Shares of Lucent rose 4% Tuesday after a Prudential analyst upgraded the stock from “neutral” to “overweight.”
Analyst Inder Singh said strong wireless and services sales could boost Lucent’s earnings over the next few months. Singh raised earnings estimates on Lucent for the next two quarters, and said the company could also cut 15-20% of its workforce.
Prudential also set a $4 price target on the stock. It closed Tuesday at $2.98.
The broader market stumbled on a report that home sales fell in July.
The Nasdaq slipped 4 to 2137, the S&P lost 4 to 1217, and the Dow slid 50 to 10,519. Volume rose to 1.68 billion shares on the NYSE, but declined to 1.37 billion on the Nasdaq. Decliners led 18-14 on the NYSE, and 16-13 on the Nasdaq. Downside volume was 60% on the NYSE, and 50% on the Nasdaq. New highs-new lows were 71-30 on the NYSE, and 69-47 on the Nasdaq.
Plumtree jumped 12% on news that the company will be acquired by BEA
.
Research In Motion slipped 1% after Intel
officials declined to confirm reports of a joint development deal between the two companies.
Lawson gained 9% on a Piper Jaffray upgrade.
Teknowledge saw its shares double on a deal with Intuit
.