The Fokker Chronicles
At 9:50amEDT lookout for the University of Michigan confidence report with expectations for 94.0
Smith Barney is out with positive comments on Dow Chemical (DOW:NYSE), Lyondell Chemical (LYO:NYSE), and Nova Chemicals (NCX:NYSE) following a recent meeting with consultants. Jefferies upped Applied Materials (AMAT:NASD) from underperform to hold and KLA Tencor (KLAC:NASD) from hold to buy.
Morgan Stanley dropped Medtronic (MDT:NTSE) from overweight to equal weight on valuation. Bear lowered STMicroelectronics (STM:NYSE) from outperform to peer perform. Lehman cut Allstate (ALL:NYSE) from overweight to equal weight on valuation.
Bloomberg.com reported that Pfizer(PFE:NYSE) along with 14 other drug makers have been accused by a group representing California drugstores in a lawsuit of conspiring to keep Canadian medicines which are lower priced away from the U.S. consumer.
The NY Post reports that UBS AG(UBS:NYSE) is near a deal to purchase Charles Schwab's(SCH:NYSE) institutional research and trading unit for as much as $300 million.
Bloomberg newswires has reported that Oracle(ORCL:NASD) has extended PeopleSoft(PSFT:NASD) $21/share hostile offer to September 10th. Typically, Oracle in the past has extended its hostile offer by a month but opted this time for the more aggressive two week stance.
Google(GOOG:NASD) lovers and investors alike will get another toy to play with as they list their options on multiple exchanges today.
Novellus(NVLS:NASD) on its mid quarter update gave an upbeat conference while issues guidance to the lower end of estimates.
Around the world in 80 ticks:
Reuters reports that after reviewing the tragic airline crash in Russia, authorities have changed their investigation following the discovery of explosives material found in the wreckage in one of the two Russian airliners. A Web site known for militant Muslim comment, published a claim of responsibility for downing the two planes, ultimately connecting the terrorist action to Russia's fight against separatists in Chechnya.
Mary Dhume of Summerford Ohio had her life apparently saved by a mysterious prank phone call according to AP news. Ms. Dhume was at home watching WWE smack down on her television Monday night when the phone rang from the adjoining room. When she got to the phone, nobody was there on the other line but suddenly her living room along with her recliner was greeted by a pickup truck which had veered off the road and plowed into her house. Dhume said she saw the driver run away as she alertly dialed 911 and later that evening troopers caught Carlos Cummings and charged him for failing to control his vehicle.
The College football season kicks off this weekend as the number 1 ranked USC Trojans take on Virginia Tech Hokies.
Have a great weekend.
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