The Fokker Chronicles
Europe was trading higher until explosions in Turkey soured markets around the world. The German Dax had lost 1.40%, the CAC40 was trading down 1.10%, while the London FTSE was getting pressured most directly down 0.85% from the terrorist attacks and the bombing at British based HSBC(HBC:NYSE) and the British consulate buildings. Trading on the Istanbul National 100 index lost over 7% following the explosions which rocked the capital in Turkey. US equity futures were trading off prior to the opening of trading in New York. The US dollar which traded in negative territory for most of the session remained on its lows, despite better than expected earnings results from Hewlett Packard(HPQ:NYSE) and economic data on jobless claims and continuing claims.
Intel(INTC:NASD) will be hosting its analyst meeting today in New York. Lookout for Leading Indicators at 10amEDT and the Phila Fed numbers at 12pmEDT. Natural Gas Inventory numbers are due out around 10:30amEDT. The Comdex 2003 Fall Expo finishes up today. Greenspan will be speaking at the Cato Institute Monetary conference in D.C. at 9amEDT. After the closing bell today, earnings reports from Autodesk(ADSK:NASD), Brocade(BRCD:NASD), The Gap(GPS:NYSE), Microsemi(MSCC:NASD), Novell(NOVL:NASD), Portal Software(PRSF:NASD), and Disney(DIS:NYSE) get released.
Morgan Stanley took down 2004 estimates slightly for General Electric(GE:NYSE) and Hewlett Packard(HPQ:NYSE). Morgan however raised HPQ's 4th quarter revenue estimate to $19.34 billion from $18.55 billion. JP Morgan added Hewlett-Packard(HPQ:NYSE) to its Focus List. JP Morgan initiated coverage of Altria Group(MO:NYSE) with an overweight rating and made the company its top pick in the US tobacco sector.
Merrill Lynch upgraded Air Tran Holdings(AAI:NYSE) to buy from neutral. AG Edwards upgraded Semtech(SMTC:NASD) to buy from hold. Lehman upped OSI Pharm(OSIP:NASD) to overweight from equal-weight and raised its target to $35 from $27. Bank of America downgraded Varian Semi(VSEA:NASD) to sell from neutral. Deutsche Bank upgraded Kohl's(KSS:NYSE) to hold from sell. Sanmina-SCI(SANM:NASD) was upped to buy from hold and had its fiscal 2004/ 2005 estimates raised at Wells Fargo.
The Semi equipment industry book-to-bill ratio was posted at 1.00 in Oct from an adjusted 0.96 in September, and better than street expectations.
The Wall Street Journal reported that Freddie Mac(FRE:NYSE) will report that it overstated its earnings by as much as $1 billion when it releases its restatement of 2001 past earnings. The company is expected to conclude that it undercounted its earnings by at least $4.5 billion during the entire three-year period of its restatement from 2000, 2001, and 2002.
Dow Jones reported last night that Schering-Plough(SGP:NYSE) has received a formal notice that the SEC will be conducting an investigation focused on the company's Polish units.
Hewlett-Packard(HPQ:NYSE) beat by $0.01 on better revenues and guided in line
Intuit(INTU:NASD) beat by $0.02 and affirmed its full year guidance.
Marvell(MRVL:NASD) beat by a penny.
OmniVision(OVTI:NASD) beat street estimates by $0.07, beat on revenues and guided its next quarter well above consensus.
Petco(PETC:NASD) beat by a penny.
Hot Topic(HOTT:NASD) beat by $0.03 and posted better revenues numbers than expectations.
Around the world in 80 ticks:
Reuters reports this morning two separate explosions which rocked Istanbul claimed at least 25 lives and injured nearly 400 innocent people inside the HSBC(HBC:NYSE) bank headquarters and the British consulate. Turk TV reported that the attacks were either delivered by a suicide bombing or by remote control and have yet to be determined. A militant Turkish Islamic group has claimed responsibility and said the strikes were in the name of Osama bin Laden's al Qaeda organization.
According to Reuters, the head of the United Nations nuclear watchdog, ElBaradei said to reporters that Iran was guilty of "breaches" of its international non-proliferation obligations. He added that the UN was currently working with Tehran to conduct very intensive inspections of Iran.
District Attorney Thomas Sneddon told Reuters that Michael Jackson will be charged with multiple felony counts following a massive 14hr search of his Neverland compound this week. The Santa Barbara County sheriff and district attorney told reporters that they were giving the King of Pop a reasonable amount of time to turn himself in and come up with the $3 million bail. Jackson has reportedly hired celebrity attorney Mark Geragos to defend him who is currently defending accused wife murderer Scott Peterson.
Investigators from a US-Canadian joint task force have determined that in addition to the failures in procedure and in the measures taken by FirstEnergy Corp that led up to the nation's blackout this summer, it was found that its data-monitoring and alarm system were not working.
The number of cases reportedly linked to the hepatitis A outbreak from the Pittsburgh Mexican restaurant Chi Chi's has now climbed to 530 as of yesterday. The Secretary of Health told reporters that while the investigation continues, a determination still has yet to be made as to the cause behind the outbreak.
Have a profitable day.
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