The Fokker Chronicles
Europe was seen getting a lift mid way through their session. The German DAX and French CAC rose 1.70% and 1.80% respectively. Asian markets were much firmer with the Japanese Nikkei closing just under 2% for the day and the Hang Seng finishing equally as strong.
This afternoon we'll receive reports from American Express(AXP:NYSE), Barrick Gold(ABX:NYSE) and Sprint(FON:NYSE). Lookout tomorrow for Alcatel(ALA:NYSE), Dupont(DD:NYSE), McDonalds(MCD:NYSE), and Verizon(VZ:NYSE).
Countrywide Financial(CFC:NYSE) was upgraded at Morgan Stanley to overweight from equal-weight, raised its 2004 estimate well above consensus, and also raised their target to $96 from $83. Solomon Brothers upped the chemical sector from market weight to overweight, specifically upped Dow Chemical(DOW:NYSE) and Eastman Chemical(EMN:NYSE).
Walt Disney(DIS:NYSE) upgraded at Soundview to outperform from neutral and had their target raised to $28 from $17. Baxter Intl(BAX:NYSE) was reiterated with a buy at UBS and had its price target raised to $35 from $30. UBS also downgraded All State(ALL:NYSE), PartnerRE(PRE:NYSE), and RenaissanceRE(RNR:NYSE) to neutral from buy. Federated(FD:NYSE) was upgraded at AG Edwards to buy from hold.
Taiwan Semi(TSM:NYSE) was upped at Merrill Lynch. Fed Ex(FDX:NYSE) had its numbers taken down at Credit Suisse First Boston. AT&T(T:NYSE) was upgraded at First Boston to outperform from neutral. Bear Stearns made some positive chatter on Cisco Systems(CSCO:NASD) expecting a solid quarter from them when they report next week. Bear thinks there could be a penny upside to earnings. Merrill Lynch is out cautious on Nextel(NXTL:NASD).
Bloomberg reported that an unnamed source has seen a recommendation from the European Central Bank(ECB) suggested that they have been selling all of its bonds in Freddie Mac (FRE:NYSE) and Fannie Mae (FNM:NYSE) and has recommended that its national central banks do the same. The ECB spokeswoman and officials at the 12 central banks have declined comment.
Friday after the closing bell, Qualcomm(QCOM:NASD) said it will sue Texas Instruments(TXN:NYSE) for breach of its patent agreement. TXN says QCOM's patent complaint is "without merit".
Also from Friday evening, Baxter(BAX:NYSE) said they have received an FDA approval for Advate hemophilia treatment.
Acclaim(AKLM:NASD) was granted a 180 day listing extension by Nasdaq. Stock closed Friday at 0.67 a share.
Oxigene(OXGN:NASD) received FDA orphan drug status for Combretastatin. Shares were seen up more than 50% preopen.
According to First Call, nearly 65 percent of the S&P 500 companies have posted quarterly earnings coming into this morning. Approximately 66 percent of these companies have beaten estimates, 22 percent have met expectations and 12 percent have missed forecasts.
DTE Energy(DTE:NYSE) beat their estimates by $0.08
Humana(HUM:NYSE) beat by $0.08.
SPX Corp(SPW:NYSE) beat by $0.01, and reaffirmed guidance for full year 2003.
Xerox Corp(XRX:NYSE) beat First Call by a 2 pennies, ex items.
Air Products(APD:NYSE) misses by a penny, ex items and guides their 4th quarter below consensus.
Royal Caribbean(RCL:NYSE) beat by $0.13
SAFECO(SAFC:NASD) beat big by $0.45 better than the Reuters Research consensus of $0.36.
Northrop Grumman(NOC:NYSE) beat by 23 cents and raised their full year guidance above consensus.
Around the world in 80 ticks:
The Associated Press is reporting that legendary comic and entertainer Bob Hope has pasted away. Hope celebrated his 100th birthday in May.
MSNBC reports that soldiers are closing in on Saddam Hussein. At least twice in the past week, US soldiers have reportedly raided houses where they believed they may have missed Saddam by less than 24 hours.
Reuters reports that police have made a positive ID of a decomposed body found in a field outside Baylor and announced it was missing Baylor University basketball player Patrick Dennehy. Dennehy's former teammate was arrested last week on suspicion of his murder.
The Sunday Times is reporting that Tony Blair will seek a third full term.
According to Reuters, North Korea is considering conducting a nuclear test unless the US responds positively to its proposals. Japanese and North Korean sources were quoted by a Japanese newspaper on Saturday.
Have a profitable day folks.
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