The Fokker Chronicles
Europe posted strong gains today as the German DAX added over 2%, the CAC40 gained 1.55% and the London FTSE gained 1.40% halfway through its respective sessions. Asia rebounded today as the Japanese Nikkei finished up 0.73% and 0.54% was added to the Hang Seng. US equities took a more positive lean heading into the US equity open following the better than expected payroll data. Check out Professor Reynolds for more insight on the economic releases from 8:30amEDT.
Lookout at for more economic releases following better than expected results on the payroll data. The government will drop off their Wholesale Inventories at 10amEDT and Consumer credit report at 3pmEDT. The highlights from next weeks' earnings announcements include Applied Materials(AMAT:NASD), Walmart(WMT:NYSE), BEA Systems(BEAS:NASD) and Dell Computer(DELL:NASD) which are scheduled to report near the tail end of the week.
Merrill Lynch added Altria(MO:NYSE) to its Focus 1 List and raised its price target to $63 from $50. CIBC upgraded Wendy's(WEN:NYSE) to Sector Outperform from Sector Perform and raised its price target to $50 from $40. Lehman upgraded Alliance Capital(AC:NYSE) to overweight from equal-weight. JP Morgan downgraded Danaher(DHR:NYSE) to neutral from overweight. Cardinal Health(CAH:NYSE) was downgraded at Morgan Stanley to equal weight from overweight. USB upped Autodesk's(ADSK:NASD) price target from $20 to $25 a share.
Credit Suisse First Boston took down a handful of homebuilders this morning including Lennar(LEN:NYSE), Ryland Group(RYL:NYSE), and Toll Brothers(TOL:NYSE) to name a few. Smith Barney upgraded Scholastic Corp(SCHL:NASD) to buy from hold and raised its price target to $40 from $34. Solly also downgraded Sovereign Bancorp(SOV:NYSE) to hold from buy. XM Satellite Radio(XMSR:NASD) was upped at WR Hambrecht to buy from hold and had its price target raised to $27 from $18. Oppenheimer downgraded Advanced Micro Devices(AMD:NYSE) to neutral from buy.
AMG fund flow data reported net equity outflows this past week which totaled $854 million.
Bloomberg newswires report that Putnam Investments' has seen its customers pull more than $9.4 billion of funds out of the mutual fund manager in the past two weeks.
CBS Marketwatch reports that Halliburton(HAL:NYSE) last night announced that 75% of asbestos claimants must approve the revised settlement that would limit the asbestos cash settlement to $2.775 billion and that the deadline for the submission of acceptances has been pushed out past November 19th.
As part of Microsoft's(MSFT:NASD) bid to enter the high margin revenue stream known as online search engines, talks between Mr. Softy and Google have been reported to be underway according to Bloomberg newswires. Worldwide revenues from paid searches are said to increase to $7 billion by 2007.
Pixar Animation(PIXR:NASD) beat the street by 10 cents on revenues of $30.2 million versus $25 million consensus.
Cypress Semi(CY:NYSE) gave an upside preannouncement for its 4th quarter.
NVIDIA(NVDA:NASD) beat by $0.01 and posted a profit versus losing money a year ago.
Around the world in 80 ticks:
Reuters reports that an American Black Hawk helicopter crashed near Tikrit in Iraq today which killed all six crew members on board. Officials are still unable to determine if it was shot down by a rocket-propelled grenade or mechanical failure.
The Postal Service in the Washington, DC area closed 11 of its post offices yesterday and will keep them closed today while authorities continue to run tests to determine whether anthrax was detected at a Navy mail site.
Pennsylvania officials were investigating the cause of an outbreak of hepatitis A yesterday when over 130 people contracted the virus at a Chi-Chi's Mexican restaurant in the Beaver Valley mall just outside Pittsburgh. Nearly five thousand people have been immunized since Wednesday and three people are reportedly in intensive care. The State Health Department suspect the virus might have been spread from a worker failing to wash his/her hands before handling the otherwise healthy tacos and bean burritos.
The New York Times citing Pentagon and military officials reported that a new US covert commando force has been created over the past few months with the prime objectives of striking against "high value targets" and hunting down America's two most wanted men, Osama bin Laden and Saddam Hussein. The new task force, known as Task Force 121, is a joint effort of Special Operations forces from the Army, Navy and Air Force. General John Abizaid consolidated two previously used forces into a more flexible group that has already been close on the heels of Saddam according to officials.
Have a terrific weekend.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter