The Fokker Chronicles
In observance of the third anniversary of the 9/11 terrorist attacks tomorrow, the Nasdaq and the American Stock Exchange will suspend trading for a minute between 11 a.m. and 11:01 a.m. EDT this morning.
JP Morgan Europe cut Nokia (NOK:NYSE) noting competitive risks are still high and valuations stretched. Deutsche lowered ASML Holding (ASML:NASD) from buy to hold. UBS raised FedEx (FDX:NYSE) from neutral to buy based on expected outsource boom in China and U.S. share gains. Morgan Stanley cut Alcoa (AA:NYSE) from overweight to equal weight. Goldman upped Premcor (PCO:NYSE) from underperform to in line while downgrading Valero Energy (VLO:NYSE) from outperform to in line based on potential spike in oil.
UBS downgraded Dow Chemical (DOW:NYSE), Hercules (HPC:NYSE), FMC Corp (FMC:NYSE), and Eastman Chemical (EMN:NYSE) from buy to neutral on valuation. Merrill removed Vodafone (VOD:NYSE) from its Europe 1 List. Bernstein upgraded Cablevision (CVC:NYSE) from market perform to outperform. Legg Mason upped Coca Cola (KO:NYSE) from hold to buy on valuation. Morgan raised Golden West Financial (GDW:NYSE) from equal weight to overweight while dumping The PMI Group (PMI:NYSE) from equal weight to underweight.
AMG data showed that equity funds reported net cash inflows totaling $2.215 billion in the week ended September 8, with 71% going to funds investing in Domestic Equities ($1.579 Billion)
Walt Disney Co. (DIS:NYSE) CEO Michael Eisner has announced that he will step down when his contract expires in September 2006 according to Bloomberg. The Wall Street Journal reported that current DIS president Bob Iger, eBay (EBAY:NASD) CEO Meg Whitman, The Gap (GPS:NYSE) CEO Paul Pressler, News Corp(NWS:NYSE) COO Peter Chernin, and head of entertainment and networks at Time Warner (TWX:NYSE), Jeff Bewkes could be the successor.
Qwest Communications (Q:NYSE) has agreed to pay $250 mln to end an SEC investigation that the company overstated sales by $2.5 bln during 2000 and 2001.
Alcoa (AA:NYSE) guided Q3 EPS lower taking numbers to $0.37-$0.44 vs. $0.50 cons based on a strike in Quebec, a fire in PA, and restructuring charges.
Take-Two Interactive (TTWO:NASD) reported Q3 EPS of ($0.32) vs ($0.30) cons on rev's of $160.9 mln vs. $136,3 mln cons. The company guides FY'05 to $2.00-$2.20 vs. $2.26 cons.
Around the world in 80 ticks:
Reuters reports that the Florida Keys' residents were evacuating again today as Hurricane Ivan makes its descent on Jamaica. Ivan has been downgraded to a Category 4, however still packs winds between 130mph and 150mph. Meteorologists anticipate as late as Monday for Florida impact while many of the state's sports franchises have bumped up their Sunday schedules to Saturday in anticipation the storm could hit as early as Sunday afternoon.
In a sign that things in Florida could be breaking the spirits of some residents, the Associated Press reports that a Daytona Beach man was arrested and sentenced to six months in jail for throwing an alligator at his girlfriend. The Sheriff's office said the 3-foot gator had been kept in a bath tub and in a fit of rage following running out of his last Pabst beer, the man threw empty bottles at his girlfriend and then chased her out of the mobile home with his pet gator slung over his shoulder. The gentleman arrested told authorities that his girlfriend started it because she was upset they had run out of alcohol. Professor Tickles, who resides in the Hurricane state, was not immediately available for comment, but has been known to think gators make good pets.
Have a great weekend.
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