The Fokker Chronicles
Markets were off slightly today as the London FTSE was the standout laggard in Europe down 0.62% while the German DAX tried to edge into positive territory. The Japanese Nikkei finished just barely positive while the Hang Seng lost 0.36% today. US equities were trading off in the pre-market session. The US dollar had traded higher for most of its session before selling off and was seen trading on its lows heading into the open of US trading.
The economic news will include Vehicle sales which is due out at 12pmEDT. Xilinx(XLNX:NASD) will be hosting its mid-quarter update and Flextronics(FLEX:NASD) will provide its mid quarter conference call later in the day today.
Merrill raised Intel(INTC:NASD) estimates and thinks the company boosts its outlook during the mid-qtr update on Thursday. UBS also raised their 2003-05 estimates for Intel above consensus and raised its price target to $44 from $41. Nokia (NOK:NYSE)) had its profit estimates raised at Credit Suisse First Boston for 2004 and 2005.
Yellow Corp(YELL:NASD) received positive chatter from Bear Stearns and said the stock represents an attractive buying opportunity. Bear Stearns downgraded Sunoco(SUN:NYSE) to underperform from peer perform. Merrill Lynch downgraded UNUM Corp(UNM:NYSE) to sell from neutral. Bear Stearns upgraded Mellon(MEL:NYSE) and Bank of NY(BK:NYSE) to outperform from underperform. CIBC upgraded PacifiCare(PHS:NYSE) to outperform from sector perform and raised its target to $80 from $72.
Prudential upped Knight-Ridder(KRI:NYSE) to overweight from neutral-weight and raised its target to $83 from $74. UBS initiated coverage on both AOL TimeWarner(TWX:NYSE) and Viacom(VIA.B:NYSE) with buy ratings. Bear Stearns made some positive chatter on Fairchild Semi(FCS:NYSE) and thinks they'll raise their guidance during its mid quarter update tomorrow. CIBC raised its price target on Integrated Device Technology(IDTI:NASD) to $22 from $16
Archipelago Holdings announced it would go public in 2004. Goldman Sachs(GS:NYSE), eTrade Financial(ET:NYSE), JP Morgan(JPM:NYSE), Schwab(SCH:NYSE), are some of the names with a stake in the ECN company.
The Financial Times reported that China is expected to approve the first foreign-branded, local currency credit cards, and issuance of a license to the Pudong Development Bank and Citigroup (C:NYSE).
The Wall Street Journal reports that Dell Co(Dell:NASD) website traffic reportedly rose 20% during the holiday weekend.
Navistar(NAV:NYSE) beat by $0.01, guides FY04 below consensus
PepsiCo(PEP:NYSE) reaffirmed 2003 guidance and guided 2004 below consensus. The company also announced it will cut 750 positions this upcoming quarter.
Around the world in 80 ticks:
Reuters is reporting that the U.S. embassy in Saudi Arabia warned US citizens today of possible attacks on compounds in Riyadh that houses Westerners, citing information that at least one residential complex was under surveillance by militants.
According to Reuters, U.S. forces may have killed or captured Iraq's 2nd most wanted man behind Saddam Hussein, Izzat Ibrahim, who is also believed to be the brains behind the Iraqi resistance.
Bloomberg newswires report that the Anti-terrorism task force in London arrested four gentlemen early this morning that are allegedly involved in terrorist activities. UK security services said they are at their highest state of alert since the 9-11 attacks which follows intelligence reports issued over the weekend.
China is reportedly planning on hosting its first Miss World pageant this Saturday. According to the BBC, China is hoping that a foreign television audience which would only augment its own 1.3 billion population, will be able to show off not only the beauty and charm of the women contestants, but that of China, and consequently garner some financial rewards in the form of investments, tourism, and world-wide acceptance.
BBC News reports that California authorities have found the offices of the Sheriff's department were bugged where Michael Jackson had been interrogated. Police said they believe that the media was attempting to bug investigators when Jackson was brought in for questioning.
Have a profitable day.
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