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Buzz recap

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6:49 Greg Collins

Good morning. Foreign markets are looking lower across the board this morning with notable weakness in Asia as the Nikkei dropped -1.44% while the Hang Seng tripped -1.03%.

A glance at the European bourses finds the FTST -0.06%, CAC -0.49%, and the DAX -0.87%. Meanwhile, the dollar index (DXY) is giving 18 bps of greenback to 87.70. For their part, the stateside futes are hovering right around fair value.

6:53 Greg Collins

Bank of America (BAC:NYSE) reported Q3 EPS of $0.91 vs. $0.90 (includes merger and restructuring charges of $0.04) on revs of $12.73 bln vs. $13.3 bln cons.

6:56 Greg Collins

Morgan Stanley punts Hewlett-Packard (HPQ:NYSE) from overweight to equal weight based on a decrease in near term fundamental momentum, loss in PC market share, and increased competition in printer business.

6:59 Greg Collins

Citigroup (C:NYSE) reported Q3 EPS of $1.02 vs. $0.99 cons on revs of $20.51 bln vs. $21.4 bln cons.

7:02 Greg Collins

Nokia (NOK:NYSE) reported Q3 EPS of EU0.14 vs. EU0.13 on revs of EU6.94 bln vs. EU6.9 bln cons. The company is guiding Q4 numbers for EPS to EU0.16-0.18 and revs of EU 8.4 bln-8.6 bln.

7:08 Greg Collins

First Data Corp (FDC:NYSE) reported Q1 EPS of $0.57 vs $0.56 cons on revs of $2.5 bln vs $2.61 bln cons.

7:11 Greg Collins

Deutsche Bank punted Abitibi-Consolidated (ABY:NYSE) and Bowater (BOW:NYSE) citing weak newsprint demand and the rise in the Canadian dollar.

7:13 Greg Collins

What's our vector, Victor?

Southwest Airlines (LUV:NYSE) reported Q3 EPS of $0.15 vs $0.14 cons on revs of $1.67 bln vs $1.69 bln cons.

7:16 Greg Collins

Fifth Third Bancorp (FITB:NASD) reported Q3 EPS of $0.83 vs $0.80 cons along with ROE of 21.1% and ROA of 1.95%

7:19 Greg Collins

Eaton (ETN:NYSE) reported Q3 EPS of $1.13 vs $1.12 cons on revs of $2.54 bln vs $2.50 bln cons.

The company also guided Q4 EPS to $1.03-1.13 vs $1.12 cons and '04 to $4.10-4.20 vs $4.17 cons.

7:19 Greg Collins

Chinese imports rose at their slowest pace in two years (22% to $50.8 bln) as lending restrictions by the government aimed at cooling the economy slowed demand for steel, fuel and other raw materials according to Bloomberg.

7:25 Greg Collins

Last night, Apple Computer (AAPL:NASD) reported Q4 EPS of $0.27 vs $0.18 cons on revs of $2.35 bln vs $2.15 bln cons. Gross margin came in at 27.0% (in-line with guidance).

The company guided Q1 EPS to $0.39-0.42 vs $0.28 cons and revs to $2.8-2.9 bln vs $2.58 bln cons.

J.P. Morgan upped the stock from peer perform to outperform citing excellent execution, multiple product cycles and the high-growth music business. J.P. Morgan also upgraded AAPL this morning.

7:32 Greg Collins

Banc of America upped PPG Industries (PPG:NYSE) from neutral to buy and raised '05 EPS estimates to $4.55 from $4.15.

7:33 Greg Collins

Wildcats...

UnitedHealth Group (UNH:NYSE) reports Q3 EPS of $1.04 vs. $1.00 cons on revs of $9.86 bln vs. $9.65 bln.

The company takes Q4 in line with cons at $1.07 and guides FY'04 to $4.70-$4.75 vs. $3.87 cons. For FY'05, UNH guides to $4.70-$4.75 vs. $4.66 cons.

7:33 Greg Collins

Wachovia punted AmeriCredit (ACF:NYSE) from outperform to market perform citing valuation.

7:35 Greg Collins

Thomas Weisel punts SanDisk (SNDK:NASD) to peer perform from outperform based on a slowdown in demand.

7:36 Greg Collins

Merrill Lynch cut long term growth estimates for the radio broadcasters from 4-5% to 3-4%. The firm cut '04 and '05 estimates for CCU, CDL, CXR, CMLS, EMMS, ETM and ROIAK, and '05 estimates for WON.

7:39 Greg Collins

Qbert...

Merrill lowers QLogic Corporation (QLGC:NASD) from buy to neutral

7:40 Todd Harrison

2+2=5!

Mea culpa on not connecting the dots yesterday after I heard that FASB would roll back the timeline on option expensing. That likely contributed to the bid in the nets and semis (two sectors flush with employee stock options).

7:41 Greg Collins

National City (NCC:NYSE) reported Q3 EPS of $0.86 vs $0.74 cons and ROE of 19% with ROA of 1.76%

7:44 Todd Harrison

Hi ho, hi ho, it's off to work we go...

Silver sports a 2% gain in early morning trade as it runs back to kiss the all-important $7 level. The smack down in the base metals planted all kinds of slowdown seeds yesterday.

We'll need to keep an eye on the metal complex as we drift through the stagflation vs. deflation debate. The former would bode well for the group while the latter will spur an asset class morass.

7:44 Greg Collins

Who's on first?

Abbott Labs (ABT:NYSE) reported Q3 EPS of $0.53 (in-line) on revs of $4.68 bln vs $.66 bln cons.

The company guided Q4 EPS to $0.66-0.68 vs $0.67 cons

7:49 Greg Collins

Coventry Health Care (CVH:NYSE) reported Q3 EPS of $0.96 vs $094 cons on revs of $1.33 bln vs $1.35 bln cons. The company guided Q4 EPS to $0.95-0.97 vs $0.95 cons and revs to $1.37-1.38 bln vs $1.4 bln cons.

The company also announced plans to buy First Health Group (FHCC:NASD) for $1.8 bln.

7:54 Greg Collins

Bear Stearns cut Linens 'N Things (LIN:NYSE) from peer perform to underperform citing the company's preannouncement last night that the company see Q3 EPS of $0.37-0.39 vs $0.46 cons on revs of $654.2 mln vs $665.46 mln cons.

7:55 Greg Collins

MGIC Investment Corp (MTG:NYSE) reported Q3 EPS of $1.36 vs $1.33 cons on revs of $391 mln vs $396.78 mln cons.

8:02 Greg Collins

Morgan Stanley said it sees Schlumberger (SLB:NYSE) having longer term top-line growth potential with national / Russian oil companies which could create growth opportunities beyond the cyclical rig count recovery.

The firm also sees exploration activity as gaining momentum and Q-technology gaining acceptance.

8:03 Greg Collins

General Motors
(GM:NYSE) reports Q3 EPS of $0.78 vs. $0.96 on revs of $44.98 bln vs. $36.06 bln cons noting intense competition and negative pricing. GM guides FY'04 EPS to $6.00-$6.50 vs. $7.05 cons.

In Europe, the company plans to cut up to 12,000 jobs over the next two years (primarily in Germany).

8:04 Greg Collins

Smith Barney punted HCA (HCA:NYSE) from buy to hold.

Note that CIBC and Oppenheimer have also downgraded the stock following yesterday's preannouncement.


8:11 Greg Collins


In case you missed it...

Novellus (NVLS:NASD) reported Q3 EPS of $0.38 (in-line) on revs of $415.9 mln vs $411.66 mln cons and gross margins came in at 48.4%. They guided Q4 EPS to $0.19-0.26 vs $0.37 cons and revs to $300-300 mln vs $410.3 mln cons.

The company reported that Q3 bookings were $422.7 mln vs prior guidance of $408-418 mln, saying that Europe was up dramatically, Korea was up, U.S. was flat and China and Japan had slight decreases.

Lam Research (LRCX:NASD) reported Q1 EPS of $0.64 vs $0.58 cons on revs of $419.5 mln vs $409.45 mln cons and gross margin came in at 51.2%. The company said backlog increased 5% to approximately $429 mln.

The company also announced a $250 mln share repurchase program.

8:13 Greg Collins

Banc of America issued cautious comments on the semi-cap equipment group following the reports of LRCX and NVLS last night, saying they gave additional reason to pause.

The firm says that LRCX is unable to escape industry fundamentals and that NVLS is focused too much on copper technology as opposed to aluminum in the memory segment. They also anticipate memory and Japan weakening in the first half of '05.

8:16 Greg Collins

Paperboy!

Dow Jones (DJ:NYSE) reported Q3 EPS of $0.15 (in-line) on revs of $394.9 mln vs $399.78 mln cons.

The company guided Q4 EPS to be slightly above Q403's results of $0.43 vs $0.49 cons.

8:18 Greg Collins


NYSE charts in the IBD...

ADS, CGX, BMO, BNN, PWN, CTR, EFD, FMD, HRS, NDE, IHG, MFC, MI, NCI, NSC, PCP, PR, SLM, BID, SUG, SSI

8:20 Greg Collins

NASDAQ charts in the IBD...
RECN, SSYS, ADBE, OZRK, CETV, CTSH, COGN, COST, FWRD, INFY, INGR, MBI, PETC, PRSP, QCOM, SONC, STSA, UTIW, UFPI, VNBC, YELL

8:30 Greg Collins

Hearing some chatter regarding a fire at an oil refinery in California.

8:32 Greg Collins

Beeks...

Trade balance for Aug came in -$54.0 bln vs. $51.4 bln exp; Import price index m/m for Sep: 0.2% VS. 0.5% exp; Import price index y/y: 7.8% vs. 7.2% prior.

Initial jobless claims for 10/9 came in at 352k vs. 340k exp; Continuing claims for 10/2 came in at 2845k vs. 2859k exp.

8:33 Todd Harrison

Get on your horse!

Gold joins her little sister on the upside with an all-of-a-sudden sprint (+$5).

8:34 Greg Collins

Cypress Semi (CY:NYSE) reported Q3 EPS of $0.22 vs $0.13 on revs of $216.6 mln vs $220.0 mln cons.

8:39 Greg Collins

Disaster du jour...

Alcon (ACL:NYSE) reported that its age related macular degeneration drug, Retaane, failed to meet its primary end point in Phase III testing.

The stock is down nearly $14 pre-market as a result.

8:41 Greg Collins

Commerzbank upgraded Deutsche Bank (DB:NYSE) to overweight.

8:43 Greg Collins

Raymond James lowered Harley-Davidson (HDI:NYSE) from strong buy to market perform citing inventory build and growth for '05 production estimated at the low end of the company's long-term guidance of 7-9%.

8:48 Greg Collins

Piper Jaffray reiterated its outperform rating for Ericsson (ERICY:NASD) citing an all-time high in handset shipments and strong demand leading to increased market share.

8:55 Greg Collins

American International Group (AIG:NYSE) estimated its losses after taxes from hurricanes were $500-515 mln.

The company says its strong financial position and ability to handle claims will be apparent when in its Q3 results, scheduled for Oct 21.


No positions in stocks mentioned.

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