The Fokker Chronicles
After a modestly higher start to the European day, most of the markets trended lower leading up to the US Durable Goods numbers. London markets reopened following their bank holiday yesterday and lost 0.74%. Asian markets finished mixed to weaker as the Japanese Nikkei gained a little better than ½ of a percent. The Hang Seng closed slightly lower. US equities saw brief spike leading into the economic release and then resumed its weaker posture. Check out Brian Reynolds post for more on the Durable Goods number.
Lookout for the Consumer Confidence release at 10amEDT. Bloomberg consensus is looking for 80.0 for the August survey. New Home Sales will also paint the tape at 10amEDT. Expectations are for 1,150k for July. After the bell, Dollar Tree(DLTR:NASD) and H&R Block(HRB:NYSE) will release their earnings results.
Piper Jaffray reiterated their outperform rating on Sports Authority(TSA:NYSE) and raised its target to $41 from $33 a share. Ciena(CIEN:NASD) was upped to neutral from reduce at UBS. Solomon Brothers is removing Gillette (G:NYSE) and replacing the company with Coca Cola Enterprises (CCE) on its recommended list.
McData(MCDTA:NASD) was downgraded by Lehman Brothers. SG Cowen upgraded Xerox Corp (XRX:NYSE) to strong buy from market perform. Jefferies upgraded Chicago Mercantile (CME:NYSE) to buy from hold. Internet Security(ISSX:NASD) was cut to sell from neutral at Fulcrum.
Intel(INTC:NASD) CEO Craig Barrett once again tried to temper investor optimism following the company's comments last week. In an interview with Reuters, Barrett said while Intel is seeing a stronger quarter, it is uncertain whether this would last the entire year.
Liberty Media Corp. (L:NYSE) has won EU approval to buy Comcast's(CMCSA:NASD) 57% stake in the QVC home shopping channel.
Americredit(ACF:NYSE) released earnings last night that were originally delayed from August 6th of a loss of 11cents a share 6 cents better than consensus.
Toll Brothers(TOL:NYSE) beat by $0.09
Digene Corp(DIGE:NASD) beat by $0.01
Siebel Systems (SEBL: NYSE) told analysts on a conference call yesterday afternoon that they plan to take a 3rd quarter earnings charge in the range of $80 million to $100 million.
Sports Authority(TSA:NYSE) announced new guidance following its recent merger with Gart Sports. The company is forecasting 3rd quarter sales of $530 million and EPS of $0.03-0.05 and for full year 2003, the company expects their EPS to be in the range of $1.85-1.90.
Around the world in 80 ticks:
Reuters reports that according to government experts, the upcoming Labor Day holiday weekend will see U.S. motorists paying record gasoline prices when they hit the roads.
As reported by the Dow Jones newswires, diplomats say that the European Union foreign ministers are expected to follow the U.S. and officially brand all of Hamas a terrorist organization when they meet next week.
In an interview that aired last night on "Access Hollywood", Reuters reports that former boxing champion Mike Tyson, who had served three years in prison on a rape conviction, offered his support of Kobi Bryant and said he could empathize with the basketball star.
Have a profitable day.
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