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Still Hold Stewart & Stevenson

Stewart & Stevenson Services (SSSS):

Maintain 3 STARS (hold)

Analysts: Michael Jaffe, James Sanders

The stock is sharply higher after the company is awarded a $374 million one-year contract extension to build Medium Tactical Vehicles for the U.S. Army. Deliveries under the award will take place Oct. 2 through Sept. 3. S&P still sees $1.25 EPS in fiscal 2002 (Jan.), but it is putting its $1.44 per share forecast for fiscal 2003 under review for a likely increase. Despite today's positive news, the difficult outlooks for the company's power products, petroleum equipment and airline products businesses temper S&P's enthusiasm for the shares.

Yahoo (YHOO):

Maintain 1 STAR (sell)

Analyst: Scott Kessler

Yahoo will likely be the acquirer of as TMP Worldwide says it will not sweeten its offer. TMP said it would not alter terms of its agreement to acquire HotJobs for $355 million in stock. Because HotJobs on Dec. 24 deemed Yahoo's cash/stock offer valued at $436 million to be superior to TMP's, Yahoo will likely win the deal and pay a transaction break-up and legal fees to TMP of up to $17 million. Although the purchase would provide Yahoo more non-advertising revenues, HotJobs is much too small to have a notable favorable mix impact. The pending deal adds higher risk to overvalued Yahoo shares.

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