The Fokker Chronicles
Europe is stronger early on with most markets up 0.30 to 0.80 percent on the heels of some positive earnings announcements. Asia was mixed, Japanese Nikkei finished up 1.36% while the Hang Seng closed down 1.08%. The US was poised for a slightly higher open.
No significant government economic releases to focus on today which means plenty of time for earnings reports. Good thing there are plenty of reports then. This afternoon will brings us numbers from Computer Associates(CA:NYSE), Electronic Data Systems(EDS:NYSE), LSI Logic(LSI:NYSE), Qualcomm(QCOM:NASD), STMicroelectonics(STM:NYSE), Veritas(VRTS:NASD). Tomorrow looks busy as well with American Internation(AIG:NYSE), AT&T(T:NYSE), Baker Hughes(BHI:NYSE), Biogen(BGEN:NASD), Kulicke & Soffa (KLIC:NASD), KLA Tencor(KLAC:NASD), MBNA(KRB:NYSE), SBC Comm(SBC:NYSE), Taiwan Semi(TSM:NYSE), Ebay(EBAY:NASD), and Northern Telecom(NT:NYSE).
Soundview upgraded Micron Tech(MU:NYSE) to outperform from neutral. Amazon(AMZN:NASD) received some upgrades following their report last night. Credit Suisse raised AMZN to outperform from neutral and JP Morgan upgraded them to neutral from underweight.
Reebok(RBK:NYSE) was cut to neutral from buy at Merrill Lynch. Wendy's (WEN:NYSE) was cut to equal weight from overweight at Lehman Brothers. UBS upgraded Intuit(INTU:NASD) to buy from neutral. Deutsche Bank upgraded both Corning(GLW:NYSE) and Computer Sciences(CSC:NYSE) from hold to buy.
Trimeris(TRMS:NASD) was cut to market perform at Piper Jaffray and had its price target slashed from $62 to $44. Alcan Aluminium(AL:NYSE) upgraded at Prudential to buy from hold.
Bear Stearns made some changes to their asset allocation. Bear is taking 5% off the table on their cash allocation and putting into bonds. No change to their equity allocation.
A senior source at Iraq's State Oil Marketing Organization has said that Chevron Texaco(CVX:NYSE), BP(BP:NYSE) and a few others have signed their first post Saddam long term crude oil sale contracts in Iraq.
The Wall Street Journal reports an Abbott Laboratories (ABT:NYSE) subsidiary today will plead guilty to a federal felony charge of obstructing an investigation of its defrauding of the government health-insurance programs.
The IDC reports that despite the SARS outbreak, China PC shipments are said to be up 14 pct in the 2nd quarter.
Amazon(AMZN:NASD) beat by $0.04, ex items; guided up for the 3rd quarter and for full year 2003.
Sun Micro(SUNW:NASD)reported breakeven results versus consensus of a 2 penny gain.
Amgen(AMGN:NASD) beat by 3 cents and raised their full-year guidance.
Broadcom(BRCM:NASD)beat by a penny.
Storage Tech(STK:NYSE) beat by $0.03.
Siebel Systems(SEBL:NASD) reported in line.
CNET(CNET:NASD) beat by a penny.
Vitesse Semi(VTSS:NASD) reported their 3rd quarter in-line.
Beazer Homes(BZH:NYSE) beat the street by 6 pennies and raised the 2003 estimate.
LendingTree(TREE:NASD) beat by 10 cents
Linear Tech(LLTC:NASD) beat by a penny.
Schlumberger(SLB:NYSE) beat estimates by 6 cents.
Wyeth(WYE:NYSE) reported 16 cents better than estimates.
Eastman Kodak(EK:NYSE) beat the street by 33 pennies
Lucent(LU:NYSE) reports in line with their preannounced estimate.
AOL Time Warner(AOL:NYSE) beat by 2 cents and beat revenues.
Boeing(BA:NYSE) beat numbers by 19cents for the quarter. Raised guidance for the 3rd quarter and for full year 2003. However, BA gave negative guidance for 2004.
Around the world in 80 ticks:
The Associated Press cited former President Clinton yesterday as providing some solace for President Bush's erroneous reference to an Iraqi-Africa uranium link saying it was understandable due to the fact that Saddam Hussein's regime had not accounted for some weapons by that time.
Following the deaths of Saddam's sons yesterday, the BBC has reported that a new Saddam audio tape emerged on Arab TV urging to continue the fight against U.S. forces. It has been noted that the tape is at least 2 days old
Reuters is reporting that President Bush's deputy national security aide, Stephen Hadley, took the blame for a controversy over the Iraqi/African uranium charge. Hadley said the CIA had warned him earlier about including that intelligence information in the State of the Union and that he should had deleted its reference but failed to do so due to an oversight on his part.
Amnesty International has reported some Iraqis complaining of torture by U.S. forces.
Reuters reports diplomatic sources in Japan as saying that North Korea could declare itself an atomic power very soon if the US does not respond to its proposals for ending the current standoff.
Have a profitable day.
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