The Fokker Chronicles
Europe was rebounding today showing strong gains across the region. The DAX was up 1.23% and the IBEX was gaining 1.45%. Asian stocks were again mixed today as the Japanese Nikkei posted a slight loss and the Hang Seng added 0.79%. Spot gold was modestly higher as the dollar index traded down. Crude oil was expected to trade lower today as the OPEC's Qatar Minister said cartel members should pump at will which consequently sent brent crude in London off its most recent highs and into negative territory for most of its session.
Earnings will again remain light today although after the bell, earnings will be reported by Hovnanian(HOV:NYSE). The economic data for today will bring us total vehicle sales for May and lookout tomorrow for Non-Farm Productivity, Initial Jobless Claims, Continuing Claims, Factory Orders, and the ISM Non-Manufacturing data.
Smith Barney will be hosting the 2nd day of its semiconductor conference and looking ahead to tomorrow, the OPEC meeting in Beirut will discuss the possibility of an oil output increase.
Goldman Sachs was a little cautious on the brokers this morning citing the potential for upside surprises was unlikely. FTN Midwest downgraded Boston Scientific(BSX:NYSE) to neutral from buy. Prudential downgraded McDonalds(MCD:NYSE) to neutral-weight from overweight. Oracle(ORCL:NASD) had its estimates raised at Lehman Brothers.
Gold Fields Ltd(GFI:NYSE) was upgraded to buy from neutral at Merrill Lynch. Banc of America upgraded Siebel Systems(SEBL:NASD) to buy from neutral while it cut Home Depot(HD:NYSE) to neutral from buy. WR Hamrecht upgraded Comverse Tech(CMVT:NASD) to buy from hold. UBS upgraded Nvidia(NVDA:NASD) to buy from neutral and raised its price target to $28 from $25.
The weekly Investors Intelligence(II) data showed that bulls rose to 45.1 from 42.4 while the Bears fell from 27.3 to 24.5.
Mortgage Applications fell for the fourth consecutive week as refinancings hit two year lows over the past week.
Beazer Homes(BZH:NYSE) announced it will issue $150 million worth of convertible bonds after the close today representing more than 10% of its market capitalization.
Urban Outfitters(URBN:NASD) declared a two for one stock split.
Altera(ALTR:NASD) said it sees revenues at the high end of its prior range.
Fairchild Semi(FCS:NYSE) reiterated its 2nd quarter sales guidance.
Albertson's(ABS:NYSE) beat by $0.04.
Triquint(TQNT:NASD) reiterated its 2nd quarter and full year guidance on its mid quarter update yesterday.
Around the world in 80 ticks:
USA Today reports that two propane tankers had been stolen from a Texas gas company over this past holiday weekend. FBI officials said today they are deeply concerned as to the motives and whereabouts of the takers carrying a combined 5,600 gallons of propane. The FBI spokesman added that "we don't want to alarm anyone," while urging the public that in order to avoid a major catastrophic attack, they could use a hand.
According to Arab paper, Asharq Al-Awsat, Iran has said it had produced its first stealth missile, nicknamed Kowsar, which can evade radar and electronic detection.
According to the BBC News and The New York Times, former ally of the U.S., Ahmed Chalabi has been accused of revealing to the Iranians that the U.S. had broken secret intelligence and communication codes of Tehran.
Last night the Detroit Pistons eliminated the Indiana Pacers 69-65 to advance to the finals where the Los Angeles Lakers will be waiting. The Lakers will host the first game of the series on Sunday.
The Associated Press reports that last night Miss Australia Jennifer Hawkins became the newly crowned Miss Universe by a slim vote that left Miss USA as the runner-up. Among modeling and dancing, Miss Australia choreographs a dance team in her home country, enjoys surfing, camping and watching ballet. The other runner-ups included Miss Puerto Rico, Miss Paraguay (the favorite heading into the final round according to The Chronicle's staff) and rounding out the remaining beauties Miss Trinidad & Tobago. The panel of judges had some controversy which featured Emilio Estefan, actress Bo Derek, and supermodel Petra Nemcova. According to AP wires, runner-up reality show contestant on the Apprentice, Kwame Jackson was dismissed as a judge on Monday after inadvertently greeting some of the beauty queens in the lobby of their hotel.
AP news wires report that a 36 year old mom and her 20 year old son were charged yesterday with attempting to extort and conspire to commit a felony against Cracker Barrel in a hairy and tail tingling hoax. The woman claimed she found a mouse in her soup while eating lunch on Mother's Day but what was later discovered by investigators was that the mouse had been planted. The mouse prompted the halt of all sales of its vegetable soup before finding in the subsequent investigation that the mouse had been dropped into the soup after the soup had already been cooked up to which the woman's only reply was, "rats!"
Have a great day.
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