The Fokker Chronicles
Global markets were mixed to lower today. The DAX traded down 0.40% halfway through its session while the CAC40 and London FTSE traded near unchanged, off its earlier lows following the US PPI and claims reports earlier. Check out Brian Reynolds commentary for more on the data released. US treasuries and spot gold were trading modestly higher however the dollar index show the US dollar losing group against a basket of the major global currencies.
Fed governors speaking today include Governor Bies and Bernanke. The Group of Seven Finance Ministers as well as Central Bankers will be meeting in the U.S today. Also look out for several shareholder meetings today including Johnson & Johnson(JNJ:NYSE), Pfizer(PFE:NYSE), Apple Co.(AAPL:NASD), and Tellabs(TLAB:NASD).
After the bell today, lookout for earnings reports from Amazon(AMZN:NASD), Amgen(AMGN:NASD), Broadcom(BRCM:NASD), Corning(GLW:NYSE), Microsoft(MSFT:NASD), and Xilinx(XLNX:NASD).
Altera(ALTR:NASD) was upgraded to buy from hold at Dresdner. Coca-Cola(KO:NYSE) was cut to equal weight from overweight at Morgan Stanley. ThinkEquity initiated coverage on Amazon(AMZN:NASD) with overweight rating. Great Lakes(GLK:NYSE) was upped at Goldman Sachs to outperform from in-line. Piper Jaffray upgraded Leapfrog(LF:NYSE) to market perform from underperform. Centex(CTX:NYSE) was upped to overweight from equal weight at Lehman.
Smith Barney upgraded Juniper(JNPR:NASD) to buy from hold and raised its 2004, 2005 and 2006 EPS estimates. Raymond James upgraded WebEx(WEBX:NASD) to strong buy from market perform. JP Morgan removed KLA Tencor(KLAC:NASD) from Focus List. Prudential upped Ford Motor(F:NYSE) to neutral weight from underweight.
Johnson & Johnson(JNJ:NYSE) said a unit of its won an FDA panel approval for a new Cordis Carotid System.
Boeing(BA:NYSE) issued a positive preannouncement for its 1st quarter estimates.
Caterpillar(CAT:NYSE) beat by 46 cents.
UPS(UPS:NYSE) beat by $0.05.
Hershey Foods(HSY:NYSE) beat by $0.01 and announced a 2-for-1 stock split.
Sunoco(SUN:NYSE) missed by $0.11.
Cabot Micro(CCMP:NASD) missed by $0.07.
Celgene(CELG:NASD) beat by a penny, and although revenues were light they raised 2004 guidance.
Merck(MRK:NYSE) beat by a penny, was slightly below estimates on its revenues and guided the 2nd quarter above consensus.
Alltel(AT:NYSE) missed by $0.05.
Nextel(NXTL:NASD) beat by $0.07.
Schering-Plough(SGP:NYSE) missed by $0.02.
Beazer Homes(BZH:NYSE) beat by 26 cents.
American Intl(AIG:NYSE) beat by $0.02.
Viacom(VIA:NYSE) topped estimates by 3 cents.
Capital One(COF:NYSE) beat by $0.32.
WellPoint Health(WLP:NYSE) beat by $0.21.
Qualcomm(QCOM:NASD) topped estimates by 5cents.
Altera(ALTR:NASD) beat by $0.02.
eBay(EBAY:NASD) topped numbers by 5 cents and raised its 2004 outlook.
Juniper Networks(JNPR:NASD) beat by a penny.
KLA-Tencor(KLAC:NASD) beat by $0.04 but provided disappointing revenue guidance for its 4th quarter.
Starbucks(SBUX:NASD) reported 2 cents better.
Around the world in 80 ticks:
AP news reports that a new terrorist group has emerged referring to itself as the "Yellow-Red Overseas Organization." The self-proclaimed but hardly unoriginal these days, "anti-America" group sent a letter to the South Korean Embassy in Thailand warning 8 US allies including South Korea, Japan, Thailand, the Philippines, Singapore, Australia, and threw in Kuwait and Pakistan for good measure that airlines, shipping, and other civilian targets would be in play for them. No demands were given at this time according to South Korean officials however it can be inferred that on top of the group's list would be a cease and desist on making the world more safe and civilized.
The health ministry in China released information today that a man in Beijing has been diagnosed with SARS, the first such case in nearly a year. In related news, the Washington Post cited a study released yesterday that suggests SARS could spread through an air-borne strain. The study was conducted on the outbreak in Hong Kong last year in which hundreds of people in an apartment complex were infected by the virus traveling through the building's air shaft.
Reuters has reported that the Saudi ambassador to the United States yesterday refuted allegations asserted in Bob Woodward's new book, "Plan of Attack" and also assured John Kerry, that Saudi Arabia and President Bush never cut a deal to keep oil prices down to Bush's bid for reelection.
The major networks reported yesterday that King of Pop, Michael Jackson was indicted on molestation charges by a California grand jury. The next hearing is set for April 30th at which time Jackson could be arraigned. Jackson earlier pled not guilty to counts of lewd acts on a child under 14yrs of age and another two counts of attempting to seduce a child with alcohol.
Have a great day.
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