Updated from 8:34 a.m. EST

Second Edition

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

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AmeriCredit Corp. (ACF / NYSE)
Robertson Stephens
Downgrade from Buy to Neutral. Earnings quality and growth rate facing increased pressure. Deteriorating used-car market, higher deferrals, higher repo balances. Target $33.

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Applied Materials (AMAT / Nasdaq)
Piper Jaffray
Upgrading Outperform to Strong Buy and $62 target. Early stages of cyclical recovery in capital equipment spending that could extend over the next couple of years.

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Amgen (AMGN / Nasdaq)
Lehman Bros
Upgrading from Buy to Strong Buy with a price target of $87 based on revaluation of industry metrics.

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Bank of America Corp. (BAC / NYSE)
Prudential Securities
Downgrading from Buy to Hold, with a $65 price target.Remaining structural changes back-ended versus more front-ended cyclical issues. Credit risk (Enron, Latin America, etc.) remains, and the head of risk management recently retired.

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BEA Systems (BEAS / Nasdaq)
Goldman Sachs
Upgrading to Recommended List from Outperform with a mid-20's target. Raising 2003 EPS to 37c from 30c. Continued momentum. Improving economy outlook. Overblown fears. Attractive valuation.

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Bank of New York Co. (BK / NYSE)
Prudential Securities
Upgrading from Sell to Buy, with a $49 price target. Our concerns have run their course, including write-off of lingering loan problems and less growth in 2001; Sept. 11th impact less than what we had expected. New information: the firm is moving back into its operation center in 1Q02 versus a possibility of almost never a couple months ago.

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Bausch & Lomb (BOL / NYSE)
Goldman Sachs
Upgrading to Trading Buy from Outperform with a target of $52. Aggressive restructuring. Earnings call on 1/24.

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Compania de Minas Buenav. (BVN / NYSE)
Goldman Sachs
Upgrading to Latin America Recommended List from Outperform. Raising target to $29 from $25. Strong earnings growth drven by gold output expansions and cost reductions. Attractive valuation.

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Capital One Financial (COF / NYSE)
Robertson Stephens
Downgrade from Strong Buy to Buy based on valuation. Target $71.

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Coherent (COHR / Nasdaq)
Piper Jaffray
Upgrading Outperform to Strong Buy and $46 price target. Early stages of cyclical recovery in capital equipment spending that could extend over the next couple of years.

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Computer Sciences Corp. (CSC / NYSE)
Robertson Stephens
Initating coverage with Neutral rating and $50 target. Subpar balance sheet returns, higher-than average operating risk and significant drop-off in new business. Stock fully valued at current levels.

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Convergys Corporation (CVG / NYSE)
Merrill Lynch
Lowering our near-term rating from Buy to Neutral, because of minimal growth expected over the next few quarters.

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Dell Computer Corporation (DELL / Nasdaq)
Robertson Stephens
Upgrading from Neutral to Buy. Better-than-expected demand. Solid share gains expected for 2003. Raising target from $26 to $35.

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dj Orthopedics(DJO / Nasdaq)
Warburg Dillon Read
Initiating coverage with a Buy rating and $17 price target. We believe the company has a great opportunity to capitalize on the $3 billion U.S. sports medicine market.

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DST Systems (DST / NYSE)
Merrill Lynch
Downgrading to near-term Neutral and long-term Buy. Maintaining estimates, but we see no important catalysts for the company in the first half of 2002.

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Entegris (ENTG / Nasdaq)
Piper Jaffray
Upgrading Outperform to Strong Buy. Early stages of cyclical recovery in capital equipment spending that could extend over the next couple of years.

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FleetBoston Financial (FBF / NYSE)
Salomon Smith Barney
Downgrade from Buy to Outperform based on concerns about Argentina. Valuation still attractive. Eventual EPS rebound expected.

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Federated Department Str. (FD / NYSE)
Salomon Smith Barney
Upgrade from Neutral to Buy. Raising target from $34 to $52. Optimistic view for sector. Improving consumer sentiment and expected spending. Tightly controlled costs.

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Four Seasons Hotel (FS / NYSE)
ABN Amro
Upgrading from REDUCE to HOLD and raising our 2002 and 2003EPS estimates from $0.60 and $1.03 to $0.62 and $1.29, respectively. Lodging trends suggests that hotel stockstypically outperform the S&P500 when year-over-year changes in RevPAR accelerate.

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Forward Air Corporation (FWRD / Nasdaq)
Merrill Lynch
Lowering near-term rating from Buy to Hold, based on valuation. We doubt the company can exceed 15% annual EPS growth in the near-term, and the stock is trading at an all-time high valuation.

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Gilead Sciences (GILD / Nasdaq)
Lehman Bros
Increasing price target to $71 based on a revaluation of industry metrics.

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Gilead Sciences (GILD / Nasdaq)
Prudential Securities
Upgrading from Hold to Buy based on the company's strong fundamentals, growth outlook and recent price performance.Shares are down 17% from a high of $72 on November 30, compared to a 7% decline in the Nasdaq Biotech Index (NBI) during the same period.

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Gilead Sciences (GILD / Nasdaq)
Warburg Dillon Read
Upgrading from Hold to Buy, with a $74 price target.

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Hilton Hotels Corp. (HLT / NYSE)
ABN Amro
Upgrading from ADD to BUY, raising our price target from$11 to $15 and raising our 2001 and 2002 EPS estimates from $0.43 and $0.41 to $0.44 and $0.57, respectively. We expect substantial declines in room supply growth in 2002 through 2005, which should lead to future pricing power.

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IDEC Pharmaceuticals Corp (IDPH / Nasdaq)
SG Cowen
Initiating coverage with a Buy rating and a $65 price target. Sales of Rituxan, the first MAB for treatment of cancer, have routinely passed expectations since late 1997 launch.

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Coca-Cola Company (KO / NYSE)
JP Morgan Chase & Co.
Downgrading from long term buy to market perform. No change in long term outlook, simply view short term (H1 02) as more negative than originally anticipated. Reducing 02E from $1.76 to $1.70, as Japan and Argentina likely to raise negative currency impact to 5% of operating profit.

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Legato Systems (LGTO / Nasdaq)
Dain Rauscher
Upgrading to Buy-Aggressive from Neutral with a $20 pricetarget. Channel checks suggest increased interest in Legato solutions, and a robust pipeline. Partnerships with IBM, EMC, and Compaq have tightened while our sources tell us Sun appears to be favoring the company.

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Marriott Int'l (MAR / NYSE)
ABN Amro
Upgrading from HOLD to BUY and establishing a $49 pricetarget. We are also raising our 2001 and 2002 EPS estimates from$1.50 and $1.24 to $1.57 and $1.57, respectively, and have initiated a 2003 EPS estimate of $2.13.

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May Department Stores (MAY / NYSE)
Salomon Smith Barney
Upgrade from Neutral to Outperform. Raising target from $37 to $41. Optimistic view for sector. Improving consumer sentiment and expected spending. A clear leader in sector.

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Mellon Financial Corp. (MEL / NYSE)
Prudential Securities
Upgrading from Hold to Buy, with a $49 price target. Credit risk less (loans down from $35B to $10B past 3 years), and interest rate risk less (fees = 86% of revenues)

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Microsoft Corporation (MSFT / Nasdaq)
ABN Amro
Upgrading from ADD to BUY and raising our target from $80to $85 for three reasons. The economic and IT spending environment will continue to improve; MSFT will benefit from this improvement through increased sales of its flagship products; and the benefits of Software Assurance, MSFT's new licensing program, will begin to be realized in 2002.

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Newport Corporation (NEWP / Nasdaq)
Piper Jaffray
Upgrading Outperform to Strong Buy. Early stages of cyclical recovery in capital equipment spending that could extend over the next couple of years.

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NetScreen Technologies(NSCN / Nasdaq)
Goldman Sachs
Initiating coverage as Outperformer. Attractive entry point at $22. Addreses rapidly growing, multi-billion dollar firewall and VPN security device market. Best-of-breed technology.

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NetScreen Technologies(NSCN / Nasdaq)
Warburg Dillon Read
Initiating coverage with a Buy rating and $30 price target. The VPN/firewall security industry is very competitive, but we believe the company's industry-leading performance will allow NSCN to carve out a sizable piece of the market.

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Nassda(NSDA / Nasdaq)
Robertson Stephens
Initating coverage with Buy rating and $23 target. Nxt generation leader in design automation. Leading edge technology, experienced management team and significant installed base.

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Nassda(NSDA / Nasdaq)
SG Cowen
Initiating coverage with a Buy rating and a $24 price target. NSDA possesses a profitable business model with very good visability.

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PNC Financial Services (PNC / NYSE)
Prudential Securities
Upgrading from Sell to Hold, with a $60 price target. The clean-up of problem loans is part black-eye but also part acceleration of its strategic plan to lower its risk profile.

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PPL Corporation (PPL / NYSE)
Salomon Smith Barney
Downgraded from Outperform to Neutral. Sharply lower 2002 EPS. Long term EPS down to 5% from 8%. Lower wholesale prices. Cancelled half of future capacity expansion. Lowering 2002 EPS from $4.20 to $3.20 and target from $42 to $35.

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Prudential Financial(PRU / NYSE)
Goldman Sachs
Initiating coverage on Recommended List and $38 target. Committed to raising ROE from 6.7% to 12% in 3 or 4 years. Could be added to S&P 500.

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Prudential Financial(PRU / NYSE)
Bank of America Montgomery
Initiating coverage with a Buy rating and a $35 price target. Anticipate PRU to be added to the S&P 500 over the next six to eight months and therefore see limited downside and current valuation.

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Prudential Financial(PRU / NYSE)
Deutsche Banc Alex Brown
Initiating coverage with a Buy rating and $37 price target. We expect modest accretion of book value over the next year, as the company continues to restructure its operations and repurchase stock.

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Prudential Financial(PRU / NYSE)
Merrill Lynch
Initiating coverage with a Buy rating and $35 price target. Our earnings outlook for the company has improved because of a stronger equity market and the prospect of a stock buyback program.

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Prudential Financial(PRU / NYSE)
Morgan Stanley Co.
Initiating coverage with an Outperform rating and a $37 price target. Believe PRU will achieve strong earnings growth and returns that are not yet fully reflected in its stock price.

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PeopleSoft Incorporated (PSFT / Nasdaq)
Salomon Smith Barney
Downgrade from Buy to Outperform. Assuming coverage. Raising target from $32 to $44. Will execute well into 2002; however has less operating leverage than other software providers.

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Resources Connection (RECN / Nasdaq)
Lehman Bros
Initiating coverage with a Market Perform rating and a price target of $26, based on a moderately conservative 25-year discounted free cash flow valuation.

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SpectraSite Holdings (SITE / Nasdaq)
Dain Rauscher
Downgrading from Buy to Neutral. Compared to the tower group, SpectraSite's current enterprise value implies a more aggressive tower lease-up to support its valuation. Cautious on tower sector performance during 2002 due to potentially slower lease-up.

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Solutia (SOI / NYSE)
Deutsche Banc Alex Brown
Upgrading from Market Perform to Buy, ahead of a company conference call this afternoon. We believe the stock is worth $14 per share, and that concerns about environmental litigation have been overblown.

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State Street Corporation (STT / NYSE)
Prudential Securities
Upgrading from Sell to Hold with a $55 price target. Performed well during a tough 2001, though some of the earnings quality was not so perfect given greater than average reliance on items such as securities lending and spread revenues in recent quarters.

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Teva Pharmaceutical Indus (TEVA / Nasdaq)
Credit Suisse First Boston
Upgrading from Buy to Strong Buy, with a $76 price target. The ability to market generic Glucophage in the coming months will be a major boon in the next few quarters. We believe TEVA may even beat our above-consensus results for fiscal 2002.

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Vignette Corporation (VIGN / Nasdaq)
NEWS
announced it expects total revenue for the fourth quarter to be in the range of $50 million to $52 million with license revenue in the range of $20 million to $22 million. The company subsequently sees a net loss of 4c to 6c/share, excluding certain noncash and one-time charges. Estimates were for a loss of 2c/share, while revenue forecasts are also below consensus views.

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Vignette Corporation (VIGN / Nasdaq)
Piper Jaffray
Downgrade to Underperform from Neutral. Lowering Dec earnings from -3c to a range of -4c to -6c. Former head of sales, Dan Lautenbach, replaced. Several large deals failed.

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WGL Holdings (WGL / NYSE)
Goldman Sachs
Downgrading to Neutral from Outperform. Upside potential limited after recent raly. Low risk stock.

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Abgenix (ABGX / Nasdaq)
Lehman Bros
Uping price target to $43 due to a revaluation of industry metrics.

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ADTRAN (ADTN / Nasdaq)
Morgan Stanley Co.
Lowered 2002 EPS estimates to $0.57 to account for lower sales but improving margin and cost structure. Maintain Neutral rating.

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Alcan (AL / NYSE)
Morgan Stanley Co.
Cut fourth quarter and 2002 EPS estimates to $0.17 and $2.55 based on challenging business conditions and margin pressure.

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Applied Micro Circuits (AMCC / Nasdaq)
Salomon Smith Barney
Reducing estimates for 2002 from -16c to -18c and 2003 from -1c to -12c. Unchanged $20 target. Tough market. Dec. expected in-line. March could be lower.

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Amazon.com (AMZN / Nasdaq)
Deutsche Banc Alex Brown
Raising fourth quarter estimates to a loss of $0.04 per share on $1.08 billion of revenue. We believe the quarter was strong across the board, including an increased contribution from International sales.

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AOL Time Warner (AOL / NYSE)
NEWS
slated to conduct a conference call later today. The Wall Street Journal reported that new CEO, Richard Parsons, may do some "housecleaning" next week by "delivering bad news about the media conglomerate, " by way of lower earnings projections for 2002.

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AOL Time Warner (AOL / NYSE)
SG Cowen
Lowering 2002 EBITDA to range of $10.5-10.8B. Declines come primarily from lower high-margin ad revenue, and the termination of iPlanet alliance.

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Applebee's Int'l (APPB / Nasdaq)
Dain Rauscher
Maintaining Buy-Aggressive rating and our 2001 and 2002earnings estimates of $1.80 and $2.06. Fourth-quarter earnings are expected to advance 4.7% to $0.44, in line with our previous estimate and in line with consensus estimates, reflecting below trend-line growth due to the difficult economic and operating environment.

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Associated Banc-Corp (ASBC / Nasdaq)
Lehman Bros
Raising 2002 EPS estimates to $2.95 due to valuation. Believe multiple expansion is possible.

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BankAtlantic Bancorp Inc (BBX / NYSE)
Lehman Bros
Raising full-year 2002 EPS estimates and price target to $0.98 and $13, representing an expected modest revenue enhancement from the CMSV transaction. Reiterate Strong Buy.

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Biogen (BGEN / Nasdaq)
Lehman Bros
Raising price target to $62 based on a revaluation of industry metrics.

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Bristol-Myers Squibb Co. (BMY / NYSE)
JP Morgan Chase & Co.
Negative news on Erbitux will be a psychological negative on stock given management's claims of cancer expertise at the time of the deal. We expect no significant financial impact.

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Anheuser-Busch Companies (BUD / NYSE)
Warburg Dillon Read
Raising fourth quarter earnings estimate to $0.26 per share, to reflect higher expected volume growth. Maintain Hold rating.

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Celgene Corp. (CELG / Nasdaq)
Lehman Bros
Increasing price target to $39 due to a revaluation of industy metrics.

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Calpine Corporation (CPN / NYSE)
Bank of America Montgomery
Reduced 2002 EPS estimates to $2.10 while introducing new 2003 EPS estimate of $2.50. Estimate reduction caused by reduced trading and marketing income assumptions, and dilutive impact of convertible offering. Despite reduction, CPN is attractively priced. Maintain Strong Buy.

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Cree (CREE / Nasdaq)
Warburg Dillon Read
Raising estimates and price target to $32 per share. Recent channel checks show that pricing in the company's LED and RF businesses are above plan. We now expect CREE to earn $0.70 per share in fiscal 2003, on $235 million of sales.

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Genentech (DNA / NYSE)
Lehman Bros
Increasing price target to $60 based on a revaluation of industry metrics.

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Darden Restaurants (DRI / NYSE)
Dain Rauscher
Maintain strong buy and raising our 2002 and 2003 estimatesby $0.01 to $1.86 and $2.11, reflecting positive sales and margin trends in a difficult environment.

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eBay (EBAY / Nasdaq)
Deutsche Banc Alex Brown
Raising fourth quarter expectations to a profit of $0.13 per share on sales of $208 million. Maintain Buy rating, with an $80 price target. The stock is especially attractive in the high-$50/low-$60 range.

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Great Atlantic & Pacific (GAP / NYSE)
NEWS
reported third quarter earnings of 8c/share, a penny above the Street forecast, and well above the loss of 38c/share in the same period last year.

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Genzyme General Division (GENZ / Nasdaq)
Lehman Bros
Increasing price target to $59 based on a revaluation of industry metrics.

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General Electric Company (GE / NYSE)
Credit Suisse First Boston
Removing the stock from our Focus List. PPL's announcement that it cancelled turbine orders raises concerns about our estimates for the Power Systems business. Maintain Buy rating.

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Corning Incorporated (GLW / NYSE)
Credit Suisse First Boston
We believe the stock's rise on Friday was mainly due to short covering, rather than optimism about GLW's re-opening of two fiber plants. We remain cautious on the company's long-term prospects, and believe other vendors like JDSU will recover faster.

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IDEC Pharmaceuticals Corp (IDPH / Nasdaq)
Lehman Bros
Increasing price target to $87 based on a revaluation of industry metrics.

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ImClone Systems (IMCL / Nasdaq)
Lehman Bros
Increasing price target to $43 based on a revaluation of industry metrics.

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Lucent Technologies (LU / NYSE)
NEWS
named EK executive and long-time Lucent executive, Patricia Russo, as the telecom giant's new President and Chief Executive Officer, succeeding Henry Schacht, who will serve as Chairman.

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MetLife (MET / NYSE)
JP Morgan Chase & Co.
Consider group fairly valued, but see some attractive defensive names and acquisition candidates. 2002 sector earnings growth should be about 10%, helped by share repurchases, expense saves, and a return to a positive equity market. Raising price target from $33 to $36, best defensive name in group, and we think it can generate at least $100mm in net expense save in '02 and intends to buyback at least $600mm of stock (or 2.5%) each year.

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Micron Technology (MU / NYSE)
Bear Stearns
Raising numbers and price target, buy on pullbacks.

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Nokia Corporation (NOK / NYSE)
Dain Rauscher
Discussions with more than 100 stores nationwide last weeksuggest an approximately 7% improvement in month-over-month handset sales during December. We believe fourth quarter sales were slightly below expectations. While it appears Nokia gained solid share in North America, we believe the slightly weak industry sales reflect macroeconomic fundamentals that may create a challenging March quarter for handset sales.

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Nextel Communications (NXTL / Nasdaq)
Dain Rauscher
Reit Buy-Aggressive rating and $16 price target. Our recent checks indicate strong December sales at Nextel, with an increase in the consumer mix. Cautious of the potential impact on churn of a greater consumer mix as well as the economic slowdown.

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Protein Design Labs (PDLI / Nasdaq)
Lehman Bros
Increasing price target to $39 based on a revaluation of industry metrics.

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Parker-Hannifin Corp. (PH / NYSE)
Morgan Stanley Co.
Upping price target to $55 due to stabilizing macro and order data along with aerospace business holding up better than feared.

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Park Place Entertainment (PPE / NYSE)
Warburg Dillon Read
Lowering EPS estimates to $0.52 per share in fiscal 2002 and $0.62 for next year. We believe the company's Mississippi and New Orleans properties are performing below plan. Maintain Hold rating.

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Powerwave Technologies (PWAV / Nasdaq)
Piper Jaffray
Raising target from $20 to $25. Reiterate Strong Buy. We believe equipment suppliers will accelerate their move towards outsourcing.

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Rational Software Corp. (RATL / Nasdaq)
Dain Rauscher
Reit Buy-Aggressive rating. Will report December-quarter earnings on Thursday, January 10. Rational will likely achieve our revenue and EPS estimates of $168 million and $0.07, though we do not expect much upside.

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SICOR (SCRI / Nasdaq)
Merrill Lynch
We believe the stock is poised for a recovery, as the company will likely meet or exceed fourth quarter estimates. Reiterate Strong Buy rating.

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Schering-Plough Corp. (SGP / NYSE)
JP Morgan Chase & Co.
Lowering estimates and price target primarily on lower projected Claritin family reveneus and we now see modest declines in 02 and 03 before return to modest growth in 04. Lowering Price Target from $42 to $38 using 15% discount to peers on 03E.

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Station Casinos (STN / NYSE)
Bank of America Montgomery
Raising price target to $14 as the final project hurdles are cleared. The strategic location of the Sacramnto area enables earnings potential to be enormous.

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Tenet Healthcare Corp. (THC / NYSE)
SG Cowen
Raising fiscal 2002 and 2003 EPS estimates to $3.15 and $3.84 with a price target of $80, because of improvement in same store revenue, same store admit gains, labor and other expenses.

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Tibco Software (TIBX / Nasdaq)
NEWS
announced it has entered into a definitive agreement to acquire Talarian Corporation a stock and cash transaction valued at approximately $115 million. TIBX will pay $5.30 per share, half in stock and half in cash for each of Talarian's outstanding shares.

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Tiffany & Co. (TIF / NYSE)
Salomon Smith Barney
Raising target from $33 to $39. Will report holiday sales on 1/8. Expecting same-stores sales decline of 4%-6%, in-line with guidance.

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Taiwan Semiconductor (TSM / NYSE)
Weisel Partners
Business remains strong; Increasing '02 est & price target to $29; establishing '03 est; Reiterate Strong Buy.

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Tyco Int'l. (NEW) (TYC / NYSE)
ABN Amro
Reiterate buy rating and $71 target after TYC issued ashort press release, Friday after the close, stating that thetermination date for the TYC/C.R. Bard transaction had been changed from January 31 to March 31.

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XM Satellite Radio Hold. (XMSR / Nasdaq)
Merrill Lynch
We believe the company will announce quarterly net subscriber additions above consensus, at 35,000. Maintain long-term Buy rating.

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Deutsche Banc Alex Brown (Strategy)
Adding GT, HRC and NOC to our Top Picks list. Deleting GDT, based on the recent run-up in valuation.

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Dain Rauscher (Electronics Manufacturing Services)
Business softened in December but the enterprise segment appears to be faring relatively well. We should see pickup in orders driven by lower inventory levels in the first half. Positive news flow and gradual recovery on the enterprise side of market should serve as catalysts. There is potential for a 30% to 50% move during the next nine months.

Warburg Dillon Read (Wireless Services)
Except for NXTL and LWIN, we believe most of the companies in the sector will report earnings at the low-end or below expectations.

Credit Suisse First Boston (Biotechnology)
Industry fundamentals remain strong, and we view recent price weakness as a buying opportunity. Our top picks are AMGN, GENZ and AFFX.

JP Morgan Chase & Co. (Retail)
Same store sales preview for December. Most names should report in line or above plan sales, boosted by surge into and week post-Xmas. Discounting was heavy, but generally in line with planned levels. Standouts to the upside likely to include KSS and TGT, with well above plan results and possible EPS upside.

Bear Stearns (Sentiment)
Sentiment flat at high levels: SPX 79%, NDX 75%, 5 day moving average 70 and 69%. Equity P/C flat at .57, SPX P/C down to 1.54, Thursday reading over 3 looks loke an aberation, and the jury is still out on both SPX and NDX holding the 200 day (1167 and 1614 respectively).

Lehman Bros (Biotech)
Updated price targets for coverage stocks on the up side, consisting of: ADLR, AMGN, AMLN, ARRY, CRXA, DPII, DYAX, DNA, GENZ, GILD, IDPH, IMCL, ITMN, PDLI, SCIO, TELK, and TWTI. After a lackluster 2001 for biotech, we are bullish as the year begins. Expect positive news from product launches, anticipated FDA activity and major data announcements. Top large cap picks are AMGN, DNA, and IDPH, while our top small and mid cap picks are SCIO, ITMN, TELK, and TRMS.

Piper Jaffray (Semiconductor Industry)
Upgrading AMAT, COHR, ENTG, KLAC, NEWP, TER, & VECO. Early stages of cyclical recovery in capital equipment spending that could extend over the next couple of years. Favorites are AMAT, COHR, and NEWP.

Merrill Lynch (Specialty Retail)
We believe last week's sector rally will continue over the near-term, as investors bet on a recovery later in 2002. We believe IBI and WSM have had the least amount of discounting so far.

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Oscillator: 5.1

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Allstate Meeting (sponsored by BAC)

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Morgan Stanley Internet Software and Networking Conference

JP Morgan H&Q Healthcare Conference

Apple Computer's AAPL MacWorld Conference in San Francisco

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