The Fokker Chronicles
Europe traded weaker leading up to the U.S. opening bell. The German DAX led the way lower trading down over 1.40% on the heels of yesterday's late U.S. equity meltdown. Bonds were off their worst levels heading into the economic flurry after they had been down a full point. US equities lost ground and Bonds remained volatile following the barrage of economic releases. See Brian Reynolds take on the numbers for more on that.
More economic numbers are on the way. The Michigan Sentiment is expected out at 9:45amEDT., and the consensus is looking for 90.50. At 10amEDT the ISM Manufacturing and Construction Spending will be released.
CSFB raised its price target on Cisco Systems(CSCO:NASD) to $20 from $17. Johnson & Johnson(JNJ:NYSE) was downgraded at Merrill Lynch. Credit Suisse First Boston raised Walt Disney(DIS:NYSE). JP Morgan downgraded both Essex Bancorp(ESX:NYSE) and Cardinal Health(CAH:NYSE) to neutral.
A California state court ruled in favor of Altria's(MO:NYSE) Philip Morris unit, citing the company isn't liable for the lung cancer of a Los Angeles smoker.
Europe's largest theme park, Euro Disney, had their shares hit following the company's comments that it may not meet its debt obligations.
Amgen(AMGN:NASD) received FDA approval for ENBREL to treat rheumatoid arthritis patients.
According to the Wall Street Journal, The Council of Institutional Investors, a pension fund association, is planning on issuing a report that will accuse the NYSE of having poor governance and that it does not sufficiently protect its investors.
Cigna(CI:NYSE) beat by 5 cents however revenues were on the light side.
Walt Disney(DIS:NYSE) beat by 3 cents
Gilead Sciences(GILD:NASD) beat by 2 cents
Business Objects(BOBJ:NASD) reported results in line but guided their 3rd quarter lower.
Adobe(ADBE:NASD) issued 3rd quarter guidance in line during their mid-quarter update.
ChevronTexaco(CVX:NYSE) beat by 11cents
Digitimes reports that Applied Materials(AMAT:NASD) CEO said that their customers remain cautious on capital spending.
Around the world in 80 ticks:
AL Jazeera has a new audio tape in their possession from Saddam and on it the former dictator urged all Iraqis to rid themselves of the occupiers. The tape was allegedly produced several days ago.
The New York Times reports that upon the capture of Saddam Hussein, the Iraqis will be able to put him on trial in front of a special tribunal of Iraqi judges.
North Korea finally gave in and agreed to talks with the United States saying they are ready to accept a U.S. proposal for six-nation negotiations in regard to its ending of its nuclear weapons programs, according to the Associated Press.
The Associated Press reports that in an interview given to German newspaper, Tageszeitung Daily, former weapons inspector Hans Blix said he didn't believe that neither President Bush nor Tony Blair had lied to the public prior to the Iraqi attack.
Manchester United finished off Juventus, 4-1, in an exhibition game last night at the Meadowlands in New Jersey.
Have a terrific weekend.
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