Cisco Systems (CSCO) 20.25 -0.21 (-1.0%)
Communications equipment maker buys privately held dynamicsoft for approximately $55 mln in cash; This is Cisco's second acquisition in 3 weeks (P-Cube for ~$200 mln on August 23); dynamicsoft is a developer of Session Initiation Protocol (SIP)-based solutions for telecommunications service providers; CSCO has performed particularly well since mid-August, advancing 13%; Stock has been upgraded to Outperform from Sector Perform by CIBC, and has also benefited from the view that pockets of tech are oversold
Labor Ready (LRW) 14.00 +0.19 (+1.4%)
Small-cap temp agency for manual labor jobs increases its Q3 (Sept) and FY04 (Dec) EPS and sales outlook citing gross margins that have come in just over 30%; This is the second consecutive quarter Labor Ready has raised targets; The stock has enjoyed a nice pop (+10%) since the August employment report, in which nonfarm payrolls rose 144K; Other job-centric firms (such as MAN, MNST, and RHI) should find more buying interest in tomorrow's session
LSI Logic (LSI) 4.96 -0.29 (-5.5%)
Chip maker cautions it will fall short of Q3 (Sept) market expectations on a top and bottom-line basis; Now sees an operating loss of $0.04-0.07 on revenues of $370-400 mln, versus the Reuters Estimates consensus of a profit of $0.05 and sales of $455.5 mln, respectively; Management blamed an inventory build-up in the supply chain that began in Q2 (June); This is LSI Logic's second consecutive warning for Q3, and that, along with warnings from BRCM, INTC, etc, has sent the stock spiraling tonight
Northrop Grumman (NOC) 50.62 +0.01 (+0.2%)
Aerospace/defense company wins its second Air Force contract in four days time; This one is valued at $9 bln and spans 5 years; Northup and 7 additional contractors will provide information technology products/services for the Air Force's Network Centric Solutions (NETCENTS) program; NOC has led the Industrials group (already up 6%) year-to-date, rising 13%; Management has already reaffirmed its FY04 (Dec) outlook 5 times
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