Micron Up on Rising Chip Prices
Universal Electronics (UEIC ) sees $27-$28.5 million in sales and $0.25-$0.26 EPS (including projected tax benefit) in the fourth quarter. The company notes December orders were lighter than in prior years, and lighter than it had expected.
Sierra Wireless (SWIR ) sees $8.3-$8.6 in fourth-quarter revenues, below its previous $14-$15 million guidance with bottom-line operating results correspondingly lower. The company cited delays in ramping up to higher unit volume shipments of new products.
Goldman removed Suncor Energy (SU ) from its recommend list, and now rates the shares market outperform. UBS Warburg downgraded the shares to buy from strong buy.
Stephens reportedly downgraded ImClone Systems (IMCL ) to outperform from buy. S&P keeps buy. Onb Dec. 31, the FDA denied the company's BLA for its colon cancer drug.
Level 3 Communications (LVLT ) became a primary provider of broadband services for Sony Pictures Digital Entertainment's Screenblast. Kaufman Bros. reiterates strong buy.
USB Piper downgraded Genzyme Corp. (GENZ ) to market perform from market outperform. The company was unavailable for comment.
Micron Technologies (MU ) was among the chip stocks seen higher as Korea's Hynix said it recently raised contract chip prices by 30% on average. SoundView maintains buy on Micron, while BoA keeps market perform.
UBS Warburg downgraded BJ Services (BJS ) to hold from buy. JP Morgan downgraded the shares to market perform from long term buy. The company could not cite any news.
CS First Boston downgraded Dianon Systems (DIAN ) to hold from strong buy.
UBS Warburg downgraded Anadarko Petroleum (APC ) and EOG Resources (EOG ) to hold from buy.
Prudential upgraded Dollar General (DG ) to hold from sell. The company obtained extensions to previously announced waivers from bank lenders under outstanding financing agreements.
Westcoast Hospitality (WEH ) acquired Red Lion Hotels from Hilton Hotels for $50.6 million.
Prudential downgraded Kmart Corp. (KM ) to sell from hold.
Needham upgraded GlobespanVirata Inc. (GSPN ) to strong buy from buy.
Bear Stearns downgraded IMS Health (RX ) to attractive from buy.
Goldman downgraded Priority Healthcare (PHCC ) to market outperform from trading buy.
Robertson Stephens downgraded eBay Inc. (EBAY ) to buy from strong buy.
Merrill reportedly upgraded AT&T Corp. (T ) to near term buy.
Banc of America reportedly upgraded Ann Taylor (ANN ), Limited Inc. (LTD ), and Intimate Brands (IBI ).
Metalink (MTLK ) sees fourth-quarter revenues increasing about 40% from the third quarter, to $1.7 million, and expects its book-to-bill ratio to be well over one.
Mirant Corp. (MIR ) terminates planned acquisition of 50% of EcoElectrica, a power project in Puerto Rico, from an Edison International (EIX ) subsidiary.
A U.S. District Court approved a temporary restraining order requiring EchoStar Satellite Corp. to adhere to its affiliation agreement, continue carrying Walt Disney's (DIS ) ABC Family Channel.
According to a press report, Microsoft (MSFT ) has $36 billion in cash and securities, more than any other U.S. corporation. Some are urging the company to pay dividends. Separately, a ruling is expected on the company's request for a four-month delay of hearings on proposed antitrust remedies.