Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

The Fokker Chronicles

By

PrintPRINT


World Markets:
Europe was modestly stronger midway through their trading session. The German DAX the standout performer gaining nearly 1%. Asian markets closed mixed with Japanese Nikkei closing slightly lower but the Hang Seng finished up 0.71%. U.S. futures were poised for a stronger open on the heels of some positive earnings reports. US Bond prices continued their slide from yesterday following the 8:30EDT CPI reports that matched survey estimates. Click here to see what Brian Reynolds had to say on the economic reports.

Heads-up:
Look out for the earnings reports after the bell from such notables as Advanced Micro Devices(AMD:NYSE), Apple Computer(AAPL:NASD), Intl Business Mach.(IBM:NYSE) and Qlogic(QLGC:NASD).

Brokerage Chatter:
Lot of chatter as you might expect on Intel(INTC:NASD). Morgan Stanley raised their 2003 estimates by 4 cents, Merrill raised their numbers for full year 2003 and 2004, and Bear Stearns joined the party and upgraded INTC to outperform.

Fannie Mae had their estimates cut over at Morgan Stanley for 2003 and 2004 by 40cents and 25cents respectively. Merrill Lynch(MER:NYSE) was raised to overweight at JP Morgan and Morgan Stanley raised their price target. RBC cut Motorola(MOT:NYSE) to sector perform from outperform. Bear Stearns also made some negative notes on MOT. UBS upgraded both Circuit City(CC:NYSE) and Anheuser-Busch(BUD:NYSE) to buy from neutral. UBS also raised Bud's price target $61 from $52. Johnson & Johnson(JNJ:NYSE) was downgraded at Banc of America to neutral from buy and had their price target cut to $58 from $70. On the flip side, Thomas Weisel upgraded JNJ to outperform from peer perform. Bea Systems(BEAS:NASD) was upped at Merrill.


Financial Headlines:
Stories :
Citigroup(C:NYSE) CEO Sandy Weill to step down from his post, however will stay on as chairman. There has been some chatter following this untimely departure of Weill that suggests there could be a higher than expected Eron-settlement looming.

Bear Stearns(BSC:NYSE) announced it has received subpoenas from the SEC, NYSE and NASD.

Qualcomm(QCOM:NASD) raised their quarterly dividend by 40%.

Sears(S:NYSE) announced after the bell last night that they agreed to sell their credit business to Citigroup for $6 bln in cash.

Earnings:
Top earnings news includes Intel(INTC:NASD) from last night which beat by a penny and guided in line. Motorola(MOT:NYSE) also beat by a penny however, they guided the street lower. Teradyne(TER:NYSE) reported late last night and beat by 2 pennies but guided their 3rd quarter lower. Lucent(LU), not scheduled to report earnings until July 23rd, cut their forecast for their June quarter. RF Micro Devices(RFMD:NASD) beat by 2 pennies and guided the street inline.

This morning, JP Morgan(JPM:NYSE) reported much better numbers as they beat consensus estimates by 27cents with revenues of $8.60 bln vs. the $8.50 bln estimate. Ford Motor(F:NYSE) beat by $0.06 but guided 3rd quarter estimates below consensus. EMC Corp.(EMC:NYSE) beat by a penny. Mercury Interactive(MERQ:NASD) beat by 2 pennies.

Around the world in 80 ticks:
BBC News reports that the Iranian government has acknowledged that a Canadian-Iranian photojournalist was beaten to death after she was arrested for taking pictures outside a prison.

Unlikely hero, Hank Blalock of the Texas Rangers, smacked a game-winning two-run homer with two outs in the bottom of the eighth inning to give the American League a 7-6 victory and home field advantage for the American League in October at last nights All-Star Game. ESPN News.

Have a profitable day.

Fokker

< Previous
  • 1
Next >
position in fnm, intc
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE