Market Updates
Market Averages trade higher on Pfizer cost cutting
05 Apr, 2005
New York City
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Market averages opened higher on the back of lower oil prices in European trading. The EU commission lowered its economic growth forecast keeping in view the higher energy cost across the region.
Market averages opened higher on the back of lower oil prices in European trading. The EU commission lowered its economic growth forecast keeping in view the higher energy cost across the region.
Pfizer expects 2005 earnings to drop to $2 from the previous guidance of $2.13. The company also announced the cost cutting plan and hopes to cut $4 billion in costs over the next four years.
Lehman Brothers assigns BUY rating to Google shares. The brokerage firm expects Google to beat the first quarter revenue and believes that the recent concern in the pricing weakness in the paid search is not justified. Lehman maintained its $230 price target.
California based teleconferencing equipment maker Polycom guides lower earnings. This second 1Q downgrade by the management to 17 cents in less than two months has kept the company shares under pressure. The stock is down to $15 from its recent peak of $25.
Canadian company Research in Motion stocks find another reason to trade lower. Investors are concerned that the recent Microsoft announcements of new products may have negative impact on the company sales. The stock is trading at $75, significantly lower from its recent peak of $125.
RSA security stock trades 19% lower this morning after announcing revenue and earnings guidance miss by a significant margin. The stock is trading at app. $12.
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