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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)
NEWS
reported second quarter earnings came in at 91c/share, a penny better than forecasts, and 60% above the 57c/share in the same period last year.

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AmeriCredit Corp. (ACF / NYSE)
Bear Stearns
Downgrading from Buy to Attractive off earnings. Managed EPS of $0.88 were in line with our estimate, but a lower share count contributed $0.02 to the results. Delinquencies and losses are rising faster than originally anticipated and the margin isn't providing enough of an offset.

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Boise Cascade Corporation (BCC / NYSE)
ABN Amro
Upgrading from HOLD to ADD and establishing a $40 targetfor the same reasons as mentioned under the Weyerhaeuser upgrade. May be a potential M&A target given its investment in world-class UCFS paper assets, its strong distribution arms and large timberland base.

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Cabot Microelectronics (CCMP / Nasdaq)
Salomon Smith Barney
Downgrade from Buy to Outperform. Cutting 4Q EPS by 2c to 39c and 2002 EPS to $1.93 from $2.11. Raising target from $75 to $95 for 2003. Look for more attractive entry point.

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Cinergy Corp. (CIN / NYSE)
Bank of America Montgomery
Initiating coverage with a Buy rating and a $35 price target based on a well-balanced integrated utility, low cost operating, strategic location, and an attractive 5.5% yield that provides downside protection.

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Claire's Stores (CLE / NYSE)
JP Morgan Chase & Co.
Upgrading from market perform to Buy, initiating $20 18 month Price Target, raising Q4E from $0.52 to $0.64, F01E to $0.64, 02 from $0.75 to $0.95 (conservatively based on 3% comps)

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CONMED Corporation (CNMD / Nasdaq)
Piper Jaffray
Upgrading from Neutral to Outperform based on valuation. Improving fundamentals. Raising target to $25 from $20 and 2002 EPS from $1.17 to $1.40. 22c of the 23c increase is from goodwill accounting.

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Dobson Communications (DCEL / Nasdaq)
Goldman Sachs
Downgrading to Neutral from Outperform. Increased competition from national carriers will have a negative impact. Declining roaming rates, less travel, weak economy short term

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Encore Acquisition Co. (EAC / NYSE)
Deutsche Banc Alex Brown
Initiating coverage with a Buy rating and $18 price target.

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EOG Resources (EOG / NYSE)
Deutsche Banc Alex Brown
Downgrading from Strong Buy to Buy. We do not believe the company is well-positioned to benefit from an industry turnaround.

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Entravision Communication (EVC / NYSE)
Lehman Bros
Initiating coverage with a Buy rating. EVC is the fastest growing company in our broadcast universe.

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FedEx Corporation (FDX / NYSE)
Salomon Smith Barney
Downgrade from Outperform to Neutral. Sharp run in stock overanticipates economic recovery.

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Fleming Companies (FLM / NYSE)
Bear Stearns
Downgrading from Buy to Attractive based on KM concerns.

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General Dynamics (GD / NYSE)
Morgan Stanley Co.
Downgrading to Outperform with a $95 price target to better reflect likely lower EPS growth for 2002, fewer near-term triggers, and added concerns.

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Gap (GPS / NYSE)
ABN Amro
We reiterate our BUY rating and $20 target and have raised our 4Q and 2001 estimates as a result of better than expectedcomps.

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Gap (GPS / NYSE)
Morgan Stanley Co.
Upgrading to Outperform from Neutral with a $20 price target, assuming that GPS will return to a +10% operating profit margin by the end of 2003.

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Georgia-Pacific Group (GP / NYSE)
ABN Amro
Downgrading from ADD to HOLD primarily due to the uncertainty surrounding their exposure to future asbestos liabilities.Investors are also concerned about GP's financial profile and itsability to reduce debt. Recommend swapping into either IP or WY.

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HCC Insurance Holdings (HCC / NYSE)
Bank of America Montgomery
Initiating coverage with a Buy rating and a $32 price target. HCC is a unique, vertically integrated insurance company that can prosper in both a hard and soft property casualty insurance pricing environment.

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Intimate Brands (IBI / NYSE)
JP Morgan Chase & Co.
Upgrading from long term buy to Buy, raising 18 month price target from $15 to $18, raising Q4E from $$0.44 to $0.52, F01E from $0.63 to $0.71, 0E2 remains $0.79 with 10%-15% upside if BBW turnaround.

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Jones Apparel Group (JNY / NYSE)
JP Morgan Chase & Co.
Upgrading from long term buy to Buy, new Price Target $38, on increased confidence in turnaround due to better inventory position, best earnings upside potential in 02, right strategy to be leader Long Term, and valuation still at discount to average.

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Kmart Corp. (KM / NYSE)
Bear Stearns
Downgrading from Attractive to Neutral due to lower earnings visibility. A combination of the slow economy, harsh pricing environment across the retail sector, and an uncertain business strategy for 2002 and 2003 are limiting our visibility to forecast earnings growth.

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Limited (LTD / NYSE)
JP Morgan Chase & Co.
Upgrading from long term buy to Buy, raising 18 month price target from $18 to $22, raising F01E from $0.63 to $0.74, 02E remains $0.82 but we see 10%-20% upside if see Express turnaround.

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M&T Bank Corp. (MTB / NYSE)
Lehman Bros
Downgrading from Buy to Market Perform, based on valuation. While business was robust in the fourth quarter, we believe growth will be muted in 2002.

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MGIC Investment Corp.(MTG / NYSE)
Goldman Sachs
Downgrade from Recommended List to Outperform. Seasoned mgmt., beat consensus by 2c. Solid 2002 expected. Good, just not good enough for a Recommended List rating.

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Noble Affiliates (NBL / NYSE)
Deutsche Banc Alex Brown
Upgrading from Buy to Strong Buy, based on valuation.

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Sonic Innovations (SNCI / Nasdaq)
Piper Jaffray
Upgrade from Neutral to Outperform. Strategic transition completed. Reached "critical mass" in products offerings, sales reach, technology and reputation. Expecting rasied estimates soon from us and street. Attractive valuation. Raising target to $9 from $6.

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SureBeam Corporation (SURE / Nasdaq)
Merrill Lynch
Raising our near-term rating from Neutral to Buy, based on valuation. We believe the stock will rebound, as the company announces new contract wins for its food sterilization business.

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Stryker Corporation (SYK / NYSE)
Prudential Securities
Upgrading from Hold to buy based on valuation. Based on our price target of $64, there is 20% upside from current trading levels to our price target.

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Sybase (SY / NYSE)
Bear Stearns
Initiated with an Attractive rating at a price of $17.25. Sybase offers defensive investment characteristics - modest growth in a tough environment at an attractive valuation. Longer term, we believe earnings growth could trend higher, as growth initiatives gather steam and as conditions improve down the road.

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Sears Roebuck & Co. (S / NYSE)
Morgan Stanley Co.
Increasing investment rating to Outperform from Neutral with a $65 price target as stable operating performance in a difficult 2001 environment deserves higher than a 10-11 multiple on '02 earnings. Furthermore, execution on expense initiatives should help boost operating performance.

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Too (TOO / NYSE)
Credit Suisse First Boston
Downgrading from Strong Buy to Buy, after the company announced weaker same-store sales for the holiday quarter. Maintaining estimates and $30 price target.

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United States Cellular (USM / AMEX)
Goldman Sachs
Downgrading to Neutral from Outperform. Increased competition from national carriers will have a negative impact. Declining roaming rates, less travel, weak economy short term

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Weyerhaeuser Company (WY / NYSE)
ABN Amro
upgrading from HOLD to ADD and establishing a $64 target asincreased exposure to wood products presents a low-risk strategy to potentially enhance returns in the Paper & Forest Products sector over the next several months.

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Applied Biosystems Group (ABI / NYSE)
Deutsche Banc Alex Brown
Raising price target to $42 per share, following the company's analyst meeting. We believe the company will be a major player in the genomics field for years to come. Reiterate Strong Buy rating.

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ADC Telecommunications (ADCT / Nasdaq)
Deutsche Banc Alex Brown
Our industry checks show that overall sales have bottomed, and some carriers may have placed unexpected orders at the end of the fourth quarter. Maintain Buy rating.

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American Eagle Outfitters (AEOS / Nasdaq)
Credit Suisse First Boston
Trimming fiscal 2002 EPS estimate tio $1.65, after making channel checks and speaking with management. We believe the young-adult apparel sector will continue to be very competitive this year. Maintain Buy rating.

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AVX Corporation (AVX / NYSE)
Morgan Stanley Co.
Reduced outlook for the March quarter to an 8% quarter to quarter revenue decline. Demand from wireless handset and consumer electronics manufacturers was strong in Oct, Nov, but dropped off in Dec. Remain Neutral.

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Borders Group (BGP / NYSE)
NEWS
increased its 4Q EPS estimates above previously reported guidance, thanks to a stronger than expected holiday selling season. The company sees fourth quarter earnings of $1.31 to $1.34/share, up from earlier guidance of $1.21 to $1.29/share.

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Computer Network Tech. (CMNT / Nasdaq)
SG Cowen
Increasing price target to $24 as pipeline strength is bolstered by interest in business continuance/disaster recovery applications.

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Costco Wholesale Corp. (COST / Nasdaq)
Robertson Stephens
December comps increase 7% vs 1% last year. Well above 3.5% plan. Reiterate Neutral and $40 target. On right track for turnaround. Raising 2002 EPS from $1.41 to $1.42.

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CVS Corporation (CVS / NYSE)
Morgan Stanley Co.
Deleting CVS from our Recommend List and Gowth STEPs as it has rallied from its October lows where further upside in near-term growth is limited.

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Dean Foods Co. (DF / NYSE)
Bank of America Montgomery
Reduced 2002 EPS estimates to $5.30 as we feel that DF's management was too conservative in applying their $5.20-$5.25 projections during yesterdays conference call. Despite reduction DF is undervalued, representing a 50% discount to the S&P and a 35% discount to the BAS food group. Maintain Strong Buy.

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Danaher Corporation (DHR / NYSE)
Bank of America Montgomery
Raising price target to $70 as DHR remains a high quality company with solid long-term earnings growth prospects, strong free cash flow and a stellar management team.

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Dow Chemical Company (DOW / NYSE)
Prudential Securities
Due to heightened investor concern regarding Dow's continuing exposure to asbestos litigation and its related charges, we are raising our risk rating on the stock to High from Low. Maintain Buy rating, as we believe that in the long-term, Dow will weather the asbestos storm.

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Duke Energy Corporation (DUK / NYSE)
Deutsche Banc Alex Brown
Trimming 2001 earnings estimate to $2.70 per share, because of lower heating use by customers.

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Dominion Resources (D / NYSE)
Deutsche Banc Alex Brown
Lowering fourth quarter estimate to $0.86 per share, because of warmer winter weather. Maintain Market Perform rating.

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Dominion Resources (D / NYSE)
Lehman Bros
Lowering our 2002 estimate to $4.90 per share, because of lower natural gas prices. We believe the stock could trend lower in the near-term, but maintain our Buy rating.

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Consolidated Edison (ED / NYSE)
Deutsche Banc Alex Brown
Cutting fourth quarter EPS estimate to $0.58, because of mild weather in the New York area. Maintain Market Perform rating.

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Exelon Corporation (EXC / NYSE)
Deutsche Banc Alex Brown
Reducing fourth quarter EPS estimate to $0.78, as heating demand likely fell over 20% from last year. Maintain Market Perform rating.

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General Motors Corp. (GM / NYSE)
Deutsche Banc Alex Brown
We believe the company's profit outlook for 2002 is not realistic. GM will have a difficult time cutting $4 billion of expenses, while increasing its market share. Raising 2002 estimate to $1.70 per share, but keeping our figure well below management's guidance. Maintain Underperform rating, as our model suggest a fair value of $30 for the stock.

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Mattel (MAT / NYSE)
Morgan Stanley Co.
Adding MAT to our Recommended List and Growth STEPs given that it's long-term fundamental thesis remains intact, and that it remains an attractive turnaround story with significant intermediate and long-term upside.

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Meredith Corporation (MDP / NYSE)
Robertson Stephens
Raising target from $32 to $39 to reflect a normal ad market. Lowering 2002 EPS from $1.02 to 93c and 2003 from $1.35 to $1.20. Near term challenges remain. Reit Neutral.

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Medtronic (MDT / NYSE)
JP Morgan Chase & Co.
Reiterate long term buy. Infuse approval as expected ? we look for about $50m in 02 revs, going to about $300m in 04. Could be upside to topline, but reiterating our estimates at this point.

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Medtronic (MDT / NYSE)
Weisel Partners
Received a unanimous recommendation for approval with conditions from the FDA for InFuse. Reiterate Buy and $54 target.

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Minnesota Mining & Mfg. (MMM / NYSE)
ABN Amro
Lowering our 4Q01 EPS estimate from $0.97 to $0.95 in light ofseveral profit warnings from various chemical companies. Also, 3M's international operations face currency headwinds from the 13% decline in the Yen. Moreover, at 23.6 times 2002 earnings, we would be cautious going into their January 23rd conference call.

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Network Appliance (NTAP / Nasdaq)
Lehman Bros
After meeting with the company's CFO, we believe there is no evidence of an impending pickup in demand for storage products. Maintain Market Perform rating.

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Nextel Communications (NXTL / Nasdaq)
Morgan Stanley Co.
Joining forces with Qualcomm and Motorola to develop a push-to-talk product on cdma2000 technology. Believe NXTL is helping assure the future success of its differentiated product.

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Onyx Software Corporation (ONXS / Nasdaq)
Credit Suisse First Boston
Lowering profit expectations following the company's warning last night, because of increased competition from PSFT. We now expect the company to earn $0.04 per share in fiscal 2002.

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Pioneer Natural Resources (PXD / NYSE)
Dain Rauscher
Preannounces 4Q with -3c vs. +11c estimate. Lowered 2001 EPS from $1.31 to $1.17 and raised 2003 EPS from 23c to 33c. Currently drilling deepwater well adjacent to Devils Tower discovery. Target raised from $25 to $26. Reiterate Strong Buy.

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QUALCOMM (QCOM / Nasdaq)
Salomon Smith Barney
Concerns short-term. Slowing sub growth. NOK share gains. A 1X chip inventory situation. Lowering 4Q by 1c to 22c, 2002 EPS to $1.03 from $1.13, 2003 from $1.35 to $1.30 and target from $70 to $55.

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Rational Software Corp. (RATL / Nasdaq)
NEWS
reported third quarter earnings of 7c/share, a penny above the Street forecast, but well below the 20c/share in the same period a year ago. Revenues were $170.2 million, versus $215.5 million a year earlier.

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Rational Software Corp. (RATL / Nasdaq)
SG Cowen
Modestly raising fiscal 2002 and 2003 EPS estimates to $0.28 and $0.56 based on a solid fourth quarter, which confirms that business is stabilizing. Stock should remain strong on evidence of solid execution, .Net success, and improving margins. Reiterate Strong Buy.

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Rational Software Corp. (RATL / Nasdaq)
Weisel Partners
Solid December quarter. Raising target from $27 to $29. Beat estimates and street consensus of 6c by 1c. Increasing deal size.

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Rambus (RMBS / Nasdaq)
NEWS
reported first quarter earnings of 6c/share, 2c ahead of expectations, but well below the 12c/share in the same period last year. Revenue for the quarter was $24.9 million, down 28% over the same period last year, and down 11% on a sequential basis.

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Sharper Image Corporation (SHRP / Nasdaq)
JP Morgan Chase & Co.
raising Q4E from $0.82 to $0.87, raising price target from $12 to $15, we now see $0.8-$0.12 upside to $0.60.

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United Technologies (UTX / NYSE)
Morgan Stanley Co.
Uping price target to $75 representing a 17% upside. Potential triggers include possible favorable 4Q EPS surprises, February's analyst meeting, and cash redeployment initiative in 2H.

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Yahoo! (YHOO / Nasdaq)
Salomon Smith Barney
Bullish as we see major transformation in strategy and operating principles. Should drive revenue growth. May have upside surprise on cyclical recovery front. No ad rev rebound expected. Reiterate Buy and $22 target.

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Bear Stearns (Sentiment)
Bullish sentiment flat: SPX 60%, NDX 63%, both 5 day moving average 67%. Equity P/C flat at .66, SPX P/C down to 1.58. 1.00 would be trouble for any length of time.

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Credit Suisse First Boston (Retail)
December Softline comp sales declined 2.5% overall, which was better than we had expected. We believe most stocks in the sector are fairly valued, and would not be aggressive buyers.

Morgan Stanley Co. (Healthcare)
Maintain overweight position on the group based on relative attractiveness of the sector, benefits from large-cap divestiture activity, strong earnings leverage from new products, and strategic transactions.

Merrill Lynch (Technology)
On a historical basis, about 70% of tech stocks appear to be overvalued right now. Valuations do appear less expensive on a relative basis though, than they were in 1990. HWP and CSC remain attractively priced.

Deutsche Banc Alex Brown (Oil Exploration)
We believe patience will be rewarded in this sector, with average upside potential of 39% in 2002. We suggest investors buy this current weakness.

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Oscillator: 3.4

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8:30 a.m. Producer Price Index (Dec) -0.1% -Less Food & Energy (Dec) 0.1%

Federal Reserve Chairman Alan Greenspan will speak about the economy at a conference in San Francisco.

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MacWorld Conference & Expo

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Needham & Company Fourth Annual Growth Conference.

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