Marketgems Earnings Trader- Trading Strong or Weak Earnings Growth

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Techs Tumble On Ratings, Estimate Cuts


By Victoria Marcinkowski
Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--A slew of downgrades by Morgan Stanley pushed
stocks lower in early morning trading Monday.
Juniper Networks Inc. (JNPR) recently traded down $2.93, or 5.8%,
at $48, according to Instinet. The stock was hurt by bearish comments
in a Barron's article and a Morgan Stanley downgrade.
The brokerage firm also cut its ratings on Xilinx Inc. (XLNX) and
Broadcom Corp. (BRCM), while slashing earnings estimates for Intel
Corp. (INTC). Shares of Xilinx recently changed hands at $40, down
$1.14, while Broadcom traded at $33, down $2.38, according to
Instinet. Intel lost $1.12 in early trading, changing hands at $27.
Shares of Internet grocer Webvan Group Inc. (WBVN) lost a penny in
premarket trading, after the Wall Street Journal reported that George
Shaheen, one of the most high-profile executives to join an Internet
company, has resigned as chairman and chief executive.
Investors were discouraged by reports that First Union Corp. (FTU)
has confirmed its agreement to acquire North Carolina banking rival
Wachovia Corp. (WB) for about $13.4 billion.
Shares of First Union were trading at $29.65, according to Instinet,
down $2.27 or 7%.
Wachovia traded down 20 cents from its Thursday close at $60.20.