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The Fokker Chronicles

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Heads up:

Intel(INTC:NASD) will likely be a marked tech as many banks put out cautious reports heading into its mid quarter update on Thursday. As volumes continue to look bleak, keep in mind the potential month-end window dressing in a thin tape as well.

Lookout later this evening for the ABC Consumer Confidence report.


Brokerage Chatter:

Morgan Stanley cuts its estimates and price target on Intel (INTC:NASD) expecting lower prior rev guidance at its Thursday mid-qtr update bringing the mid-point of the range lower from $8.9 bln. FTN Midwest also downgraded INTC to neutral from buy and Merrill also commented that its numbers may still have to come down citing an '05 consensus that appears far too high. Merrill upped Kohl's (KSS:NYSE) from neutral to buy based on easier comps and relative sales. Wachovia raised Juniper Networks (JNPR:NASD) from market perform to outperform and slightly upped its estimates for '04 and '05.

Morgan Stanley Europe upgraded Siemens AG (SI:NYSE) from equal weight to overweight. Piper Jaffray cut Guidant (GDT:NYSE) from outperform to market perform. Thomas Weisel slashed estimates on Fairchild Semi (FCS:NYSE) following weak channel checks. Prudential trimmed Altria's (MO:NYSE) estimates for Q3 to $1.24 vs $1.26 cons, Q4 to $1.09 vs $1.11 cons, and '04 to $5.10 vs $5.17 cons. TXU Corp(TXU:NYSE) was started with a buy rating at Smith Barney.


Financial Headlines:
Stories :

As expected, Schwab(SCH:NYSE) announced it has sold its Schwab institutional trading and research unit, Soundview to UBS for $265 million.

According to Marketwatch, Dow Chemical(DOW:NYSE) is in talks with the Chinese to build a $3 billion plant in that country.

Earnings:

Albertson's (ABS:NYSE) reported Q2 EPS of $0.34 vs. $0.33 cons on rev's of $10.2 bln vs. $10.24 bln cons.


Around the world in 80 ticks:

With Palestinians growing ever more bored over the reduced frequency of attacks in Israel, two buses were reportedly blown up today by an apparent terrorist attack killing 12 and injuring over 20 according to Israeli radio. AP newswires reports that the mass murder and terror attacks that have proven to be ineffective if not damaging to the Palestinian cause in the past have erupted again inside the city of Beersheba.

Protestors and picketers in New York City can save their breadth or at the very least clear up the street congestion and find a comfy air conditioned pub to vent their grievances with the administration because as Bloomberg news reports, President Bush will win four more years of office come November. According to eight separate forecasting models that use formulas devised by professors to predict the outcomes of presidential elections, Bush will defeat Kerry by 57.5% of the vote. An economist at Yale offered that his model has correctly figured the popular vote 19 out the past 22 election results.




Have a great day.


Fokker

position in sch, mo, kss, dow, txu
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