The Fokker Chronicles
Global markets were fairly muted today as most U.S. bond traders will be set to boycott trading today sooner that the French in a conflict. Speaking of which, the CAC40 was trading off 0.60% while the Spanish IBEX dropped 0.80% to lead most of Europe lower. The Japanese Nikkei finished the week with a 1.47% loss today. The Hang Seng ended down 0.53% on its session. Spot gold was trading higher this morning by nearly $4 as the dollar index was giving back 0.60 early on.
More economic news to cover before the mass exodus for the weekend as the May Factory Orders is due out at 10amEDT. When the U.S. returns from holiday next week June Non-manufacturing data will be welcoming us back.
Bond futures pits will close at 1pmEDT today while the cash markets will finish up for the weekend at 2pmEDT.
Bear Stearns downgraded New York Comm(NYB:NYSE) to peer perform after its restructuring news from last night. Sealed Air(SEE:NYSE) was cut to neutral at JP Morgan. EGL Inc(EAGL:NASD) was raised to a buy from neutral at Merrill Lynch. Bear Stearns lowered its estimates for Wendy's(WEN:NYSE). Watson Pharma(WPI:NYSE) had its rating cut to negative at S&P.
Banc of America increased its 2005 and 2006 estimates for Boston Scientific(BSX:NYSE). CSFB was making some positive comments on Pfizer(PFE:NYSE) forecasting better relative returns for the 2nd half of the year while keeping its outperform rating. Storage Tech(STX:NYSE) was upped to neutral at Banc of America.
AMG fund data shows that equity funds received net cash inflows totaling $3.753 billion in the week that ended June 30, $2.25 billion of which went into the iShares Russell 2000 Index fund.
Reuters reports that Chief Executive of New York Comm Bancorp(NYB:NYSE) Joseph Ficalora said late yesterday that his bank would remain open to a possible merger, but wanted to first restructure its balance sheet by selling off $5 billion of securities to reduce interest rate risk.
Nabors(NBR:NYSE) said yesterday that it has lowered its 2nd quarter guidance to $0.27-$0.28 compared to First Call of $0.35.
Sybase(SY:NYSE) warned for the quarter and said it now sees EPS and revenues of $0.17 to $0.20 on $188-192 million versus the Street estimates of $0.24 on $198.62 million.
Around the world in 80 ticks:
AP news reports that according to a purported statement from an Al Qaeda-linked group, Europe's three-month truce that was offered from Osama bin Laden has just about come to an end. On April 15th, Al-Qaeda vowed to carry out attacks in Europe following a three-month hiatus if Europeans failed to withdraw its troops from Muslim nations and according to another audio tape released by bin Laden for circulation on a London-based Arabic web site, the reckoning is approaching.
AP news reports that there'll be no friendly neighborhood Spiderman appearances anytime soon. Sadly for Chinese movie goers, movie theaters in China are banning overseas movies this month, including the potential blockbuster of Sony's Spider-Man 2.
According to the Wall Street Journal, Germany will be making a sweeping change to its long standing immigration policy and finally allowing "qualified" newcomers to settle in the country permanently.
The Associated Press reports that finally someone figured out how to make a 37 foot hot dog. As July ushers in National Hot Dog Month, Chicago yesterday hosted its annual Taste of Chicago festival where the world's largest hot dog, a 37 foot and two inches long Vienna Beef wiener topped with a gallon of mustard, a gallon of relish, 140 tomato slices, four pounds of chopped onions and 70 pickle slices was dished out. Vienna Beef said they will donate the comparable amount of beef to charity.
Have a terrific weekend.
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