:00 a.m. Consumer Confidence (Dec) 83.0

10:00 a.m. Chicago Purchasing Mgr (Dec) 45.0

10:00 a.m. Existing Home Sales (Nov) 5.16M

Oscillator: 3.1

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