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SPX Corporation Message Board

  • marketveteran marketveteran Aug 21, 2002 6:08 PM Flag

    Merrill says SPX headed for 80. Needs

    to test 80 for upside...this stock can fall 5 pts in a blink and ten in a day. CAREFUL!!

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    • This was what Merrill says. Was there a later message???

      Monday August 5, 11:59 am Eastern Time
      Reuters Company News
      RESEARCH ALERT-Merrill cuts price target for SPX

      NEW YORK, Aug 5 (Reuters) - Merrill Lynch on Monday said it cut its 2003 year-end price target for industrial products maker SPX Corp. (NYSE:SPW - News), citing weakness in the overall market.

      The firm lowered the price target to $150 from $175 but noted that is still about 50 percent above current trading levels. SPX shares closed Friday on the New York Stock Exchange at $98.50.

      Merrill said it believes SPX's acquisition of Balcke Cooling Products, which closed last week, will add 30 cents a share to earnings during the year after the merger.

      The firm said it is not raising its earnings forecast, however, due mainly to economic uncertainty. It sees profits of $8.88 a share for 2002 and $10.25 for 2003, up from $6.40 in 2001.


89.13+0.22(+0.25%)Feb 27 4:04 PMEST

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