The Fokker Chronicles
All was quiet around Europe with most of the major indices hovering around their unchanged marks for the day. Asian stocks finished lower today with the Japanese Nikkei ending down 1.17% and the Hang Seng losing 0.48%. US equity markets were leaning slightly to the upside heading into the opening of trading in New York.
The economic releases will be absent over the next couple days and the earnings front will be light as well. Lookout for La-Z-Boy(LZB:NYSE), literally, after the bell today. CIBC will be hosting its 14th annual Health Care conference with Amgen(AMGN:NASD) and Genetech(DNA:NYSE) in attendance. The 19th annual SEMI Intl Trade Partners Conference will start today as well and Applied Materials(AMAT:NASD) and Intel(INTC:NASD) will be on hand. Lookout tomorrow for shareholder meetings at Cisco Systems(CSCO:NASD) and Microsoft(MSFT:NASD).
JP Morgan upped Intel(INTC:NASD) to overweight from neutral. Applied Materials(AMAT:NASD) had its price target upped at Deutsche Bank from $24 to $27 a share. Intl Bus. Machines(IBM:NYSE) was the recipient of a positive cover story in Barron's and a $100 price target was suggested for the company. Louisiana-Pacific(LPX:NYSE) was cut to reduce at UBS. Tiffany & Co(TIF:NYSE) had its target raised to $52 at WR Hambrecht.
Merrill Lynch raised price target levels on a handful of individual semi stock names including Linear Tech(LLTC:NASD), Microchip Tech(MCHP:NASD), Maxim Integrate Prod(MXIM:NASD), Semtech(SMTC:NASD) and Xilinx(XLNX:NASD). UBS added Pulte Homes(PHM:NYSE) and removed Gannett (GCI:NYSE) from its Select 20 List. Smith Barney upgraded CVS(CVS:NYSE) to buy from hold and raised its price target to $42 from $36. RBC Capital downgraded St. Jude Medical(STJ:NYSE) to sector perform from outperform. Wedbush Morgan upped Nvidia(NVDA:NASD) to buy from hold. CSFB upgraded Kellogg(K:NYSE) to outperform from neutral and raised its target to $40 from $34.
Goldman Sachs downgraded Kohls(KSS:NYSE) to in-line from outperform. JP Morgan downgraded Adobe(ADBE:NASD) to underweight from overweight. Over the weekend, Barron's offered additional cautious comments. Jefferies upgraded Circuit City(CC:NYSE) to buy from hold. Whirlpool(WHR:NYSE) was cut to sell at Bank of America and had its price target slashed to $62 from $71.
Alliance Capital(AC:NYSE) announced that John D. Carifa has resigned his positions as Chief Operating Officer and Director of Alliance Capital and as Chairman of the Board of its mutual funds. Michael J. Laughlin has also announced his resignation as Chairman of Alliance Capital's mutual fund distribution unit.
CBS Marketwatch announced yesterday that Donnelley(DNY:NYSE) will acquire Moore Wallace(MWI:NYSE) in a deal valued at $2.8 billion.
El Paso(EP:NYSE) missed by $0.02
Imax Corp(IMAX:NASD) missed street estimates by $0.02
Around the world in 80 ticks:
Reuters reports that the United States said Al Qaeda intentions are to topple the Saudi government and its royal family. Riyadh, despite acknowledging that the attacks that killed over 17 people over the weekend had been carried out by Al Qaeda, insisted it was not meant to destabilize its kingdom. The bombers posed as police unleashed a car bomb in the Muhaya compound in the Saudi capital leaving at least 17 people dead and about 120 people wounded, 36 of which were children according to officials.
According to the BBC news, Iran has announced that it had suspended its uranium enrichment program and will allow for closer inspections.
BBC news reports that the final part in the Matrix trilogy, Matrix Revolutions took in $204million at cinemas around the world making it the biggest global film opening of all time surpassing last year's Lord of the Rings sequel. This follows its release last Wednesday when the film was viewed at exactly the same time on 18,000 screens in about 100 countries. According to CNBC, with over $100 billion dollars in world-wide revenues from the first two movies, the Matrix has become largest franchise ever in Hollywood.
UK's the Independant said McDonald's(MCD:NYSE) CEO Jim Cantalupo was fighting mad this morning when the latest edition of Merriam-Webster's Collegiate Dictionary added "McJob" to its plethora of terms but defined the word as "low paying and dead-end work."
Have a profitable day.
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