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

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AES Corporation (AES / NYSE)
Salomon Smith Barney
Final rate agreement in Brazil, resumption of normal hydro conditions, improving currency. More predictable earnings and improved results expected. Reiterate Outperform and $20 target.

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Allegheny Energy (AYE / NYSE)
Goldman Sachs
Lowering 2001 EPS to $3.65 from $4 and 2002 to $3.65 from $4.20 in-line with guidance. Stock minimum fair value of $38-39. Reiterate Recommended List.

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Bristol-Myers Squibb Co. (BMY / NYSE)
Goldman Sachs
FDA rejected licensing application from BMY partner, ImClone Systems, for ERBITUX. Delays product for about one year. Volatility expected, buy near $50. Lowering 2003 EPS by 2c to $2.52. ImClone conference call 8:30am EST 888-849-9221 or 212-346-6581

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Bristol-Myers Squibb Co. (BMY / NYSE)
Morgan Stanley Co.
ImClone, BMY's co-promote partner and innovator of Erbitux received a formal refusal from the FDA. Although this refusal maybe viewed as a psychological negative for BMY, we never viewed Erbitux as a major EPS driver. Reiterate Strong Buy.

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Dollar General Corp. (DG / NYSE)
Credit Suisse First Boston
Continue to be cautious on the shares due to accounting risks. Two primary concerns relate to the unknown size of potential accounting restatements as well as the liability of outstanding shareholder lawsuits. Maintain Hold rating.

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eBay (EBAY / Nasdaq)
Deutsche Banc Alex Brown
Wk./Wk. Global listings down 25%, while the Q/Q Fourth quarter listings up 16%, significantly ahead of our 6% Q/Q growth, which was expected. Believe that listing trends over next several weeks will hold key to first quarter momentum. Suggest to add to position if share price dips to the high-$50s/low-$60s. Maintain Buy rating.

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FedEx Corporation (FDX / NYSE)
Bear Stearns
Reit Neutral; raising F03 EPS estimate from $2.50 to$2.60 (closer to consensus $2.65). There is a modestly greater chance for downside than upside surprise. The reward/risk warrants remaining on the side lines at current valuations.

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Global Crossing (GX / NYSE)
JP Morgan Chase & Co.
The company received an important waiver from its banks for the covenants on its credit facility, right before the Dec 31 deadline. Co talking with potential equity investors, and we believe the new Feb 13 deadline represents a drop dead date for GX to get this much-needed funding, failing which it will likely be forced into bankruptcy. Even if the company gets new equity and avoids Chapter 11, ensuing restructuring should be highly dilutive for current shareholders. Reit Market Perform.

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ImClone Systems (IMCL / Nasdaq)
Morgan Stanley Co.
Lowered 2002 EPS estimate and price target to $(0.45) and $60. The refusal of the Erbitux filing is now likely to be pushed back to early 2002. We are forecasting Erbitux revenues to begin in the first quarter of 2002.

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ImClone Systems (IMCL / Nasdaq)
Warburg Dillon Read
Lowering EPS estimates and price target to $62 per share. While we maintain our Buy rating, the approval of Erbitux will now likely be delayed until 2003.

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J.P. Morgan Chase & Co. (JPM / NYSE)
Prudential Securities
lowering 4Q01 and 2001 EPS estimates each by 10 cents to reflect the company's preannounced credit and trading losses related to Enron. Reit sell and $28 price target.

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USFreightways Corp. (USFC / Nasdaq)
Morgan Stanley Co.
The resignation of Regional Carrier Group president Bob Fasso was disappointing, as he is credited with taking USFC's margin to peak levels before the economic slowdown. Believe the rate environment in the LTL sector has weakened; concerned about 2002. Remain Neutral.

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Goldman Sachs (Lodging)
Logding stats released 12/28 for week of 12/16-22. Lowest RevPAR growth since 9/11 is a positive surprise. Favorites are MAR, FS and FHR. Travel trends bouncing back.

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Bear Stearns (Sentiment)
Sentiment still stuck in the middle, SPX 65%, NDX 67%, 5 day moving average 65 and 61%. Equity P/C up to .71. Everyone looking for year end markups on thin volume.

Warburg Dillon Read (Lodging)
Sequential improvement in RevPAR figures was likely due to easier comparisons. We continue to believe the sector is overvalued, and that stocks will pull back during the first half of 2002.

Morgan Stanley Co. (NAPM Index (December))
With condition in some sectors starting to stabilize, we look for a modest uptick with the key orders and production components expected to reach the 50 breakeven threshold for the first time in several months. Our consensus estimate for the month of December is 50.3.

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Oscillator: 4.7

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10:00 a.m. Farm Prices (Dec. 2001)

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