7:54AM EMC Corp (EMC) 13.34: Robertson Stephens expects EMC shares to face significant
pressure in the near-term as issues such as margin pressure and narrowing performance edge; trough
valuation multiples
suggest that stock has more than 30% downside from current levels... cutting Q3
to ($0.11) from ($0.06), 2001 to $0.06 from $0.17, and 2002 to ($0.10) from $0.24.
7:54AM Agilent Tech (A) 24.12: Morgan Stanley downgrades to OUTPERFORM from Strong
Buy; believes negative news in communications test business is likely to continue in the near-term.
7:52AM Powerwave Tech (PWAV) 10.50: Morgan Stanley upgrades to OUTPERFORM from
Neutral and sees fair value at $17; cuts 2001 and 2002 EPS estimates to ($0.31) and $0.09 but
says stock has hit trough valuation and balance sheet improved in Q3.
7:43AM Plexus Corp (PLXS) 30.00: Robertson Stephens downgrades to MKT PERFORM
from Buy and cuts price target to $32-$34 from range of $43-$45 to reflect widespread economic
softness that is inevitably going to affect short term earning power. Lowers FY02 est to
$0.75-$0.85 from $1.03.