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Sun Microsystems Up 5%; Analyst Upgrade
(Midnight Trader Via Acquire Media NewsEdge) Boston, May 14, 2008 (MidnightTrader via COMTEX News Network) --
Sun Microsystems (JAVA) is up more than 5% in mid-day trading after a Wachovia analyst upgraded its stock to outperform from market perform based on valuations.
The stock lost 22% of its value this month after it stunned investors with fiscal Q3 loss and flat Q4 revenue guidance.
Noting the uncertainty of Sun's market, analyst David Wong predicted a Q4 loss of a penny per share and fiscal year profit of 37 cents per share, compared with a prior estimate for EPS of 2 cents and 40 cents, respectively.
Wong said he was impressed with Sun's ability to cut costs to boost profitability.
Price: 13.47, Change: +0.70, Percent Change: +5.40
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