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Street Talk: Newspapers cut
CSFB lowers estimates on several newspaper publishers; Merrill Lynch ups Nike profit estimates.
March 4, 2003: 7:01 AM EST

NEW YORK (CNN/Money) - Credit Suisse First Boston lowered estimates for four newspaper publishers before the opening bell Tuesday, citing soft ad revenues, while Merrill Lynch raised its price target and profit estimate for athletic company Nike.

Credit Suisse reduced its first-quarter and full-year 2003 estimates for several newspaper groups, including Gannett (CGI: Research, Estimates), Tribune (TRB: Research, Estimates), New York Times (NYT: Research, Estimates) and Knight Ridder (KRI: Research, Estimates) citing advertising softness due to war worries.

CSFB also lowered its first-quarter and full-year 2003 earnings estimates for trucking companies Roadway (ROAD: Research, Estimates) and Arkansas Best (ABFS: Research, Estimates), citing weather problems in the West. The firm lowered Roadway's 2003 estimate to $3.70 a share from $3.90 and Arkansas Best to $2.31 a share from $2.38.

Merrill Lynch raised its price target for athletic shoe and clothing maker Nike (NKE: Research, Estimates) to $53 a share from $51 and increased its 2003 earnings estimate to $2.79 a share from $2.76 . Shares of Nike rose 31 cents to $46.68 Monday.

J.P. Morgan started coverage of Laboratory Corp of America Holdings (LH: Research, Estimates) with an "overweight" citing an attractive valuation. Shares of Laboratory Corp. slipped 47 cents to $27.30 Monday.

J.P. Morgan also started medical lab company Quest Diagnostics (DGX: Research, Estimates) at "overweight," saying they find the valuation attractive. Shares of Quest fell 24 cents to $52.52 Monday.

Meanwhile, Lehman Brothers began coverage on Air Products & Chemicals (APD: Research, Estimates) with an "overweight" rating, saying it "offers chemical investors a rare combination -- upside to the expected U.S. industrial recovery and protection from rising natural gas costs." Shares of Air Products gained 15 cents to $38.91 Monday.

Lehman started chemical supplier Praxair (PX: Research, Estimates) at "overweight" saying the company "stands out among its global industrial gases peers, due to its focused and disciplined business strategy." Shares of Praxair fell 65 cents to $52.20 Monday.

The firm also began specialty chemicals maker Rohm and Haas (ROH: Research, Estimates) as "equal weight." Shares of Rohm and Haas fell 22 cents to $28.32 Monday.  Top of page


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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.
© 2012 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy. Ad choices .