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Markets & Stocks
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Monday's stocks: Intel
J.P. Morgan upgrades chipmaker, stock rises; R.R. Donnelley, Quest Diagnostics may also move.
November 10, 2003: 8:02 AM EST

NEW YORK (CNN/Money) - An upgrade of a tech heavyweight and another billion-dollar merger will greet investors when the U.S. markets open for trading Monday.

Investment bank J.P. Morgan upgraded the world's largest chipmaker Intel Corp. to "overweight" Monday. The firm also raised its sales and earnings-per-share estimates for the fourth quarter and the full year.

Shares of Intel (INTC: Research, Estimates) gained 30 cents to $34.17 in before-hours trading Monday.

Elsewhere, printing services firm R.R. Donnelley said Sunday it will buy Canadian commercial printer Moore Wallace for $2.8 billion plus debt, extending its range of printed products.

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The deal will enable Donnelley, a high-end publisher of catalogs, magazines and other voluminous material, to add nut-and-bolts items such as labels and bills to its repertoire. Moore Wallace shareholders will receive 0.63 share of Chicago-based R.R. Donnelley for each Moore Wallace share held.

The deal values Moore Wallace at $17.66 per share, a 16 percent premium to its $15.25 Friday closing price on the New York Stock Exchange, Donnelley said. Donnelley (DNY: Research, Estimates) shares closed at $28.03 Friday.

Warehouse club operator PriceSmart Inc. said Monday it will restate results for last year and the first nine months of 2003 after an internal probe found it had improperly inflated sales.

The company, which runs 29 warehouse clubs, mostly in Latin American countries, said some transactions had improperly been booked as sales, resulting in sales being inflated by $16.6 million in 2002 and by $12.7 million through the first nine months of 2003.

PriceSmart (PSMT: Research, Estimates) shares closed at $9.23 last week.

Quest Diagnostics Inc., a provider of medical diagnostic services, said Monday that Surya Mohapatra will succeed Kenneth Freeman as chief executive officer in 2004.

The company, based in Teterboro, New Jersey, said Freeman would remain as chairman after May 2004. Mohapatra is currently the company's president and chief operating officer.

Shares of Quest (DGX: Research, Estimates) closed at $66.35 Friday.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.