The Fokker Chronicles
Over the past year, the Fokker Chronicles have championed the Early Bird Minyan by providing a tongue in cheek morning summary of the market news. And during that time, Minyanville has grown along with an ever expanding subscriber base and a collective voice of contributing writers who are both in sync and in tune when reporting the ensuing days market mayhem. With that said, I wanted to share with the readership that the Chronicles will be taking a hiatus from the morning rant in the hopes of providing the "overwhelmed Fokker" with a much needed respite. For the Fokker enthusiast, I'll continue to post (as time permits) to the Buzz as well as publish the "Midday Internal Snapshot".
And lest I forget, I'd like to extend my sincere appreciation to all the Minyan readership, the Critters and the dedicated Minyanville staff who made it possible for me to compose and publish the Chronicles each morning . But most importantly, I extend my gratitude to Minyanville's fearless leader, Toddo, for the opportunity, outlet and experience. It's because of him, his creativity, vision and displaced humor, that "Fokker" became more than just the name of the Ben Stiller character in Meet the Parents ..... it became Wall Street vernacular. And in doing so, gave an unassuming fellow like me some Street Cred!
Now with eyes dried, fried, tried and bleary, I give you the Chronicles, que the trumpets please...
Following the 8:30amEDT digestion September's Unemployment rate (expectations of 5.4% unchanged from prior period), Average hourly earnings; Change in non-farm and manufacturing payrolls and Average weekly hours the goverment will drop off the August Whole Sale inventories at 10amEDT.
CSFB upgraded Genentech (DNA:NYSE) from neutral to outperform. Morgan Stanley upped American International Group (AIG:NYSE) from underweight to equal weight citing underperformance vs. peers. Prudential initiated the semi equipment sector with a neutral rating saying long-term growth rate expectations remain challenging and there's a lack of major growth drivers. The firm expects a slight downturn to cause some order inflection by Q2 '05.
UBS upgraded Starbucks (SBUX:NASD) from neutral to buy citing EPS growth potential from price increases, increased licensing and distribution through supermarkets and overhead leverage. Banc of America cut Clorox (CLX:NYSE) from buy to neutral after the company announced that Henkel would be selling back its 29% stake in the company for $2.8 bln. Prudential upped Liz Claiborne (LIZ:NYSE) from underweight to neutral. UBS dropped Nucor (NUE:NYSE) and Steel Dynamics (STLD:NASD) from buy to neutral
Late yesterday, AT&T (T:NYSE) announced it will cut more than 20% of workforce in '04 in cost reduction efforts and take an $11.4 bln non-cash charge in Q3.
Sirius (SIRI:NASD), announced a public offering of 25 million shares of common stock and $200 million principal amount of convertible notes due 2011. Morgan Stanley was the sole underwriter for both offerings.
The Wall Street Journal reports that the SEC could take legal action against three major exchanges for failing to enforce its own rules. The American Stock Exchange, the Philadelphia Stock Exchange, and the National Stock Exchange are all currently to be in negotiations with the SEC to settle the charges.
General Electric (GE:NYSE) reported Q3 EPS of $0.38 vs. $0.38 cons on revs of $38.27 bln vs. $37.55 bln. The company guides FY'04 EPS to $1.57-$1.60 vs. $1.58 cons and is looking for 10% - 15% EPS growth in FY'05 which implies $1.74-$1.82 vs. $1.78 cons.
Advanced Micro Devices (AMD:NYSE) reported Q3 EPS of $0.12 (in-line) on revs of $1.24 bln vs $1.3 bln cons.
Alcoa (AA:NYSE) reported Q3 EPS of $0.34 (in-line) on revs of $5.98 bln vs $6.13 bln cons. Capex was lowered to $1.2 bln.
Intuit (INTU:NASD) reaffirmed Q1 revs guidance of $251-263 mln vs $258.45 mln cons
Around the world in 80 ticks:
According to ABC news, the FBI and Department of the Homeland Security have warned local schools in six states to be vigilant and on the lookout for suspicious activity. This follows last month's travesty at a local grammer school in Russia where nearly 340 people were killed from a terrorist siege.
The Washington Post reported that the Bush administration would not take immediate action nor pressure foreign governments for failure to act against individuals of companies which potentially violated the UN sanctions with Saddam Hussein due to the fact it could undermine President Bush position of working closely with the international community. In separate news, this just in, Iraq doesn't have any WMD. CNN reported that President Bush and VP Cheney conceded yesterday that while the war in Iraq was indeed justified, Saddam didn't possess any weapons of mass destruction.
Reuters reports that in Oklahoma, tourism officials have issued a recall for over more than 200,000 travel brochures that depicted more than just your typical scenic and colorful shots. Although the pictures were indeed colorful, showing images of cow manure tossing and some with graphic Confederate battle reenactments while admittedly powerful, officials conceded the material could be deemed uninviting to potential travelers. The Oklahoma 2005 Annual Events guide was said to be tarnished with scores of misspellings, grammatical mistakes and factual errors as well. Despite the offbeat campaign, preliminary analysis by some insiders wishing to remain anonymous said the data begrudgingly showed a significant up-tick in tourism in recent months that appeared to also coincide with an increase incidence of cow tipping across the state.
Bleeding heart dog lovers might want to skip ahead to the next brief. In Nebraska, AP newswires reported from the state Supreme Court yesterday a plea, which sounded more like a bark, given for Murphy the dog. The official plea was given by Murphy's owners after their dog had been on death row for 3 years now (which felt more like 21yrs to the Alaskan malamute-shepherd mix) over constant fighting with a neighbor's pet. Murphy, who entered the courtroom well groomed and suspiciously overly subdued yet confident, is expected to have the final verdict delivered over the few months.
If you once enjoyed a Phila Cheesesteak as much as the next guy or gal, but have since moved up the social ladder to where getting on line at a Pat's Steak stand in Philadelphia is now beneath you, the newly opened upscale Barclay Prime restaurant in Philadelphia might be for you. The gourmet establishment has introduced a tasty marketing gimmick that might actually hit your wallet before your arteries. At $100 each, AP news reports that the sliced Kobe beef sandwich comes crammed with melted Taleggio cheese, shaved truffles, sauteed foie gras, caramelized onions and heirloom shaved tomatoes on a homemade brioche roll brushed with truffle butter and squirted with homemade mustard. A bottle of bubbly is included to help wash down the meal.
Have a great weekend!
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