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Stock futures edge higher

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Stock futures are edging higher this morning after UBS Warburg and Merrill Lynch say they don't expect networking giant Cisco Systems (NASDAQ:CSCO) to report a shortfall in the quarter. Shares of Cisco (CSCO) are trading up 33-cents at $15.15 in pre- market action, after trading down better than 8% yesterday on concerns the company might warn on earnings.

S&P futures (sp02m) are trading up 1.2 points at 1,121.60, while NASDAQ futures (nd02m) trade higher by 7 points at 1,363. Dow futures are also seeing some gains, trading up 15 points at 10,237.

Fair value for the S&P 500 today is $1.67. HL Camp & Company has their computers set for program buying at $2.78 and set for selling at $0.76. Fair value for the NASDAQ-100 today is $6.05.

Boosting estimates

"Tire stocks" might get a boost this morning after Cooper Tire (NYSE:CTB) $21.02 raised its Q1 forecast to a range of $0.35- $0.37 a share, compared to current Multex consensus of $0.30. Cooper attributes results to an increase in market share and, as previously announced, increased light vehicle production in N. America.

SoundView cuts estimates on Siebel Systems

Shares of software maker Siebel Systems (NASDAQ:SEBL) are trading lower in pre-market action at $27 (-2%) after investment firm SoundView maintained its "hold" rating on the stock, but lowered its price target to $35 from $40. The firm sees SEBL making its current quarter, but is cutting estimates for FY02 and FY03 to $0.55 and $0.72, below First Call consensus for $0.58 and $0.75 respectively. SoundView suggested there will be no tangible uptick in CRM spending until Q4; also sees modest risk to 2002 license revenue and EPS estimates for ORCL and SAP on basis of their survey.

Jeff Bailey
Senior Market Technician
Option Investor

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