The Fokker Chronicles
Markets in Europe were off to a better start today including a substantial rebound for the German Dax which gained 1.87% halfway through its session. The Japanese Nikkei however didn't fare as well and finished the day down 2.57%. US equities were poised for an unchanged to slightly higher open.
Lookout for the Wholesale Inventory data at 10amEDT. Earnings reports after the bell today include such noteables as Genetech(DNA:NYSE) and Yahoo!(YHOO:NASD). The remaining earnings reports for the week will include Juniper(JNPR:NASD) tomorrow and General Electric(GE:NYSE) on Friday.
SoundView made some positive chatter on the analog names individually naming National Semi(NSM:NYSE) and Intersil(ISIL:NASD). Juniper(JNPR:NASD) was the focus of some positive mention from Merrill Lynch. Deutsche Bank said it sees some possible upside to Yahoo!(YHOO:NASD) numbers. Altera(ALTR:NASD) had its numbers lowered by Merrill Lynch for the quarter and sees its numbers going below the bottom line for this year and next. UBS initiated Emulex(ELX:NYSE), Qlogic(QLGC:NASD) and Brocade(BRCD:NASD) with buy ratings. Duke Energy(DUK:NYSE) upgraded to neutral at Merrill Lynch.
Abercrombie(ANF:NYSE) was upped at US Bancorp from outperform to strong buy while downgrading Aeropostale(ARO:NYSE). CSFB raised Amazon.com(AMAZN:NASD)12-month target to $65 from $40. Banc of America initiated coverage of Biovail (BVL:NYSE) with a sell rating and $22 price target.
SoundView raised Intl Bus. Machines(IBM:NYSE) price target to $110 from $105. IBM also received some positive chatter out of Merrill Lynch following the firm's preview of its current quarter. Sandler O'Neill downgraded Wells Fargo(WFC:NYSE) to hold from buy. Lehman Brothers European analyst upgraded Novartis AG(NVS:NYSE) to overweight from underweight. Fulcrum downgraded Bristol-Myers(BMY:NYSE) from buy to neutral.
Vivendi and General Electic(GE:NYSE) finalized their deal creating NBC Universal.
According to Bloomberg newswires, the House Financial Services panel has decided to postpone its drafting a bill on Fannie Mae(FNM:NYSE) and Freddie Mac(FRE:NYSE) that would create a new regulator. This comes after President Bush said he opposed the House's proposal for the additional oversight.
$10 billion asset manager Fred Alger Management, has now joined the ranks of Mutual Funds currently under investigation by regulators for improper trading of fund shares.
Alcoa(AA:NYSE) topped estimates by 3 pennies after the close last night.
Yum Brands(YUM:NYSE) beat the street by 2 pennies
McDonald's(MCD:NYSE) - reported another strong sales report in Sept
Around the world in 80 ticks:
California has choosen Arnold Schwarzenegger as its next governor. According to the Washington Post, Arnold beat out his closest rival, Bustamante by over 1 million votes however, the landmark decision to recall Governor Davis was approved by approximately 650,000 votes out of the 7.5 million votes accounted for.
According to the UK's The Guardian, Yasser Arafat suffered a mild heart attack last week while the Palestinian leadership has attempted to keep the news a secret. The Palestinian press had said Arafat was suffering from the flu to avoid a panic among the Palestinian community. In light of the news, Arafat's subordinates have continued to add spin and were quoted as saying, "Although he has had a slight heart attack, the doctors say he will make a full recovery. He is in full control. There is nothing to worry about." In related news, Syria's ambassador to Spain said today that his country would respond militarily against Israel if any new attacks were carried out.
The Washington Post reported that Turkey's parliament, by an overwhelming majority yesterday approved to deploy its peacekeepers to Iraq. The only potential obstacle lies within the interim Iraqi government that is wary of another Muslim nation placing troops on its soil.
Reuters reports today that plans for China's first manned space flight is potentially under way for an Oct. 15 launch. However, a Chinese spokesman dismissed the comments as hearsay.
The Associated Press reports that the Democratic presidential elections have heated up to near boiling proportions as Massachusetts Senator John Kerry challenged rival Howard Dean's allegiance to the Red Sox. Kerry said that he challenged Dean to a clam chowder bet, and if Boston loses, he'll send his campaign New England clam chowder, and if they beat the Yanks, Kerry will expect Manhattan clam chowder for his campaign. Dean responded to these remarks calling the accusations insulting and insisted he backed Boston.
Have a profitable day.
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