The Fokker Chronicles
Hey Toddo, where's the Fokker shout out?
European markets rose modestly half way through their session. The London FTSE gained 0.72% as the standout performing index trading just off its highs off the day. Asian markets finished another positive day as the Japanese Nikkei closed up 1.65%. US equity futures were trading around unchanged as they gave its early gains following the economic releases on the PPI and jobless claims.
Look out for earnings after the closing bell today from Analog Devices(ADI:NYSE), BEA Systems(BEAS:NASD) and Dell Computer(DELL:NASD). Natural Gas Inventory data will be released later this morning at 10:30amED.
3M Company(MMM:NYSE) was cut to in-line at Solomon Brothers. Soundview upgraded Texas Instruments(TXN:NYSE) and Lehman Brothers upped Brocade(BRCD:NASD) to equal weight. Credit Suisse First Boston lowered its US Tech weighting to neutral. Merrill's July IT spending survey fell from June but said it is growing a case for at least a modest hardware upgraded cycle. Goldman Sachs raised its estimates on Fox Communications (FOX:NYSE) and News Corp(NWS:NYSE). Soundview also raised its price target on Fox and EchoStar Comms(DISH:NASD)to $30 a share and $37 a share respectively.
McDonald's(MCD:NYSE) was cut to market perform from outperform at Wachovia. Harley-Davidson(HDI:NYSE) was upgraded at UBS to buy from neutral. Merrill Lynch has reinstated its coverage of Broadcom(BRCM:NASD) and PMC Sierra(PMCS:NASD) with sell ratings. First Boston upped Tiffany(TIF:NYSE) to neutral from underperform and raised its price target to $32 from $26. Bear Stearns has raised its price target for gold and copper producer Freeport McMoran(FCX:NYSE) to $32 from $27.50 and is now assuming .95/lb copper and $350/oz gold.
The Wall Street Journal reported the MetLife's(MET:NYSE) New England Securities unit is being formally probed by the SEC as revealed in the company's 10Q filing.
R.J Reynolds(RJR:NYSE) was reported in the Wall Street Journal to have been refusing the release of documents subpoenaed by the SEC over its expense accounting. Report mentions the possibility that the SEC will sue to obtain those documents from the company.
Urban Outfitters(URBN:NASD) beat by $0.05, declared a 2-1 stock split. The company also announced its CFO will be stepping down.
Brocade(BRCD:NASD) reported in line with estimates; Brocade guided its 4th quarter EPS in line with consensus estimate.
AnnTaylor(ANN:NYSE) reported in line with consensus.
Around the world in 80 ticks:
ABC News reports that Libya has agreed to the establishment of a $2.7 billion compensation fund for the families of victims of the Pan AM bombing in 1988.
Debka reports that Islamic Jihad chief was presumed dead during a shoot out with Israeli forces in Hebron.
AP Newswire reported yesterday Arnold Schwarzenegger has formally announced that he will add financial guru Warren Buffett as his senior economic adviser as the actor prepared for his run for California Governor.
According to BBC News, the French health ministry has said the recent European heat wave has potentially claimed up to 3,000 lives.
The Washington Post reports this morning that the National Football League is gearing up for its season kickoff next month with a free, four-day celebration on the Mall in DC. If the NFL is granted approval for use of the Mall from the National Park Service, the festival is said to include football clinics, autograph sessions, and a concert featuring Britney Spears, Mary J. Blige and Aerosmith. The festival will begin on Labor Day, September 1st and end on the 4th with a concert leading up to the opener of the Redskins Jets game in Fed Ex field.
Have a profitable day.
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