TheStreet Notes: A Daily Briefing on Wall Street Research and Analyst Actions

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

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ACE Limited (ACE / NYSE)
Morgan Stanley Co.
Downgrading from Outperform to Neutral, because of increasing risks in the property-casualty industry.

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AMC Entertainment (AEN / AMEX)
Lehman Bros
Initiating coverage with a Buy rating and $16 price target.

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AstroPower (APWR / Nasdaq)
Credit Suisse First Boston
We are reducing our recommendation on the stock from Strong Buy to Buy. Management provided revenue, margin and expense guidance for fourth quarter and 2002 lower than our prior expectations.

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AstroPower (APWR / Nasdaq)
Bank of America Montgomery
Downgrading from Buy to Market Perform.

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AstroPower (APWR / Nasdaq)
Weisel Partners
Lingering affects of the Atersa acquistion lead us to reduce our EPS estimates to $0.40 and $0.87, in 2001 and 2002, respectively.

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bebe Stores (BEBE / Nasdaq)
Bank of America Montgomery
Initiating coverage with a Market Perform rating.

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Chubb Corporation (CB / NYSE)
Morgan Stanley Co.
Downgrading from Outperform to Neutral, with an $80 price target. We believe the company will eventually be a winner in this space, but would advise investors to avoid the sector for now.

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Mack-Cali Realty Corp. (CLI / NYSE)
Merrill Lynch
Downgrading from Buy to Accumulate.

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Mack-Cali Realty Corp. (CLI / NYSE)
Deutsche Banc Alex Brown
Downgrading from Buy to Market Perform.

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Cytec Industries (CYT / NYSE)
Smith Barney Shearson
initiating coverage with a Neutral rating and a $26 target. Market leading positions. Estimate '01 revenue at $1.4 billion. Weakness in commercial aerospace industry.

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Walt Disney Company (DIS / NYSE)
Goldman Sachs
Guidance for FY2002 operating earnings of about $3.0 bn was 4% below our estimate and down 25%. 2001 earnings were modestly below our expectations. We believe 1Q EPS could be $0.10 vs. $0.31.

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Walt Disney Company (DIS / NYSE)
SG Cowen
Slashing estimates to $0.53 per share in 2002 and $0.64 for next year. Maintain Buy rating.

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Walt Disney Company (DIS / NYSE)
Warburg Dillon Read
Reducing 2002 estimate to $0.75 per share, because of overall uncertainty in the theme park and consumer divisions. Maintain Buy rating.

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Walt Disney Company (DIS / NYSE)
Bear Stearns
Downgrading from Attractive to Neutral, reflective of the company's lower guidance as well as its near term competitive positioning at its media networks. 21% reduction in our fiscal 2002 EBITDA estimate.

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Fresh Del Monte Produce (FDP / NYSE)
Piper Jaffray
Upgrade To Buy From Neutral; Introducing FY02 Estimate Of $1.75.

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Genta (GNTA / Nasdaq)
Warburg Dillon Read
Initiating coverage with a Buy rating and $26 price target.

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H.J. Heinz Company (HNZ / NYSE)
NEWS
revised its earnings outlook for the second quarter ending October 31 and the full fiscal year. Quarterly sales are expected to increase by 10%, while earnings are expected to fall to between 59c to 60c/share, below earlier projections of 64c to 66c/share.

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H.J. Heinz Company (HNZ / NYSE)
JP Morgan Chase & Co.
Downgrading Buy to Market perform off shortfall preannouncement.

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Hot Topic (HOTT / Nasdaq)
Bank of America Montgomery
Initiating coverage with a Buy rating and $34 price target.

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Intuit (INTU / Nasdaq)
JP Morgan Chase & Co.
Upgrading from long term buy to Buy, $59 price target. The potential for a solid Q1 reported next Thursday, potential outperformance ST in the Loans business, and we are in front of a major new product cycle in the small business area which could be a significant catalyst for growth.

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Jabil Circuit (JBL / NYSE)
Morgan Stanley Co.
Downgrading from Outperform to Neutral. The stock has rallied 70% from mid-September, and has reached our target price. We continue to favor the company for the long-term, but would wait to repurchase it in the mid-teens.

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Meridian Gold (MDG / NYSE)
Smith Barney Shearson
Downgrading to Neutral from Outperformon based upon Valuation. Trading above our $10 target. 3Q EPS of $0.13 came in ahead of our and consensus estimates of $0.12 and $0.11, respectively.

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Motorola (MOT / NYSE)
Morgan Stanley Co.
Downgrading from Outperform to Neutral, based on valuation. The stock reached our $18 price target, and we believe the outlook for 2002 is very weak.

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Pharmaceutical Product (PPDI / Nasdaq)
Warburg Dillon Read
Reinstating coverage with a Buy rating and $33 price target. Raising our old estimates to $0.93 per share in 2001 and $1.03 for next year.

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Pacific Sunwear of CA (PSUN / Nasdaq)
Bank of America Montgomery
Initiating coverage with a Market Perform rating.

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Powerwave Technologies (PWAV / Nasdaq)
Morgan Stanley Co.
Downgrading from Outperform to Neutral, on valuation. Our DCF model suggests the stock is worth $17, although it could trade up to $20.

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SICOR (SCRI / Nasdaq)
Merrill Lynch
Raising our near-term rating from Accumulate to Buy.

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Taubman Centers (TCO / NYSE)
Deutsche Banc Alex Brown
Upgrading from Market Perform to Buy.

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WebEx Communications Inc (WEBX / Nasdaq)
JP Morgan Chase & Co.
Initiating with Market perform as good fundamentals and momentum of WEBX's business is fully priced in the stock. Co has solid visibility with 80% recurring rev, is EBITDA pos, and expect to report pos EPS in 1Q/02 and pos FCF in 2Q/02.

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XL Capital Limited (XL / NYSE)
Morgan Stanley Co.
Downgrading from Strong Buy to Outperform, with a $110 price target. We believe the upside is limited to 15% from here, so we'd be less aggressive buyers.

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AmerisourceBergen Corp. (ABC / NYSE)
Lehman Bros
September quarter and forward guidance were in-line with expectations. Reiterate Strong Buy rating and $68 price target.

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AmerisourceBergen Corp. (ABC / NYSE)
Goldman Sachs
Solid F'Q4 results ($0.01 ahead of Street) were overshadowed by the presentation of results, a misplaced sense of disappointment in company guidance and broader sector asset allocation shifts. Down 8.4%. Compelling opportunity for growth-oriented clients to invest in a well-managed, well-positioned healthcare services provider with above-average growth prospects. Target remains $82.

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AmerisourceBergen Corp. (ABC / NYSE)
Smith Barney Shearson
Reported FY4Q01 EPS of $0.64, $0.01 above consensus. Gross margin was slightly below expectations. Company reiterated revenue growth guidance for FY 2002 in the 15%-17% range, and slightly raised EPS guidance from $2.86 to $2.90. Reiterate our Buy rating.

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Accenture (ACN / NYSE)
SG Cowen
Raising estimates and price target to $25 per share. We now expect the company to earn $0.82 in fiscal 2002, as demand is recovering faster than expected. Reiterate Buy rating.

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Altera Corp. (ALTR / Nasdaq)
Bear Stearns
Positive analyst meeting; the recent rise has cooled our enthusiasm for short term investors, but we believe the stock retains solid long term appreciation potential. We retain our Buy, but would caution short term investors not to chase thecurrent rally. We believe stock valuations are somewhat ahead offundamentals and would wait for a correction to buy the stock.

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Applied Materials (AMAT / Nasdaq)
Merrill Lynch
We believe the company will meet October quarter estimates next Wednesday. Gross orders may come in weaker than expected, but this should mark the bottom of the current downturn.

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Applied Materials (AMAT / Nasdaq)
Lehman Bros
We believe the company will lower guidance for the January quarter. Maintain Market Perform rating.

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Aon Corporation (AOC / NYSE)
Morgan Stanley Co.
Cutting estimates to reflect poor third quarter results. We now expect the company to earn $1.35 per share in 2001 and $2.50 for next year.

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AOL Time Warner (AOL / NYSE)
JP Morgan Chase & Co.
Reiterate Buy with focus on AOL's content biz. Harry Potter could result in 2-3% upside in our 4Q forecasts, and add $0.01-$0.02 to 02 cash EPS est of $1.32, combined with the re-launch of AOL's digital music svcs (exp next month) which could result in a change of perception of the content biz. CEO Gerry Levin will be keynote speaker at our Millennium Conference this afternoon.

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American Standard Cos. (ASD / NYSE)
Deutsche Banc Alex Brown
Trimming 2002 estimate to $5.25 per share, as we believe the homebuilding market will be affected by a weaker economy.

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Baxter International (BAX / NYSE)
SG Cowen
12 month price target raised to $61. Recent industry checks suggest AHP on track to get U.S. and EU approval, therefore positioning Neuchatel for faster than estimated approval.

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Becton Dickinson and Co. (BDX / NYSE)
ABN Amro
lowering 2002 EPS estimate from $1.83 to $1.79 as a result of BDX's initiatives to restructure its manufacturing and divest some smaller businesses. Separately, while safety products were up 17% in fiscal 4Q01 over the prior year, Bioscience productsgrew only 3% due to the events surrounding the attacks.

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Becton Dickinson and Co. (BDX / NYSE)
Morgan Stanley Co.
Raising 2002 estimate to $1.81 per share, after strong September quarter results. Maintain Outperform rating.

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BEA Systems (BEAS / Nasdaq)
Dain Rauscher
Maintain Neutral, but believe momentum is likely to be positive ahead of earnings conference call on November 13 and analyst day November 15. BEA and HP appear set to expand their relationship.

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Beckman Coulter (BEC / NYSE)
Lehman Bros
Reiterate Strong Buy rating after yesterday's 10% drop. The fundamentals are still intact, and we continue to believe the shares are worth $42.

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Barnes & Noble (BKS / NYSE)
Morgan Stanley Co.
Cutting EPS estimates, to reflect massively lower guidance. We now expect the company to earn $1.10 this year and $1.90 in fiscal 2003. Maintain Strong Buy rating.

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Caterpillar (CAT / NYSE)
Bear Stearns
We do not expect recent energy price declines to materially adversely impact CAT's energy-related businesses in 2001 and 2002. Reiterate Buy and $60 price target.

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Countrywide Credit Ind. (CCR / NYSE)
Dain Rauscher
reported a record-breaking $14.8 billion in mortgage loanfundings for the month of October. The loan pipeline remains robust, with nearly $29 billion in process at month's end--yet another record.

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Celestica (CLS / NYSE)
ABN Amro
the most attractive near-term stock based on relative valuation and a strong outlook, and we are raising our target from $36to $45.

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Costco Wholesale Corp. (COST / Nasdaq)
Deutsche Banc Alex Brown
6% October comp sales growth was ahead of our expectations. Raising our expectations for November. Maintain Buy rating.

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Covance (CVD / NYSE)
Warburg Dillon Read
Raising estimates, but but reducing price target to $23 per share.

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CV Therapeutics (CVTX / Nasdaq)
SG Cowen
We believe the stock will rebound, in front of expected Phase III Ranolazine data. Maintain Strong Buy rating.

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Dell Computer Corporation (DELL / Nasdaq)
Goldman Sachs
Reports after the close next Thursday. Maintaining estimates and Recommended List rating. Expect October in line or better than our $7.3B revenue (down 5% seq) and $0.15 EPS estimates.

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Genentech (DNA / NYSE)
Credit Suisse First Boston
We feel it is a good time to buy stock on weakness. Investigator's remark became distorted and exaggerated in its dissemination, leading to an overreaction in the stock.

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Genentech (DNA / NYSE)
NEWS
DNA announced that its Board of Directors has authorized the repurchase of up to $625 million of its common stock over the next 12 months.

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DQE (DQE / NYSE)
Lehman Bros
Lowering estimates to $1.10 per share in 2001 and $1.55 for next year. The company's 9% dividend yield will help place a floor on the stock, but the company will not be able to pay out this much after next year. Maintain Market Perform rating.

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Enron Corp. (ENE / NYSE)
NEWS
ENE, which has come under intense scrutiny for misguiding investors, confirmed that it is in talks over a possible merger with Dynergy DYN. Enron also restated earnings for the past four years.

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Enzon (ENZN / Nasdaq)
Morgan Stanley Co.
Cutting estimates, despite a strong September quarter and increased PEG-Intron royalties. We now expect the company to earn $0.90 per share in fiscal 2002 and $1.50 for next year. Maintain Strong Buy rating and $77 price target.

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Fleming Companies (FLM / NYSE)
Morgan Stanley Co.
The company beat third quarter estimates, and continues to look attractive going forward. Reiterate Buy rating and $38 price target.

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Guidant Corporation (New) (GDT / NYSE)
Dain Rauscher
Results of the Cook Cardiology 180-patient ELUTES trial are expected to be presented on Sunday (November 11).

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General Dynamics (GD / NYSE)
Merrill Lynch
Remains our favorite large stock in the defense space. Fundamentals are solid, and we believe the industry will continue to rally.

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Intimate Brands (IBI / NYSE)
Robertson Stephens
Target: $14.00. F2001E EPS: $0.57, up from $0.56. Reports October Comps of (6)% vs. +6%, Ahead of Our (8-9)%. New sale event at Victoria's Secret Stores drove flat October comps. offsetting continued comp declines at Bath & Body Works.

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ICON plc (ICLR / Nasdaq)
Warburg Dillon Read
Initiating coverage with a Buy rating and $34 per share

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Interpublic Group of Cos. (IPG / NYSE)
Morgan Stanley Co.
We believe the company lost more business that it says it won. Maintain Neutral rating.

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Invitrogen Corporation (IVGN / Nasdaq)
Morgan Stanley Co.
We remain positve on the stock, despite near-term EPS concerns. Maintain Outperform rating and $83 price target.

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Limited (LTD / NYSE)
Robertson Stephens
Target: $14.00. Reported October comps of (6)% vs. +8%, at the low-end of our (6-8)% forecast. We expect Q3:01 EPS of $(0.03) vs. $0.11 last year, ahead of our prior $(0.05) forecast. We are raising our Q3:01 and F2001 EPS estimates by $0.02 to $0.64.

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Level 3 Communications (LVLT / Nasdaq)
Lehman Bros
The stock overreacted after-hours to the news of the AWE contract. Maintain Market Perform rating.

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Mead Corporation (MEA / NYSE)
Deutsche Banc Alex Brown
We would want to buy the combination of MEA and Westvaco. Both stock trade just above book value, and will pay a 3.4% dividend.

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Medarex (MEDX / Nasdaq)
Goldman Sachs
reported Q3 loss per share of ($0.04), beating our estimate of ($0.06) and consensus of ($0.05). We are reducing 2001 loss per share estimate to ($0.04) from ($0.05). Driver will be continued leverage of the UltiMAb antibody platform with new partnerships and an advancing pipeline.

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Mellon Financial Corp. (MEL / NYSE)
Merrill Lynch
Reiterate Buy rating after series of investor meetings. We believe the Street's expectations are far too low, and are encouraged by management's aggressive buyback program.

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Magna International (MGA / NYSE)
Goldman Sachs
Reported Q3 operating earnings of $1.04, $0.08 above consensus and $0.10 above last year's $0.94. Raising 2002 estimate from $5.40 to $5.70. Valued at $58.

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Marvell Technology Group (MRVL / Nasdaq)
Credit Suisse First Boston
Raising our 12 month price target from $25 to $35. We believe MRVL is making significant market share gains in storage space, especially as the market transitions to system-on-chip solutions. Maintain BUY rating.

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Nvidia Corporation (NVDA / Nasdaq)
Morgan Stanley Co.
Raising estimates and price target to $70 per share. The company continues to buck the growth trend in technology. Reiterate Strong Buy rating.

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Nvidia Corporation (NVDA / Nasdaq)
Weisel Partners
Strong October quarter driven by Xbox & P4 ramp; Increasing est & target from $55 to $70; Believe nForce will add significant revs in '02; Reiterate Buy.

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Nvidia Corporation (NVDA / Nasdaq)
Robertson Stephens
Target raised from $52 to $60. F2002E EPS: $1.00, up from $0.89. F2003E EPS: $1.24, up from $1.18. "Gravity-defying". Exceeded our FQ3 revenue and EPS estimates on strong sales. Company is building momentum that should continue unabated for at least the next few quarters. We are reiterating our Buy rating.

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OM Group (OMG / NYSE)
Smith Barney Shearson
Initiating with a Buy; $72 Price Target. Expect returns to improve from integration of recent acquisitions, market share gains, product upgrading, and reduced capital spending. Acquisition of DMC2 appears to be highly accretive adding 25% to EPS. Risks are a soft economy, slowing auto production, and an equity issuance.

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Palm (PALM / Nasdaq)
NEWS
announced that Carl Yankowski has decided to resign as Chief Executive Officer. The company also announced that it is in the final stages of its internal separation into two businesses.

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Palm (PALM / Nasdaq)
Lehman Bros
We believe the stock will trade higher, on the news of CEO Yankowski resigning. Maintain Strong Buy rating, although no replacement has been named yet.

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Parexel International (PRXL / Nasdaq)
Warburg Dillon Read
Raising estimates and price target to $15 per share. Maintain Hold rating.

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Qualcomm (QCOM / Nasdaq)
ABN Amro
reiterate BUY rating and $65 target after QCOM's analyst dayyesterday. In our view, the meeting was very upbeat on futureprospects, particularly in terms of geographic expansion opportunities across Asia and QCOM's competitive advantage in semis across a variety of technology platforms.

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Qualcomm (QCOM / Nasdaq)
Credit Suisse First Boston
Management provided more clarity into an expectation for 85-95 MM CDMA units in 2002. We believe QCOM should benefit from a more tiered product offering. Maintain our 2002 EPS estimates of $1.05.

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Qualcomm (QCOM / Nasdaq)
Goldman Sachs
Analyst meeting yesterday was quite upbeat as CDMA's momentum remains strong and there are several networks set to launch 1x services across the world over the coming quarters. We reiterate our recommended list.

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Quintiles Transnational (QTRN / Nasdaq)
Warburg Dillon Read
Reducing price target to $18 per share. Maintain Hold rating.

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Stericycle (SRCL / Nasdaq)
Credit Suisse First Boston
We are raising our 2001 and 2002 EPS estimates to $1.14 and $1.85, due to strong sales in generator and hospital incinerator contracts.

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Vignette Corporation (VIGN / Nasdaq)
Dain Rauscher
We attended Vignette's Analyst Day in San Francisco for an in-depth look at the new V6 Content Suite. Maintain our Neutral rating. Vignette's new V6 Content Suite represents a significantcatalyst and extends the company's product leadership.

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Veritas Software Corp. (VRTS / Nasdaq)
Deutsche Banc Alex Brown
The company reiterated fourth quarter guidance at its investor meeting yesterday and said that business is up slightly. Maintain Buy rating and $45 price target.

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Veritas Software Corp. (VRTS / Nasdaq)
Credit Suisse First Boston
Growth prospects uncertain for 2002, as the economy continues to remain weak and IT spending overall is expected to be flat. A rich new product cycle though, will offer the most opportunities for growth in the coming quarters.

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Veritas Software Corp. (VRTS / Nasdaq)
Dain Rauscher
provided insight into future directions at anaylst meeting. There was not a lot that was new--products, platform, and geographic expansion were the key messages.On a positive note, management indicated that the pipeline and linearity appear strong for Q4. Business has stabilized, but OEM partners areeyeing the market.

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Veritas Software Corp. (VRTS / Nasdaq)
Weisel Partners
Fourth quarter business on-track, with pockets of strength in Germany, Asia, defense and government sectors. Disaster recovery interest could fuel upside to 2002 results. Valuation looks reasonable relative to storage comps. Maintain BUY.

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Verity (VRTY / Nasdaq)
SG Cowen
We believe the company can turn a profit in the February quarter, ahead of prior expectations. Maintain Strong Buy rating.

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XO Communications (XOXO / Nasdaq)
ABN Amro
raising 2001 EPS estimate from ($5.21) to ($4.70) after XOreported a broadly in-line 3Q. Upon near-term cost discipline and a successful restructuring, XO could survive as a company and effective telecom competitor. We maintain our HOLD rating.

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Merrill Lynch (Chip Equipment)
Bookings appear to have leveled out, although firms are still reporting cancelled orders. We believe there is near-term downside risk to these stocks, given that EPS recovery is at least four quarters away.

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Deutsche Banc Alex Brown (Value Retail)
FDO and DG both posted October top-line growth that was better than expected. We believe the "dollar stores" will continue to be the most defensive retail chains in this environment. Reiterate Buy ratings.

Morgan Stanley Co. (Insurance)
Lowering our weighting on property-casualty stocks from Outperform to Market Perform. The long-term market uncertainty is building around this sector, adn we'd rather be elsewhere.

Lehman Bros (Wireless)
The FCC's decision to raise the spectrum limit will be a net positive for the industry. This will eventually lead to consolidation of struggling firms, but the near-term price effect should be limited.

Merrill Lynch (Retail)
We believe the largest EPS risks are over. The most prolific stores are the ones that are cutting operating expenses the fastest. This includes COST, LOW, HD, SPLS and KSS.

ABN Amro (Electronics Manufacturing Services)
We reiterate our overall near-term cautious view on EMS stocks asrecent checks suggest that there is no imminent improvement infundamentals. We believe that current valuations reflectoptimism, which is difficult to support. CLS is the most attractive near-term stock based on relative valuation and a strong outlook. Our top pick long-term is FLEX.

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Oscillator: 3.4

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8:30 AM: Producer Price Index for October. The September reading was +0.4%. The core rate, excluding food and energy was +0.3% in September.

9:45 AM: The University of Michigan's preliminary November reading on Consumer Confidence.

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Ford Premiere Auto Group Field Trip (Day 1 of 3) sponsored by UBS

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GIS Investor Day

JDSU Shareholders Meeting

Exabyte Corporation Shareholders Meeting

Prudential Securities Consumer Electrical & Electrical Equipment Seminar Mt. Snow, VT

J.P. Morgan H&Q Global Telecom & Media Conference - Millenium.01 ARDI, AKAM, VCI, USAI, NXTP

Merrill Lynch Global Securities Automotive Ideas Summit, New Orleans, LA

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