The Fokker Chronicles
World markets have rebounded half way through Europe's trading session. The London FTSE has led the way, posting a 1.15% gain so far today. Asian markets put in a positive showing as the Japanese Nikkei gained 1.39% and the Hang Seng finished up 0.80%. US markets were stronger this morning leading into the opening of trading.
Construction spending for August will be released at 10amEDT. The ISM Manufacturing and Prices Paid as well as vehicle sales figures get released at 10amEDT. The API weekly data will hit tape at 10:30EDT.
Sun Micro(SUNW:NASD) had its credit rating cut by Moody's to the lowest investment grade, Baa3 and said its outlook is negative. Morgan Stanley upgraded National City (NCC:NYSE) to overweight from equal-weight. Foundry Ntwks(FDRY:NASD) had its estimates raised at USB Piper Jaffray. Banc of America reiterated their buy rating on Johnson Controls(JCI:NYSE) and raised its target to $125 from $104.
CSFB upgraded Coca-Cola Ent (CCE:NYSE) to outperform from neutral. Bank of NY(BK:NYSE) was upgraded at UBS to buy from neutral. JP Morgan upgraded Alliance Data(ADS:NYSE) to overweight from neutral. Lehman upgrades Cypress Semi(CY:NYSE) to equal-weight from underweight. Oracle(ORCL:NASD) received some positive chatter from Soundview. Bear Stearns has lowered its 3rd quarter gas price assumption from $5.00 to $4.75 per Mcf and raised its oil price assumption from $28 to $30.75 per barrel.
Wall Street Journal reported that Ford(F:NYSE) will cut 12,000 jobs worldwide and Daimler Chysler(DCX:NYSE) is planning on cutting thousands of jobs as well in addition to asking some staff to take retirement offers.
Verizon(VZ:NYSE) will be offering voluntary severance packages to 74,000 workers as a means of slashing costs.
Genentech(DNA:NYSE) and OSI Pharma(OSIP:NASD) announced that their Phase III cancer trial had failed to meet its primary endpoints.
The Wall Street Journal reports that AOL Time Warner(AOL:NYSE) will introduce an overhauled and expanded version of its Spanish-language AOL Latino service.
Schering-Plough(SGP:NYSE) has said this morning the U.S. Attorney's Office in New Jersey has closed investigation in connection with its manufacturing products in Puerto Rico.
Labranche(LAB:NYSE) guided its 3rd quarter below consensus estimates and now sees its EPS between $0.03 and $0.05 versus consensus of $0.17.
Cirrus Logic(CRUS:NASD) guided its second quarter revenue outlook above consensus.
Around the world in 80 ticks:
Reuters is reporting this morning that the world's Islamic nations have given their approval for Iraq's Governing Council go after Saddam Hussein's deposed regime and bring to justice those responsible for alleged mass killings. An Iraqi governing council is expected to create a war-crime tribunal to prosecute Saddam and those responsible for atrocities committed under his regime
The Washington Post writes that a CIA report and a US official in charge for Saddam's WMD, will indicate to the House and Senate intelligence committees that in light of no chemical or biological weapons yet found in Iraq, the possibility exists that the Iraqi leader had been bluffing in an effort to deter the United States from invading.
BBC reports the Israeli cabinet has approved of the next phase of the controversial wall that is under construction in the West Bank. The next phase will lead the barrier further into the West Bank as Israel attempts to fend off the militant suicidal bombers.
According to the Brookings Institute, a study was done on the amount of homework students have on a given night. Students in three age groups of 9, 13 and 17 were asked how much homework they were assigned the previous night and most said less than 1 hour according to a federal long-term survey in 1999. This was compared with the homework for the same age groups from 1984 and the numbers have dropped significantly. Furthermore, the study found that the US is lagging far behind public schooling in France, Italy, Russia and South Africa who reported at least twice the amount of time spent on homework.
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