The Fokker Chronicles
European markets were getting a good lift half way through their session. The CAC 40 was the standout gaining 1.85%. Asian markets finished mixed as the Japanese Nikkei closed up 0.67% and the Hang Seng went into the weekend off slightly. US equity futures were on their highs off the early morning session.
The afternoon here in New York looks like rain and more rain. More to follow later this weekend. Tuesday we'll receive a rate decision from the Federal Open Market Committee(FOMC). Current survey is for no change in rates and again the bias will watched carefully.
Computer Associates(CA:NYSE) was upgraded at Deutsche to buy from hold and raised their target to $28 from $25.
Solomon Brothers raised Freeport-McMoran(FCX:NYSE) and Phelps Dodge(PD:NYSE) to outperform on positive copper trends. FTN Midwest upgraded Dean Foods(DF:NYSE) to Buy.
XM Satellite(XMSR:NASD) upgraded at Deutsche to buy from hold and raised their target to $13 from $11,
Morgan Stanley reiterated its underweight on Pixar Animation(PIXR:NASD) and its target of $45 a share.
Microsoft(MSFT:NASD) in the Wall Street Journal this morning suggesting the European Union anti-trust case might be more serious than previously thought. They also mentioned that the tech industry could be in for longer lasting implications than what is widely believed.
Coach(COH:NYSE) declared a 2-for-1 stock split
Reuters reported that Tenet Healthcare(THC:NYSE) will be investigated by Florida's Medicaid program
The Wall Street Journal reported that the President of General Motors (GM:NYSE) expects the growth of sales incentives on U.S. cars and trucks will slow in the 2nd half of the year even with a pickup in the economy.
TEVA Pharma(TEVA:NASD) said the FDA has tentatively approved it's version of Pfizer's(PFE:NYSE) epilepsy drug Neurontin.
Genetech(DNA:NYSE) says they were awarded Orphan Drug status for Tarceva by the FDA.
NVIDIA(NVDA:NASD) beat by $0.03 and lowered their 3rd quarter guidance
Pixar Animation(PIXR:NASD) beat by $0.13 and posted stronger revenues than concensus.
Emulex Corp. (ELX:NYSE) reported 4th quarter a penny better than consensus. ELX said they see their 1st quarter revenues in range of $82 mln-$85 million vs. the street at $84 million.
Univision Communications (UVN:NYSE) reported 2nd quarter earnings per share of 16c, that's 3 pennies better than consensus.
Around the world in 80 ticks:
The Washington Times reports that the Bush administration, leading up to the nuclear talks, said that it is planning on offering written security guarantees to North Korea in a joint document with other regional powers. In related news, the South Korean Navy said that it fired warning shots at the North following an intrusion by the North Koreans.
In a new Bush approval rating poll, his overall rating dropped from 58 percent last month to 53 percent. 37 percent of those responding to the poll said they disapproved of the way he was handling his job. This disapproval percentage is the highest negative rating the president has received up to date.
Reuters reported late yesterday US scientists released research suggesting that Antidepressants could help create growth of new brain cells.
Have a relaxing weekend.
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