The Fokker Chronicles
Europe was mixed to up today halfway through their session. Asian markets traded mixed as well today, as the Japanese Nikkei closed down 0.36% and the Hang Seng finished slightly higher. US equities gave up much of its earlier gains and traded nearly unchanged heading into the opening of trading.
All eyeballs on Greenspan's long anticipated Humphrey Hawkins Testimony is expected 11amEDT. His testimony will continue tomorrow. After the bell today, earnings reports from Brocade(BRCD:NASD), Computer Sciences(CSC:NYSE), Medtronic(MDT:NYSE), Walt Disney(DIS:NYSE) and Yum Brands(YUM:NYSE).
Smith Barney upped Goldman Sachs(GS:NYSE) to buy from hold, raised its 2004 EPS estimates above consensus, and took up its price target to $122 from $110. CSFB upgraded Motorola(MOT:NYSE) to outperform from neutral and raised its target to $20 from $16. JP Morgan upgraded Accredo Health(ACDO:NASD) to overweight from neutral. Lehman cut its weighting on small-cap tech from overweight to underweight. Oppenheimer upgraded Novellus Systems(NVLS:NASD) to neutral from sell.
JP Morgan downgraded Network Associates(NET:NYSE) to neutral from overweight. UBS upgraded Ann Taylor(ANN:NYSE) to buy from neutral. Banc of America upgraded Electronic Arts(ERTS:NASD) to buy from neutral. Wachovia downgraded Countrywide Financial(CFC:NYSE) to underperform from market perform. JP Morgan changed up its coverage on the autos, specifically raised Ford(F:NYSE) to overweight while it cut General Motors(GM:NYSE) to neutral.
Bloomberg newswire reports that Comcast(CMCSA:NASD) has made a hostile $66 billion bid for Disney(DIS:NYSE) in an all stock deal. The proposed merger values Disney at $26.47 per share, a $5 billion premium to last night's close.
Take Two(TTWO:NASD) announced that it has entered into a world-wide pact with the Cartoon Network. The deal will allow Take Two first look rights to develop and publish video game content for all Cartoon Network branded properties.
Coca-Cola(KO:NYSE) beat by $0.02
American Intl(AIG:NYSE) beat by a penny.
Fox Entertainment(FOX:NYSE) beat by $0.01.
XL Capital(XL:NYSE) beat by $0.08.
MetLife(MET:NYSE) reported in line.
Leapfrog(LF:NYSE) missed by $0.01 however topped its revenue estimates.
Prudential(PRU:NYSE) beat by $0.03 and authorized a $1.5 billion share buyback.
Orbitz(ORBZ:NADS) topped estimates by 19cents.
priceline.com(PCLN:NASD) beat by 2 cents.
Sycamore(SCMR:NASD) reported in line and missed on revenues.
Around the world in 80 ticks:
Back to back days of car bombings in Iraq have brought the total killed to nearly 100. BBC news reports that a second car bomb went off outside an army recruiting center in Baghdad today and officials said the suicide attack was aimed at killing other Iraqis.
Democratic hopeful Wesley Clark is expected to announce today that all hope is gone as John Kerry continued to add to his lead following the Virginia and Tennessee primaries.
AP newswires report that a half hour before 66-year old Deloris Clark had her doctor's appointment, she and her 71-year old husband robbed a local Gainsville bank to pay the medical bill. Deloris drove the getaway car while her husband ran inside the bank with a bag of sand which he claimed to be a bomb. The country sheriff's bomb squad took charge of the situation and told reporters that the elderly couple was currently behind bars.
Big bark out to Josh, the big black Newfoundland pup who took home the dog trophy last night at New York's Westminster Kennel Club show. Reuters reported that 155 pound dog is owned by Peggy Helming of Flemington, New Jersey.
Have a great day.
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