Positivo e Negativo a NY - Giorgia

Aggiorniamo il commento finanziario americano migliore che abbiamo: Monday March 10th 7:44--Forest Labs said they saw favorable study data for its Alzheimer’s drug. 7:42--Boise Cascade warned Q1 loss would be 28c-38c/sh vs. -5c/sh consensus. 7:29--A former French PM said that “a French veto is unimaginable.” Said that “we are not going to break the UN in order to save a tyrant.” At the same time, de Villipen is in Africa to convince the three African nations on the security council to vote against the United States. 7:21--Bristol Myers restated 1999-2001 net cont ops down by $900M. 7:17--Bristol Myers is cutting full-year net cont ops by 10c/sh. 7:14--Russia will veto UN resolution according to ITAR-TASS. 7:13--Gemstar said they will further reduce revenues $110.9M in a restatement. 7:05--Stocks are: S&P -4.00, Nasdaq -2.00. -Dollar lower this morning against euro and yen based on increased war fears. -The Pentagon is dismissing reports that it has launched a new effort to find bin Laden but said it couldn’t rule out other agencies. -The Times of London is saying that Hans Blix did not disclose the discovery of an unmanned drone in Iraq. Said the US and UK are demanding that Blix come back to UN to disclose discovery. -The UN could hold a vote on a second resolution as early as Tuesday. The vote would authorize force if a Mar 17th disarmament deadline is not complied with. Colin Powell thinks it will pass. -Time Magazine reported yesterday that Iran is closer to producing enriched uranium than previously thought. -Blue Chip survey of economists forecast for GDP was lowered to 2.6% from 2.7%. -UAE said OPEC is near capacity. Said if Iraq and Kuwait move offline in the event of a war, it would create shortages. Positive: -Qualcomm raised its Q2 phone chip shipment forecast to 28 mln from 27 mln. -Whole Foods received positive comments in Barron’s. -Federated received positive comments in Barron’s. -Mattel received positive comments in NYT. -Sirius Satellite closed a $1.2B recapitalization deal. Upgrades: -DuPont was upgraded to buy from neutral at Bank of America. -Independent refiners were upgraded to positive from negative at Lehman. Individual names upgraded were FTO, PCO, TSO, VLO, and COP. Negative: -GE disclosed a $5.25B pension loss. -May Dept Stores’ debt was placed on review for possible downgrade by Moody’s. Downgrades: - Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Friday March 7th 8:01--Province Healthcare was upgraded to equal-weight from under-weight at Lehman. 7:54--Cal Dive was upgraded to buy at UBS. 7:50--Federal Signal was upgraded to buy from hold at Legg Mason. 7:47--Ford received negative comments in the Daily Telegraph which quoted analyst Sean Egan as saying the company would be bankrupt now if it weren’t for the Ford name. 7:40--Five-year note yield fell to lowest level since 1955. 7:31--BLS said the eastern snow storm occurred after the payroll survey. Construction jobs were -48K. Retail jobs -92K. Services -86K. Government +13K. The weak construction could be effect of bad weather but the BLS said the eastern seaboard snowstorm occurred after the payroll survey. The loss in retail jobs was considerable and is an indication that retail industry is very weak. Then again, part of the drop can be explained by the loss of military reservists. The interesting part is that the average hourly earnings rose considerably. That rise contradicts the loss in jobs and indicates that there were many different factors at play with this number. 7:30--Feb Non-Farm Payrolls were -308K vs. +10K expected. Jan was revised to +185K vs. +143K reported previously. Mfg payrolls were -53K vs. -28K expected. Average hourly earnings were +0.7% vs. +0.3% expected. Unemployment rate was 5.8% vs. 5.8% expected. The number of reservists that were called up for active duty number between 75,000-150,000. They were taken out of the labor force and no longer count as a job for payroll purposes. 7:20--Research in Motion was downgraded to underperform from sector perform at RBC. 7:16--Station Casinos was upgraded to buy from hold at Prudential. 7:14--3Com guided Q3 revenue down to $240M-$245M vs. $270M consensus. 7:05--Stocks are: S&P -6.00, Nasdaq -12.00. -Dollar lower this morning against euro and yen based on increased war fears. The Nikkei fell 2.7% to a new 20 yr low. -Pres. Bush confirmed in his speech last night that there will be a second (18th) UN resolution. It will be voted on within the next few days regardless of whether the US thinks it will pass. -The UN security council meeting will take place today at 9:00am CST. -Reuters is reporting that Hans Blix distributed a special 167 page monitoring report to UN ministers which disputes Iraq’s claims that it destroyed 21,000 liters of biological agents. It also says that Iraq is still producing banned missiles. -The Pentagon said that it believes Saddam will set oil wells ablaze in the event of a US invasion. -The Financial Times said the bin Laden hunt has grown ‘white hot’ and his location has been narrowed down to a coastal strip between Pakistan and Iran. Positive: -Mandalay Resort Q4 EPS was 15c/sh vs. 13c/sh consensus. Revenues were $542.3M vs. $565.9M consensus. -Quiksilver Q4 EPS was 24c/sh vs. 19c/sh consensus. Revenues were $192.1M vs. $178.2M consensus. -GlaxoSmithKline won EU approval for Levitra, its Viagra competitor. -A Halliburton unit was chosen to oversee Iraqi oil fields in the event that they are set ablaze during a war. -AOL is considering selling its music production unit which could raise around $1B. Upgrades: -Nokia was upgraded to overweight from neutral at JP Morgan. Deutsche Telekom was also upgraded at JP Morgan. -National Semiconductor was upgraded to hold at Deutsche Bank. Negative: -Intel said Q1 revenue $6.6B to $6.8B vs. $6.5B to 7.0B previously. First Call estimate was $6.75B. Said they see Q1 gross margin slightly below the midpoint of its guidance range. Cited higher than expected flash inventory reserves. -Interpublic Group Q4 EPS was 5c/sh vs. 18c/sh consensus. Company is cutting jobs. Sees 2003 revenue -1-4% vs. 2002. Sees ’03 EPS of 68c-72c/sh vs. 91c/sh consensus. -Tivo Q4 loss was -25c/sh vs. -31c/sh consensus. Company gave negative guidance on forward revenue numbers. -UT Starcom will offer $350M in convertible notes. Downgrades: -Intel estimates were reduced at CIBC. Neutral: -Celgene affirmed its full-year guidance of 5c-10c/sh.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Thursday March 6th 8:45--Pres. Bush will discuss the war on terror in his press conference tonight. 8:39--China is reporting that North Korea may be open to allowing US nuclear inspectors into the country. 8:38--Pres. Bush will reportedly hold a press conference tonight at 7:00 pm CST. 8:37--Valero Energy guided Q1 EPS up to $1.10 vs. 84c/sh consensus. 8:35--Raytheon’s price target was lowered at Prudential. Company cut full-year ’04 guidance earlier this morning. 7:51--Finish Line guided Q4 EPS up to 47c-49c/sh vs. 37c/sh consensus. 7:46--Target said its Feb sales were below plan. 7:44--Visteon was upgraded to in line from underperform at Goldman Sachs. 7:42--Pfizer was added to JP Morgan’s focus list. 7:37--ECB said the medium term outlook for prices has improved in recent months. Said economic activity in the euro-zone remains sluggish. 7:36--Surebeam was downgraded to neutral from buy at Merrill Lynch. 7:34--Microsemi was upgraded to outperform from perform at CIBC. 7:34--Dillard’s Q4 EPS was $1.25/sh which was as expected. 7:30--Q4 productivity was +0.8% vs. +0.4% expected and vs. -0.2% previously. Unit labor costs were +3.8% vs. +4.1% consensus and vs. +4.8% previously. 7:30--Initial claims were +12K to 430K vs. 403K consensus. Last week was revised up to 418K vs. 417K previously. 7:28--Carmax lowered Q4 EPS guidance to 17c-18c/sh vs. 19c/sh consensus and vs. 18c-20c/sh guided previously. 7:27--Best Buy said it expects to meet or exceed Q4 consensus numbers. Guided Q4 EPS to $1.07-$1.10 vs. $1.07/sh consensus. 7:25--Schering-Plough was downgraded to underperform from neutral at First Albany. 7:05--Stocks are: S&P -1.00, Nasdaq +1.00. -The ECB cut benchmark minimum bid rate to 2.5% from 2.75%. -The BOE expectedly left overnight rates unchanged at 3.75%. -The Swiss central bank cut rates 50 bps. -China joined Russia, France, and Germany in calling for more inspections. -UK may offer a compromise on resolution 1441 that would extend inspections but make a clear deadline for full compliance. -Saudi Arabia said it is pumping all the oil it can and cannot increase output in the even of a war. This is contrary to comments the Saudis made in recent months, but similar to comments made a couple days ago by OPEC, which said they are at full production. Positive: -Neiman-Marcus Q2 EPS was 68c/sh vs. 67c/sh consensus. Revenues were $938.5M vs. $929.4M consensus. -Activision okayed an additional $200M for stock buybacks. -Mcdata said it expects Q1 EPS and revenue to be at the upper end of its guidance range. -Cognizant Tech declared a 3-for-1 stock split. Upgrades: -Petco was upgraded to overweight from equal weight at Lehman. Negative: -Raytheon affirmed full-year ’03 EPS, but lowered full-year ’04 guidance to $1.60-$1.70 vs. $1.91/sh consensus. -Tyson Foods guided Q2 EPS down to break-even vs. 13c/sh consensus. Guided full-year down below its previous guidance of 90c-$1.00/sh. -Mother’s Work lowered its Q2 EPS guidance to 15c/sh vs. 22c-27c/sh given in previous guidance. -Halliburton said that radioactive material was stolen from an oil field device in Nigeria in December. Downgrades: - Neutral: -Centex affirmed its 2003 EPS outlook. -Pier 1 affirmed its Q4 guidance. -JC Penny affirmed Q1 EPS in low 30c range vs. 34c/sh consensus.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Wednesday March 5th 8:04--Genzyme Q4 EPS was 34c/sh vs. 35c/sh consensus. Revenues were $298.0M vs. $295.4M consensus. Company affirmed Q1 and full-year guidance. 7:54--Homebuilders received positive comments from UBS after disappointing orders numbers yesterday at Lennar. 7:49--Toys R Us Q4 EPS was $1.30/sh vs. $1.27/sh consensus. Company said that full-year consensus of $1.20/sh was at the high end of their comfort range. 7:48--Oracle received negative comments from Lehman. Said revenues could be weak. 7:29--Genesis Microchip received negative comments from Piper Jaffray. 7:24--UPS estimates were lowered at Morgan Stanley. 7:17--Petsmart Q4 EPS 17c/sh vs. 27c/sh consensus. Revenue was $740.5M vs. $765M consensus. Guided Q1 EPS to 15c-16c/sh vs. 20c/sh consensus. Said they continue to see FY03 EPS of 87c-89c/sh vs. 89c/sh consensus. 7:17--UK Prime Minister said war can be avoided with Iraq if it complies with UN. 7:13--Sysco was downgraded to neutral from overweight at JP Morgan. 7:05--Stocks are: S&P -1.00, Nasdaq +1.00. -Turkey’s top general backed a US deployment from Turkey but the parliament still has not taken a second vote. -The foreign ministers of France, Russia, and Germany are planning to meet today in Paris to discuss Iraq. -The Organization of the Islamic Conference opened a meeting aimed at preventing war. -A bus explosion killed at least 8 in Haifa Israel at about 6:15 am CST today. It was the first bombing in about 2 months. -Treas Sec Snow said that the weakness in the dollar does not worry him and the market has taken it to suggest the US is abandoning its strong dollar policy. Snow later retracted the comments. Positive: -Kohl’s Q4 EPS was 81c/sh vs. 80c/sh consensus. Revenues were as expected. -Hot Topic Q4 EPS was 51c/sh vs. 49c/sh consensus. Revenues were as expected. -Autozone Q2 EPS was 79c/sh vs. 78c/sh consensus. Revenues were $1.12B vs. $1.15B consensus. Company will repurchase an additional $500M shares in its buyback program. -Staples Q4 EPS was 35c/sh vs. 33c/sh consensus. Said Q1 guidance is 16c-17c/sh vs. 16c/sh consensus. -Cray raised 2003 revenue guidance to $220M vs. $200M given in previous guidance and vs. $216M consensus. -Hovnanian announced an increase in Feb orders of 13.3%. -Angiotech Pharmaceuticals declared a 2-for-1 stock split. Upgrades: -Gentex was upgraded to buy from neutral at Bank of America. Negative: -Tibco Software lowered Q1 EPS guidance to break-even to +1c/sh vs. +2c/sh consensus. Guided revenues down to $61M-$63M vs. $68M consensus. -Pepsi Bottling lowered Q1 guidance to 12c-14c/sh vs. 20c/sh consensus. Lowered full-year guidance to $1.61-$1.67/sh vs. $1.71/sh consensus. -Nicor Q4 EPS was 89c/sh vs. 76c/sh consensus. Company lowered full-year guidance to $2.40-$2.60 vs. $2.70/sh consensus. -Sempra Energy filed a $2B mixed shelf. -Unocal is being sued by the FTC for uncompetitive practices. Downgrades: -Dreyers was downgraded to sell from hold at Deutsche Bank. Neutral: -Corning affirmed its Q3 EPS guidance. -Gymboree Q4 EPS was 35c/sh which was as expected. Company affirmed full-year guidance of $0.92-$1.00/sh. -Costco Q2 EPS was 42c/sh ex-items which was as expected. -AOL will dispose of businesses worth $4B and possible will conduct a cable IPO. -Nestle’s buy of Dreyer’s is being challenged by the FTC because it would hurt competition.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Tuesday March 4th 8:09--Dreyer’s will sell its ice cream assets to CoolBrands. 8:00--The Bank of Canada raised overnight rates to 3.00% from 2.75%. 7:47--Cypress Semiconductor guided Q1 revenues up to $178.0M vs. $174.7M consensus. 7:43--Lennar received negative comments from JP Morgan. 7:38--Nike target was raised to 53 from 51 at Merrill Lynch. Firm also raised FY2003 EPS estimates. 7:37--Boeing CEO Condit said the commercial aircraft industry is still challenging and reaffirmed 2003 forecast of 280 aircraft deliveries. 7:35--Disney received negative comments from Soundview, which expects the company to give a negative preannouncement. 7:30--Greenspan said a cooling housing market may slow consumer spending. Said home prices may recede after recent run-up. Said slowdown not akin to bursting bubble. 7:15--Xilinx said that Q1 revenues will be at the upper end of its $285M-$295M guidance range. 7:05--Stocks are: S&P -3.00, Nasdaq -5.00. -Pakistan said they turned Khalid Shaikh Mohammed over to the US today for interrogation in Afghanistan. Press reports incorrectly stated yesterday that he was already in US hands and already being tortured for information. -Another UK paper is claiming to know all the details of war with Iraq including that the US will go it alone. It included a quote from a British officer that said “America has made it clear that Baghdad is their prize.” -A bomb blast at a Philippine airport overnight killed 15 and wounded 54. -The US will formally protest North Korea’s interception of a US plane over the weekend. -Fed’s Guynn said that the economic recovery will be more apparent later this year. Said he expects ‘modest’ growth in consumer spending this year. Said the possibility of war is causing spending delays. Said a pickup in business spending ‘may start soon.’ Positive: - Marvell Q4 EPS was 19c/sh vs. 13c/sh consensus. Revenues were $86.5M vs. $70.0M consensus. Company raised its Q1 EPS view up to 36c-41c/sh from 15c-19c/sh previously. Also raised its FY03 view to 64c-69c/sh vs. 59c/sh consensus. -Pacific Sunwear Q4 EPS was 46c/sh vs. 44c/sh consensus. Revenue was $265.6M vs. $263.0M consensus. -Chicos FAS Q4 EPS was 17c/sh vs. 16c/sh consensus. Revenue was $138.3M vs. $137.6M consensus. -OfficeMax Q4 EPS was 13c/sh vs. 12c/shc consensus. Company said Q1 pro-forma EPS would be 4c-5c/sh vs. 4c/sh consensus. Said full-year pro forma EPS would be 28c-30c/sh vs. 19c/sh consensus. -Biovail Q4 EPS was 60c/sh vs. 56c/sh consensus. -Sonic Automotive Q4 EPS was 51c/sh vs. 50c/sh consensus. Company affirmed full-year guidance. -Echostar Q4 loss was -45c/sh vs. -$1.07/sh consensus. Revenues were $1.32B vs. $1.30B consensus. Upgrades: - Negative: -BJ’s Wholesale Q4 EPS was 71c/sh vs. 70c/sh consensus. Company guided full-year down to $1.25-$1.35/sh vs. $1.72/sh consensus. -Motorola is selling 25 mln Nextel shares. -Watson Pharmaceutical announced a $450 mln convertible offering. Downgrades: -GM, Ford, Delphi, and Visteon were downgraded to sell from hold at Deutsche Bank. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Monday March 3rd 8:21--Ethan Allen said adverse weather will hurt Q3 & Q4 earnings. 8:08--Yellow warned Q1 EPS would be at the low end of guidance due to adverse weather. Company authorized a $25M stock buyback. 7:30--Jan Personal Income was +0.3% vs. +0.4% expected. PCE was -0.1% vs. +0.1% expected. Dec income was revised up to +0.3% from +0.4% previously reported. Spending was revised to +1.0% from +0.9% previously reported. The revisions combined with the Jan number result in a number that was at expectations and should not affect the market. 7:28--Stanley Works was upgraded to neutral from sell at Bank of America. 7:27--XL Capital was downgraded to market perform from outperform at Wachovia. 7:11--Capitol One’s CFO resigned due to charges by the SEC of insider trading. 7:05--Stocks are: S&P +7.00, Nasdaq +5.00. -US and Pakistani intelligence arrested #3 al-Qaeda leader Khalid Sheikh Mohammed in Pakistan over the weekend. -Turkey failed to approve the basing of US troops in Turkey but may vote again this week. -Iraq has destroyed about 10 of its al-Samoud missiles over the weekend, but said it may stop if the US says it will go to war anyway. Iraq has about 120 of the missiles. Some Iraqi scientists were also interviewed. -Israel said that they captured a co-founder of Hamas. -100,000 pro-US activists rallied in South Korea demanding that their president strengthen military and diplomatic relations with the US. -SIA said Jan semiconductor orders were +22% y/y but -2.4% vs. prior month. Positive: -Bristol Myers received positive comments in Barron’s. Upgrades: -FedEx was upgraded to overweight from neutral at JP Morgan. -Symantec was upgraded to buy from neutral at UBS. -Baxter was upgraded to outperform from inline at Goldman Sachs. Negative: -HealthSouth Q4 EPS was 5c/sh vs. 11c/sh consensus. Company said it thought Q4 would be bottom. Affirmed its Q1 & full-year EPS guidance. -Palm guided Q3 revenues down to $205M-$210M vs. $241M consensus. -Furniture Brands warned Q1 EPS would be 50c-55c/sh vs. 56c/sh consensus. Downgrades: -Allegheny Energy was downgraded to neutral from overweight at JP Morgan. -Equifax was downgraded to equal weight from overweight at Morgan Stanley. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Friday February 28th 7:37--MIM will repurchase $10mln in shares. 7:30--Q4 GDP was revised to +1.4% vs. +1.0% expected and +0.7% previously. Real final sales were revised +1.2% from +1.3%. The implicit deflator was +1.6% vs. +1.8% expected and vs. +1.8% previously. The upward revision is slightly negative for the credit markets and slightly positive for the stock markets. 7:26--France did not comment on using its veto power at the UN security council, saying that it wanted to keep its options open. Said France’s position was shared by a majority of the international community. The comments were made by De Villepin. 7:14--France said that the Iraq weapons decision confirms that inspections are working. 7:05--Stocks are: S&P +2.00, Nasdaq +4.00. -Iraq said late yesterday that it would comply with the UN and begin destroying al-Samoud missiles on Saturday. The US has already said that it is not enough to stop a war. -Russia said it may use its veto power to block a resolution authorizing force. -Chirac’s political party is warning that France’s opposition to the war could cripple relations with the US. -The text of Hans Blix’s report to the UN said that the results of disarmament are very limited, but that Iraq has increased its cooperation in the last month. -The Japanese admitted that they intervened in Feb by buying $4.36B in dollars and euros to pressure the yen. Yen also pressured due to a decline in the Japanese LEI. -Eurozone confidence was steady at 98.2. -OPEC said that its spare capacity is diminishing and it may no longer be able to restrain prices. Positive: -Marvell Q4 EPS was 16c/sh which was as expected. Company guided full-year up to 80c-85c/sh vs. 78c/sh consensus. -Univision Q4 EPS was guided up to 14c from 12c/sh consensus. -Sunrise Assisted Living Q4 EPS was 82c/sh vs. 80c/sh consensus. Company affirmed full-year guidance. -IBM was awarded a $1B 6yr service contract by AXA. Upgrades: -Intel estimates were raised at Lehman. -Placer Dome was upgraded to peer perform from underperform at Bear Stearns. Negative: -Novellus affirmed Q1 EPS of 7c/sh vs. 7c-8c/sh at First Call/Multex. Company affirmed revenue guidance of $234M which is as expected. Said they see continued pressure on margins. -Chesapeake Energy priced a 20 mln share follow-on offering. -American Electric Power priced 50 mln shares in a follow-on offering. -Homebuilders received negative comments in the WSJ ‘Heard on the Street.’ Downgrades: -Gap Stores was downgraded to neutral from buy at Bank of America. Neutral: -Gap Stores Q4 EPS was 27c/sh which was as expected. Revenues were $4.65B vs. $4.66B consensus.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Thursday February 27th 7:44--Hilton, Marriott, and Starwood estimates were cut at Salomon. 7:34--Shaw Group warned that full-year guidance will be $1.32-$1.37 vs. $1.92-$2.08 given in previous guidance. 7:32--The stronger durable goods number was countered by the higher claims numbers. The markets are trading near the same levels that they were at before the numbers. 7:30--Jan Durable Goods were +3.3% vs. +1.0% expected. Last month was revised to -0.4% from -0.2% previously. Orders ex-transportation were +2.5%. Orders ex-defense were +3.6%. 7:30--Initial claims were +11K to 417K vs. 390K consensus. Last week was revised to 406K from 402K previously. 7:26--Turkey said they will not have a vote on allowing US troops until Saturday. One hour ago, the Turkish Defense minister said that the military portion of the deal was agreed upon. 7:19--Lucent reached an agreement with the SEC in which it would pay no penalties and make no restatements. 7:17--Yum Brands affirmed its Q1 outlook of 38c/sh. 7:16--US Oncology Q4 EPS was 15c/sh which was as expected. Company raised full-year guidance to 68c-71c/sh vs. 65c/sh consensus. 7:14--Estimates for chemical stocks were cut at UBS. 7:05--Stocks are: S&P -1.00, Nasdaq -1.00. -A Turkish Defense Minister said that a deal has been reached between the US and Turkey and it will be voted on on Thursday. -There are reports that North Korea has started up one of its two nuclear reactors. Reports yesterday and Monday suggested that the country had not restarted the reactors. -UK’s consumer confidence fell to -9 from -3. It was the worst reading in five years. -CEA’s Glenn Hubbard stepped down yesterday afternoon and will be replaced by Harvard’s Gregory Mankiw. The move was partly expected because Hubbard only had a 2-year leave from Columbia. -California’s Gray Davis is reconsidering his opposition to the internet sales tax. Positive: -Cooper Cos. Q1 EPS was 44c/sh vs. 42c/sh consensus. Revenues were $94.0M vs. 87.6M consensus. Company guided Q2 EPS up to 46c-49c/sh vs. 45c/sh consensus. Also raised revenue guidance. -Men’s Wearhouse Q4 EPS was 50c/sh vs. 46c/sh consensus. Company raised Q1 guidance to 31c-33c/sh vs. 28c/sh consensus. -Brown Shoe Q4 EPS was 45c/sh vs. 42c/sh consensus. Revenues were $452M vs. $435M consensus. Company affirmed full-year guidance. -Take Two Interactive Q1 EPS was $1.20/sh vs. $1.16/sh consensus. Company affirmed Q2 EPS of 34c/sh and raised full year EPS to $2.26 from $2.22. -Noven Pharmaceutical Q4 EPS was 13c/sh vs. 9c/sh consensus. Company affirmed Q1 EPS of break-even. -Watson Pharma’s bladder drug patch was approved by the FDA. -Oil stocks received positive mention in the WSJ today because oil prices are predicted by the government to remain high even after a war with Iraq. Upgrades: -Darden Restaurants was upgraded to overweight from neutral at JP Morgan. Negative: -Veritas Q2 EPS was 18c/sh vs. 21c/sh consensus. Revenues were $125.3M vs. $131.8M consensus. -Limited Stores Q4 EPS was 67c/sh vs. 64c/sh consensus. Company guided full-year down to 99c-$1.04/sh vs. $1.09/sh consensus. -Roper Industries Q1 EPS was 26c/sh vs. 27c/sh consensus. Company lowered Q2 guidance to 52c-57c/sh vs. 63c/sh consensus. Downgrades: -Ericsson and Alcatel were downgraded to underperform from in line at Salomon. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Wednesday February 26th 8:11--TJX Cos. Q4 EPS was 29c/sh vs. 30c/sh consensus. Revenues were $3.51B vs. $3.49B consensus. 8:02--Mexico signaled that it is shifting to support of a resolution for war with Iraq. 7:53--Prudential upgraded both the aluminum and paper industries. 7:52--Wind River was downgraded to under-perform from sector perform at RBC. 7:47--Update: The EU Commission may impose sanctions on $4B in US products due to the US Foreign Sales Corporations program. The program helps US companies gain tax breaks on exports. The WTO ruled the program illegal in 2001 and gives the EU the right to raise tariffs 100% on those exports. The EU will unveil a list today at 8:00am CST that will be similar to a list provided last September. 7:44--Iraq is sending envoys to the Arab summit to seek solidarity. Other Arabs think that the summit may result in putting more pressure on Iraq to cooperate with UN. 7:39--British American Tobacco’s debt outlook was lowered at Moody’s. 7:37--Emcor Q4 EPS was $1.38/sh vs. $1.37/sh consensus. 7:36--Carmax raised its credit facility to $300M from $200M. 7:33--Dreyer’s Q4 EPS was 15c/sh vs. 13c/sh consensus. 7:31--Ruby Tuesday backed Q3 EPS guidance of 38c-39c/sh consensus. 7:19--The U.S. said that Saddam can be considered a war criminal. 7:18--International Paper was upgraded to hold from sell at Prudential. 7:17--Documentum won a software contract from Toro. 7:16--North Korea is warning its citizens to be ready for war with the US. The country was conducting air raid drills yesterday. 7:10--Hovnanian was upgraded to outperform from inline at Salomon. 7:10--Pulte Homes was downgraded to inline from outperform at Salomon. 7:05--Stocks are: S&P -4.00, Nasdaq -5.00. -German Q4 GDP +0.5% vs. -0.1% expected. -Europe may impose sanctions on GM and Microsoft because US tax law favors those companies. -Iraq produced several letters yesterday afternoon that they have destroyed some of the weapons that are unaccounted for. The White House already dismissed the letters as no surprise and not enough to avoid a war. -President Bush reportedly will seek $95B from Congress to cover the cost of war. -UK parliament will vote today on whether to continue support for war in Iraq. -The Japanese intervened to support the dollar against the yen. Positive: -Kenneth Cole Q4 EPS was 41c/sh vs. 36c/sh consensus. Raised full-year guidance to $1.53-$1.57 vs. $1.53/sh consensus. -Tiffany Q4 EPS was 60c/sh vs. 59c/sh consensus. Company affirmed full-year guidance of $1.33-$1.38/sh. -American Pharmaceutical Q4 EPS was 38c/sh vs. 34c/sh consensus. -Renal Care Q4 EPS was 50c/sh vs. 49c/sh consensus. Revenues were $243M vs. $237M consensus. -American Woodmark Q3 EPS was 80c/sh vs. 62c/sh consensus. Raised Q4 guidance to 90c-95c/sh vs. 84c/sh consensus. -Semtech Q4 EPS was 11c/sh vs. 10c/sh consensus. Revenues were $44.5M vs. $43.7M consensus. Upgrades: -Microsoft was upgraded to buy at Deutsche Bank. -Tellabs was upgraded to inline from underperform at Goldman Sachs. -Deutsche Telekom was upgraded to buy at Bank of America. Negative: -HP Q1 pro forma EPS was 29c/sh vs. 28c/sh expected. Affirmed Q2 EPS guidance of 27c/sh. Q1 revenues were $17.88B vs. $18.5B expected. -Autodesk Q4 EPS was 7c/sh vs. 6c/sh consensus. However, company lowered Q1 EPS guidance to 3c-6c/sh vs. 12c/sh consensus. -Papa John’s Q4 59c/sh vs. 60c/sh consensus. Company affirmed full-year EPS of $2.40-$2.48/sh. -Big Lots Q4 EPS was 57c/sh vs. 56c/sh consensus. Company cut full-year EPS to 74c-78c/sh vs. 83c/sh consensus. Company cited a cautious retail environment. -Morgan Stanley may have civil charges filed against it for IPO favoritism. Downgrades: -HP was downgraded to inline from outperform at Goldman Sachs. -Principal Financial was downgraded to inline from outperform at Goldman Sachs. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Friday February 21st 7:51--Texas Instruments will buy back 18 mln shares. 7:38--ABX was downgraded to hold from buy at Prudential. 7:30--Jan CPI was +0.3% vs. +0.3% expected. Core CPI was +0.1% vs. +0.2% expected. Energy prices were +4.0%. Transportation +1.1%, Apparel -0.9%, medical care +0.1%, The numbers are a non-even for the markets. 7:15--Burlington Resources was upgraded to overweight from equal weight at Lehman. 7:05--Stocks are: S&P -1.00, Nasdaq -1.00. -French 2002 GDP fell to +1.2% from +1.8% in 2001. -Hans Blix will send Iraq a letter demanding they destroy their al-Samoud missiles. -Rumsfeld said last night that US & UK forces are ready to invade Iraq if the order is given. -US troops are being sent to the Philippines to battle Abu Sayyaf. Up to this point, US troops have only been advising Philippine troops in counterterrorism tactics. -Crude oil price objective was raised at Merrill Lynch. Positive: -BEA Systems Q4 EPS was 9c/sh vs. 8c/sh consensus. Revenues were $249M vs. $241M consensus. -JD Edwards Q1 EPS was 5c/sh vs. 3c/sh consensus. -Cima Labs Q4 EPS was 45c/sh vs. 41c/sh consensus. -Sharper Image raised 2004 guidance to $1.40/sh from $1.25/sh consensus. Upgrades: -Verizon was upgraded to outperform from neutral at CSFB. -OM Group was upgraded to buy from neutral at Bank of America. -Vodafone estimates were raised at Morgan Stanley. Stock was upgraded at Credit Suisse. -Target was upgraded to strong buy from outperform at Piper Jaffray. -Global SantaFe was upgraded to overweight from equal weight at Morgan Stanley. Negative: -Nordstrom Q4 EPS was 44c/sh vs. 42c/sh consensus. Company guided Q1 EPS to 23c-27c/sh vs. 26c/sh consensus. However, company lowered full-year EPS down to $1.33-$1.39/sh vs. $1.41/sh consensus. -Merrill Lynch settled with the SEC regarding Enron by paying an $80M settlement. Downgrades: -BAE Systems was downgraded to in line from outperform at Goldman. -Activision was downgraded to sell from hold at WR Hambrecht. -Biogen was downgraded to neutral from overweight at JP Morgan. Neutral: -Ingram Micro Q4 EPS was 19c/sh vs. 18c/sh consensus. Company lowered Q1 guidance to 14c-16c/sh vs. 17c/sh consensus.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Thursday February 20th 7:46--Skechers Q4 loss was -23c/sh vs. -21c/sh consensus. Revenues were $180.8M vs. $177M consensus. 7:45--Liz Claiborne Q4 EPS was 58c/sh which was as expected. Company guided Q1 EPS up to 56c-58c/sh vs. 55c/sh consensus. 7:44--Cephalon was downgraded to equal weight from overweight at Lehman. 7:42--Target Q4 EPS was 75c/sh which was as expected. 7:39--While the PPI number appears strong on the surface, strong PPI is countered by the decline in net exports and the rise in initial claims. This could explain the stronger bond and weaker stock markets. 7:38--The decline in net exports will subtract from GDP. 7:35--Strength in PPI came from foods +1.6% vs. +0.4%, Energy +4.8% vs. +0.2%, Passenger cars +3.5% vs. -2.1%, Capital Equipment +0.7% vs. -0.4% previously. Intermediate goods were +1.3% vs. +0.2% and crude goods were +6.9% vs. +2.2% previously. 7:33--The BLS said about the PPI number that a confluence of increases were responsible for the jump. The BLS said seasonal factors were not major in Jan. 7:30--Jan PPI was +1.6% vs. +0.4% expected. Core PPI was +0.9% vs. +0.1% expected. 7:30--Initial claims were +21K to 402K vs. 385K expected. Claims were revised to 381K from 377K previously. 7:30--Trade deficit was -44.24B vs. -38.6B consensus. Exports were $81.19 vs. $83.3B while imports were $125.43B vs. $123.3B previously. 7:23--Williams Cos Q4 EPS was 19c/sh vs. 16c/sh consensus. Company guided full-year up to 40c-75c/sh vs. 18c/sh consensus. 7:22--Fisher Scientific was downgraded to equal weight at Morgan Stanley. 7:17--Kellogg was downgraded to neutral at CSFB. 7:06--Qwest was downgraded to sell at Bank of America. 7:05--Stocks are: S&P +2.00, Nasdaq +9.00. -Italian consumer confidence rose sharply in Feb. -Hans Blix is expected to ask Iraq to destroy its al-Samoud missiles and could become a key test of Iraq’s resolve to disarm. UN inspectors in Iraq said Saddam Hussein is not following-through on his promises made last Friday to increase cooperation. US & UK will offer the ‘second’ resolution next week. -The Russian foreign minister warned Iraq to disarm or else the UN would disarm it. -The US warned Turkey that it would withdraw aid if it doesn’t let the US base troops there. -A North Korean fighter jet breached neutral airspace that it shares with South Korea but was chased away by S. Korean fighters. -Two Venezuelan strike leaders have been arrested and face the possibility of five charges. Positive: -ADC Telecom Q1 loss ex-items was -3c/sh ex-items vs. -4c/sh consensus. -Exelixis Q4 loss was -34c/sh vs. -41c/sh consensus. -Alcon Q4 EPS was 33c/sh vs. 30c/sh consensus. Guided full-year EPS to $1.82-$1.85/sh vs. $1.82/sh consensus. -Ciena Q1 loss was -11c/sh vs. -13c/sh consensus. Company guided Q2 revenues slightly higher. -Nextel Q4 EPS was 21c/sh vs. 9c/sh consensus. Company guided full-year EPS up to 75c/sh vs. 59c/sh consensus. -Taro Pharmaceutical Q4 EPS was 44c/sh vs. 42c/sh consensus. -Hollywood Entertainment Q4 EPS was 40c/sh vs. 39c/sh consensus. Company affirmed Q1 & full-year EPS guidance. -Halliburton Q4 EPS was 24c/sh vs. 23c/sh consensus. Revenues were $3.35B vs. $2.29B consensus. -Sharper Image Q4 EPS was $1.21/sh vs. $1.19/sh consensus. -JC Penny Q4 EPS was 68c/sh vs. 66c/sh consensus. Sees Q1 EPS in the low 30c/sh range vs. 35c/sh consensus. Upgrades: -Semiconductor names were upgraded at Merrill Lynch. -Cymer was upgraded to neutral from sell at Merrill Lynch. -Hasbro was upgraded to equal-weight from underweight at Lehman. -Guidant was upgraded to overweight from equal weight at Morgan Stanley. Negative: -Cephalon Q4 EPS was 41c/sh vs. 36c/sh consensus. Guided Q1 down to 20c/sh vs. 32c/sh consensus. Downgrades: - Neutral: -Synopsys Q1 EPS was 68c/sh vs. 64c/sh consensus. Company lowered Q2 EPS guidance to 67c-72c/sh vs. 72c/sh consensus. -THQ Q4 EPS was 41c/sh vs. 40c/sh consensus. However, company said Q1 EPS would be -15c/sh vs. -14c/sh consensus. -US Bancorp will spin off Piper Jaffray. -L-3 Communications reaffirmed its guidance. -Radio Shack Q4 EPS was 59c/sh which was as expected. Company also affirmed forward guidance.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Wednesday February 19th 8:00--Redbook -1.1% in latest week. 7:53--AMN Healthcare was downgraded to neutral from buy at Bank of America. 7:38--United Auto Group Q4 EPS was 34c/sh vs. 32c/sh consensus. 7:30--Jan housing starts were +0.2% to 1.850M vs. 1.775M consensus. Housing permits were -5.6% to 1.781M vs. 1.747M previously. Dec starts were revised down to 1.847M from 1.887M originally reported. Permits were revised up to 1.887M vs. 1.747M originally reported. The downside revision of 40K was more than offset by the Jan release reported 75K above expectations. Suggests a negative number for bonds and a positive number for stocks. 7:28--Motorola said they see handset prices falling due to a new group of low-end phones. 7:27--Movie Gallery Q4 EPS was 41c/sh vs. 38c/sh consensus. Company guided Q1 EPS up to 40c-43c/sh vs. 38c/sh consensus and affirmed 2003 EPS. 7:25--Limited Too Q4 EPS was 72c/sh vs. 73c/sh consensus. Said it expects flat EPS in the first half of this year. 7:05--Stocks are: S&P -1.00, Nasdaq +1.00. -German Labor office head Gerster said he expects unemployment in Germany to rise further. -Japanese yen weakened slightly after Mizoguchi said the yen’s recent rise has been rapid which fueled intervention talk. Fukuda said the government is closely watching the yen’s rise. -BTM weekly sales were -0.1% in latest week. -Semiconductor book-to-bill was 0.92 vs. 0.94 previously. Positive: -Abercrombie & Fitch Q4 EPS was 93c/sh vs. 90c/sh consensus. Company guided Q1 EPS to 25c/sh which is as expected. -Lifepoint Hospitals Q4 EPS was 45c/sh vs. 37c/sh consensus. Revenues were $202M vs. $192M consensus. -Photronics Q1 loss was -26c/sh vs. -34c/sh consensus. Revenues were $81.4M vs. $78.0M consensus. -SunGard Data Q4 EPS was 33c/sh vs. 31c/sh consensus. Guided 2003 EPS to $1.24-$1.29/sh vs. $1.28/sh consensus. -Jack In The Box Q1 EPS was 56c/sh vs. 55c/sh consensus. Raised Q2 EPS guidance to 44c/sh vs. 40c/sh consensus, but lowered full year guidance to $1.97-$2.01 from $2.01-$2.04 previously (consensus is $1.96/sh). -Qwest Q4 loss was -2c/sh vs. -11c/sh consensus. -Ballard Power Q4 loss was -23c/sh vs. -35c/sh consensus. -Intel will invest $2B in its fifth 300mm wafer fabrication facility in Chandler, AZ. -Barr Labs declared a 3-for-2 stock split. Upgrades: -Intel, Xilinx, and Texas Instruments were raised to overweight from equal-weight at Morgan Stanley. -DTE Energy and Kinder Morgan were upgraded to buy from neutral at UBS. -Caterpillar and Ingersoll-Rand were upgraded to buy from neutral at UBS. -Genesco was upgraded to outperform from market perform at Wachovia. -Anadigics was upgraded to market perform from underperform at Wachovia. Negative: -Deutsche Telekom will sell E2.3B in convertible bonds. -Electro-Scientific guided Q3 loss down to 4c-6c/sh vs. +4c/sh consensus. -Micron Technology will lay off 1800 workers, or 10% of its workforce. Downgrades: -Nokia was downgraded to market perform from outperform at Wachovia. -MBNA estimates were reduced at Goldman. Neutral: -Pharmacia Q4 EPS was 40c/sh which was as expected.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Tuesday February 18th 8:07--Waste Management will cut 700 jobs. Company earlier reported that it beat Q4 EPS expectations, but guided down 2003 estimates. 8:05--Ecolab Q4 EPS was 45c/sh vs. 44c/sh consensus. Company guided Q1 EPS down to 40c-42c/sh vs. 43c/sh consensus. 8:03--BJ’s Wholesale was downgraded to under-perform from hold at Jeffries. 7:51--Andrew will buy Allen Telecom for $500M in stock. 7:45--Darden Restaurants is cutting its fiscal year long-term target. 7:40--This could be an issue--Iraq allowed the first over flight of a U2 spy plane yesterday. However, the conditions for the flight were that 48 hours notice were given to the Iraqis as well as the plane’s flight plan. 7:36--Kuwaiti OPEC minister said that OPEC may suspend quotas in the event of war with Iraq. 7:35--AMR was downgraded to inline from outperform at Salomon. 7:32--L-3 Communications estimates were lowered at Bank of America. 7:28--Wal-Mart guided Q1 EPS to 40c-42c/sh vs. 42c/sh consensus. Guided 2003 EPS to $2.00-$2.05/sh vs. $2.05/sh consensus. 7:27--A second UN resolution is expected to be discussed tomorrow. 7:25--Another Saddam exile story--reportedly the Baztab (an Iranian news website) is reporting that Iraq has asked Iran to allow Saddam to flee to Russia via Iran. 7:15--Stocks are: S&P +1.00, Nasdaq +4.00. -The UN is working on a second (18th) resolution setting up tests for Iraq. Failure of those tests would reportedly result again in “serious consequences.” -France’s Chirac criticized eastern European nations such as Poland, Hungary, and the Czech Republic for joining other pro-US European countries such as Britain, Spain, and Italy on standing against Iraq. Said it would jeopardize their chances on entering the EU. -Update on the North Korean cargo ship bound for Yemen carrying scud missiles and stopped on Dec 9th. After unloading, it was tracked proceeding to Germany where it picked up sodium cyanide, a precursor to nerve gas, then arrived in North Korea last Thursday. -UK’s Blair said there is no rush to war, but if Saddam doesn’t disarm, then war would follow. -North Korea said it would abandon the 1953 armistice if sanctions are imposed on it. -Yen sharply higher based on liquidation of euro-yen cross and repatriation to the yen (in anticipation of end of Japanese fiscal year which ends on Mar 31st). -German ZEW was 15.0 vs. 14.0 previously. Eurozone industrial output was -1.5%. -Empire State February mfg survey was 1.13 vs. 16.0 expected and vs. 20.72 previously. Positive: -Wal-Mart Q4 EPS was 57c/sh vs. 56c/sh consensus. -Teva Pharmaceutical Q4 EPS was 50c/sh vs. 46c/sh consensus. -King Pharmaceuticals Q4 EPS was 41c/sh vs. 39c/sh consensus. Upgrades: - Negative: -Cintas guided 2003 EPS down to $1.45-$1.50 vs. $1.55/sh consensus. -Waste Management Q4 EPS was 39c/sh vs. 34c/sh consensus. However, company said they see full-year EPS at low end of $1.40-$1.50/sh guidance range vs. $1.46/sh consensus. -Reuters received negative comments in WSJ. Downgrades: -Gilead Sciences was downgraded to neutral from outperform at CSFB. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Friday February 14th 7:31--HGSI Q4 loss was -35c/sh vs. -40c/sh consensus. 7:30--Dec Business inventories were +0.6% vs. +0.2% consensus. Nov inventories were revised up to +0.3% from +0.2% previously reported. The numbers may revise Q4 GDP up slightly. 7:29--Blix is tentatively scheduled to speak to the UN at 9:15 CST. 7:28--Biogen guided Q4 EPS ex-items up to 43c/sh vs. 37c/sh consensus. Guided 2003 EPS down to $1.59/sh vs. $1.68/sh consensus. 7:26--Analog Devices was upgraded to neutral from sell at Bank of America. 7:24--Micron is being hit with rumors that it is having financial troubles. 7:19--E Speed was upgraded to inline from underperform at Salomon. 7:15--Stocks are: S&P +1.00, Nasdaq -1.00. -Yesterday’s ‘discovery’ of banned weapons is helping the dollar today because the markets anticipate full UN support of a war against Iraq. Unilateralism on the part of the US is seen as dollar bearish. Blix speaks today, but no time specified yet. -US and Britain are working on a draft resolution that finds Iraq in material breach of UN res. 1441 according to NYT. The resolution reportedly does not contain authorization to go to war because the US said that authorization was already granted. -The terminal at Heathrow Airport was evacuated overnight because of a suspect bag. -Lack of Japanese intervention to weaken the yen of offering support. There were rumors yesterday that Japan was covertly intervening to weaken their currency. Positive: -Dell Q4 EPS was 23c/sh which was as expected. Company guided Q1 EPS to 23c/sh and revenues to $9.5B, both of which are as expected. -Analog Devices Q1 EPS was 17c/sh vs. 16c/sh consensus. Revenues were $467.4M vs. $457.8M consensus. -Intuit Q2 EPS was 61c/sh vs. 57c/sh consensus. Company raised FY03 EPS up to $1.38-$1.42/sh vs. $1.36/sh consensus. -InVision Q4 EPS was $2.40/sh vs. $2.24/sh consensus. Company guided Q1 EPS up to $1.55/sh vs. $1.23/sh consensus. -Advanced Digital Q1 EPS was 3c/sh vs. -2c/sh consensus. Revenues were $97M vs. $85M consensus. -Advanced Energy Q4 loss was -24c/sh vs. -29c/sh consensus. Company affirmed Q1 loss guidance. -AMR pilots are giving in to concessions. Upgrades: -Dell was upgraded to buy from neutral at First Albany. -NVidia was upgraded to overweight from equal weight at Morgan Stanley. CSFB said to sell any strength in NVidia today. -Homebuilding sector was upgraded to attractive at Morgan Stanley. Negative: -Long’s Drug cut its Q4 EPS guidance to 14c-17c/sh vs. 49c/sh consensus. -Invitrogen Q4 EPS was 39c/sh vs. 41c/sh consensus. -Borders warned that 2003 EPS would be $1.50-$1.60/sh vs. $1.59/sh consensus. -Sears received negative comments in Business Week. Downgrades: -GlaxoSmithKline was downgraded to hold from buy at SG Cowen. Neutral: -Peet’s Coffee Q4 EPS was 17c/sh which was as expected. Company affirmed 2003 EPS guidance of 57c-60c/sh. -NVidia Q4 30c/sh or $50.9M. Revenue was $469M vs. $428M consensus. Revenues and income were lifted by a $40.4M settlement. -AOL Time Warner abandoned its efforts to merge ABC with CNN.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Thursday February 13th 7:50--Bond futures moved above key resistance at 11303. 7:48--Calpine Q4 EPS was 9c/sh which was as expected. Company lowered full-year guidance to 40c-50c/sh vs. 66c/sh consensus. 7:47--Aon was upgraded to neutral at UBS. 7:42--Beazer Homes authorized a 1 mln share buyback. 7:40--Campbell’s Soup Q2 EPS was 56c/sh vs. 55c/sh consensus. Revenues were $1.92B vs. $1.88B consensus. 7:33--Retail sales overall were stronger than anticipated and will be bond negative and stock positive. Strength came from building materials, food & beverage, health/personal care, gas stations, and general merchandise. Automobile sales were -7.5%. Import prices were stronger than expected and are bond negative. Initial claims were stronger than expected and are bond negative and stock positive. 7:30--Import prices were +1.5% vs. +0.8% expected. Prices ex-oil were +0.2%. Petroleum prices were +12.4%. 7:30--Jan retail sales were -0.9% vs. -0.6% consensus. Sales ex-autos were +1.3% vs. +0.5% consensus. December sales were revised to +2.0% from +1.2% previously. Sales ex-autos were revised to +0.2% vs. unchanged previously. 7:30--Initial Claims were -18K to 377K vs. 390K consensus. Last week was revised to 395K from 391K. 7:18--Mesa Air Q1 EPS was 2c/sh vs. 13c/sh consensus. Revenues were $133M vs. $139M consensus. 7:15--Stocks are: S&P +3.00, Nasdaq +4.00. -Euro, Yen, crude oil, and gold higher on worries over tomorrow’s testimony by Hans Blix. -International press is reporting that Blix will report tomorrow that Iraq is in breach of 1441 because of missiles that were found that exceed the 150km UN limit. However, the report did not clarify if these were the same missiles that were discovered weeks if not months ago and exceeded the limit by only 15-20km. -ECB said in its monthly bulletin that it expects Eurozone GDP to recover this year. -There are rumors that Japan is conducting covert intervention, and explains why the yen is not as strong against the dollar as the euro is. Positive: -Fox Entertainment Q2 EPS was 32c/sh vs. 28c/sh consensus. -AIG Q4 EPS was 20c/sh vs. 21c/sh consensus. Company guided full-year $3.78-$3.92 vs. $3.77/sh consensus. -Applebee’s Q4 EPS was 36c/sh which was as expected. Guided FY03 up to $1.66-$1.68/sh vs. $1.66/sh consensus. -Guitar Center Q4 EPS was 57c/sh vs. 54c/sh consensus. Company affirmed full-year EPS of 16c-18c/sh. -Whole Foods Q1 EPS was 41c/sh vs. 40c/sh consensus. Company affirmed guidance of $1.62-$1.69/sh. -NewsCorp Q2 EPS was 24c/sh vs. 23c/sh consensus. -Cognizant Tech Q4 EPS was 49c/sh vs. 47c/sh consensus. -Hasbro Q4 EPS was 42c/sh vs. 38c/sh consensus. -Fresh Del Monte raised its dividend to 10c/sh from 5c/sh. Upgrades: -Agilent was upgraded to outperform from neutral at CSFB. -Fox Entertainment was upgraded to buy from neutral at UBS. -MGM was upgraded to overweight at Lehman. -DuPont was upgraded to buy from neutral at UBS. Negative: -TMP Worldwide Q4 loss was -5c/sh vs. break-even anticipated. Company withdrew its prior guidance due to the fragile economy and unpredictability of world events. -J Jill Q4 EPS was 30c/sh vs. 27c/sh consensus. Guided Q1 EPS down to 3c-5c/sh vs. 16c/sh consensus. -Office Depot Q4 EPS was 23c/sh vs. 22c/sh consensus. Company lowered 2003 guidance to $1.03-$1.08 vs. $1.13/sh consensus. -Ocular Sciences Q4 EPS was 34c/sh vs. 28c/sh consensus. While that beat, company guided lower full-year EPS to $1.40-$1.50/sh vs. $1.55/sh consensus. -K Swiss Q4 EPS was 25c/sh vs. 28c/sh consensus. Company guided Q1 EPS down to 55c-60c/sh vs. 62c/sh consensus. -Overstock.com priced a follow-on offering. Downgrades: -Retailers Gap, Pacific Sunwear, and limited were downgraded to neutral from buy at UBS. -Lincoln National was downgraded to inline from outperform at Salomon. -Medtronic was downgraded to equal-weight from overweight at Morgan Stanley. -Bally Fitness was downgraded to neutral from buy at Merrill Lynch. -McDonald’s received cautious comments from JP Morgan. Neutral: -Medtronic Q3 EPS was 35c/sh which was as expected.