The Fokker Chronicles
World markets traded lower early on with the German DAX losing 0.86% and CAC40 giving back 0.75%. The Japanese Nikkei was pounded again today for 2.83% and the Hang Seng lost 1.26%. US equities were poised for some early weakness heading into the opening of trading in New York.
Bond markets and government offices will be closed today in observance of Veteran's Day. Intel(INTC:NASD) will be providing a business update and conference call today. Cisco Systems(CSCO:NASD) and Microsoft(MSFT:NASD) will hold their annual shareholders meeting. After the bell today, lookout for Computer Sciences(CSC:NYSE) and Sycamore(SCMR:NASD). Applied Materials(AMAT:NASD) is due to report its numbers tomorrow after the bell.
JP Morgan was out making positive chatter on SanDisk(SNDK:NASD) after meeting with management. Wyeth(WYE:NYSE) was placed on watch negative over at S&P. Smith Barney upgraded Federated(FD:NYSE) to buy from hold and raised its target to $58 from $53. Broadcom(BRCM:NASD) had its estimates for 2003 and 2004 raised over consensus and its price target upped to $45 from $40 at Morgan Stanley. SG Cowen cut its rating on a handful of TV broadcasting companies individually Gannett(GCI:NYSE), Tribune(TRB:NYSE), and Univision(UVN:NYSE) to name a few. Wells Fargo has reiterated its buy rating on Credence Systems(CMOS:NASD) and raised its price target to $25 from $18. Merrill Lynch upped Norfolk Southern(NSC:NYSE), CSX Corp(CSX:NYSE), and CP Railway(CP:NYSE) to buy from neutral. Deutsche Bank upped the price target and EPS forecast for UBS AG(UBS:NYSE).
Goldman Sachs downgraded ConocoPhillips(COP:NYSE) to in-line from outperform and upgraded ExxonMobile(XOM:NYSE) to outperform from in-line. Merrill took its ratings up for select retail companies to buy from neutral individually naming BJ Wholesale(BJ:NYSE), Saks(SKS:NYSES), Target(TGT:NYSE), Tiffany(TIF:NYSE), Abercrombie(ANF:NYSE) and The Gap(GPS:NYSE) to highlight a few. Bear Stearns upgraded Knight Trading(NITE:NASD) to peer perform from underperform and raised its 2004 EPS target above consensus estimates. UBS reiterated its neutral rating on Symantec(SYMC:NASD) however raised its target to $73 from $58. UBS also downgraded Mylan Labs(MYL:NYSE) to neutral from buy and cut its price target to $24 from $31.
According to a study released yesterday by the Citizens Budget Commission, New York State had the highest local taxes in the nation paying a whopping 72% more than the national average.
Bloomberg newswires report that Microsoft(MSFT:NASD) will cut the price of its Xbox game console by 32% in Japan, striking back against rival game-maker Sony(SNE:NYSE) which recently reduced its PlayStation 2.
According to the Wall Street Journal and CNN/Money, Oracle(ORCL:NASD) filed a complaint in a Delaware court that Peoplesoft (PSFT:NASD) was offering its customer base refunds of as much as five times the license fees ultimately causing Oracle to drop its bid because it would fail to create an "economically viable" situation.
3M(MMM:NYSE) announced it will repurchase up to $1.5 billion shares of stock over the course of next year.
UBS(UBS:NYSE) beat forecasts.
Cablevision(CVC:NYSE) reported 3 pennies better than expectations but lowered its guidance for 2003 revenue growth after the company announced it will restate its fiscal year 2003 financial reports.
JC Penney(JCP:NYSE) beat by a penny.
Vertex Pharm(VRTX:NASD) missed by $0.09 and came in below revenue estimates. Company also said it sees its revenues for 2003 below previous forecasts.
Around the world in 80 ticks:
Reuters reported that although the UN has found no evidence of an atomic weapons program, UN sources said Iran had spent decades conducting covert atomic research and produced a small amount of plutonium. It was further found that Tehran received sensitive technology from four unidentified countries.
The Associated Press citing an Arab weekly reported that the Al Qaeda terror network has claimed responsibility over the car bombing in Saudi Arabia that killed 17 people and injured dozens over the weekend.
CBS news and AP newswires report that government investigators have released a finding that documents over 1,300 cases of lost, stolen or abandoned radioactive material within the US that could be used to produce a dirty bomb. Despite great improvements in security, the Energy Department and General Accounting Office said they have found significant holes within the nation's security net.
According to Debka-Net-Weekly's intelligence report, last week Egyptian president Mubarak paid a short visit to Syrian President Assad carrying with him a severe warning from the US. No such warning has been conveyed since before Saddam Hussein was first put on notice. According to the report, Mubarak warned Assad that the US was losing its patience over its actions in Palestinian territories and Iraq ,and further reminded him that close neighbor Iraq received no regional support when they were attacked earlier this year.
The USA Today reports today that the FCC voted in an expected landslide victory for consumers, that despite the dismay of local phone companies and the loss of millions of subscribers, customers can transfer their home or business numbers to their wireless phone companies beginning on November 24th.
Have you thanked a veteran today?
An excellent site for Veteran's Day click here
Have a profitable day.
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