Updated from 12:41 p.m. ET
12:51 p.m. ET
was virtually unchanged in the early afternoon, off from a morning peak of $62.88 after
upgraded it to buy from outperform with a 12 month target of $78. Analyst David Wu said he expects a seasonal upswing in PC sales, and
recent warning does not reflect a wider trend. He also said a conference call with
had reassured him that demand for chips is normal. Micron was down 3.2%. The
was up 2.2%.
Lucent Reverses Slide
12:15 p.m. ET
was up 2.9% at midday, joining the tech stock revival after dipping to a new intraday low of 28.50 in early trading. Nortel
was also up, rising 5% as telecommunications equipment stocks shook off their recent fall.
12:07 p.m. ET
was up 7.1% and
was 7.3% higher at midday as the tech stock rally continued. Amazon's rise came despite a
note saying the online holiday season may not be as strong as last year's. Both Amazon and eBay hold analyst meetings next week.
AOL Deal Seen Near
11:29 a.m. ET
was up 1.3% in the morning after
said it expects the merger with
to get U.S> and European approval by the end of October. Merrill said it does not see potential concessions as having a major impact.
CORV Turns Higher
11:08 a.m. ET
-- Beleaguered fiber-optic stocks rebounded early today, with
jumping 10.2%. The stock had been down 25.9% since its peak Sept. 1.
was up 5.1% and
StarMedia Down on Staff Cuts
10:51 a.m. ET
fell 8.2% after saying it expects to be profitable in the fourth quarter of 2001, a year earlier than previously expected. The Internet media company, which targets Spanish and Portuguese speakers, cut about 15% of its staff, or 125 jobs, to save $20 million.
Credit Suisse First Boston
reiterated its buy rating.
Source Information Misses Forecast
10:41 a.m. ET
Source Information Management
fell 28.3% after posting second-quarter earnings per share of 10 cents, well below the
First Call/Thomson Financial
consensus of 25 cents and under the year-ago 12 cents.
Robotic Vision Drops on Warning
10:33 a.m. ET
fell 28.9% after warning it will post lower-than-expected fourth-quarter earnings per share of 6 cents to 9 cents. The
First Call/Thomson Financial
estimate was 18 cents. The company blamed the expected lower earnings to temporary order deferrals, but said orders should be back to normal next quarter.
10:22 a.m. ET
, up slightly in the preopen, slipped 0.5% in
analyst Mike Stanek reiterated his buy rating, saying the company's markets continue to strengthen because of improving corporate and consumer demand and he called the new product flow "remarkable."
Virata Jumps on Forecast
10:03 a.m. ET
-- Telecommunications equipment maker
rose 15.3% after saying it expects second-quarter revenues to be about $41.5 million, up from $27.7 million in the previous quarter.
Maxwell Falls on Warning
9:52 a.m. ET
-- Electronic components maker
dropped 18% after it said third-quarter losses would be larger than expected on lower revenues and it will continue to phase-out less-profitable units.