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The Fokker Chronicles



Heads up:

Rosh Hashanah begins this evening and could lessen the liquidity for the rest of the week. Economic numbers tomorrow include the CPI, Initial Jobless Claims, and the Phila Fed.

Brokerage Chatter:

Bear dropped the EMS sector from overweight to market weight citing the Celestica (CLS:NYSE) preannouncement and a deterioration in some sector drivers. Deutsche cut Verizon (VZ:NYSE) from buy to hold on valuation. UBS lowered Nvidia (NVDA:NASD) from neutral to reduce on valuation. Goldman trimmed numbers on Lexmark International (LXK:NYSE) for the Sep qtr taking ests from $1.01 to $0.98 in addition to cutting FY'05 numbers.

UBS reworked its estimates on Research in Motion (RIMM:NASD) taking FY'05 from $1.75 to $1.72 (vs. $1.80 cons) while raising FY'06 from $2.01 to $2.30 (vs. $2.16 cons). Prudential upped the independent refiners taking Valero Energy (VLO:NYSE) and Sunoco (SUN:NYSE) from underweight to neutral and Tesoro Pete (TSO:NYSE) from neutral to overweight based on a better risk / reward. Merrill downgraded Coca Cola (KO:NYSE) from buy to neutral.

Financial Headlines:
Stories :

The MBA mortgage applications for 9/10 came in -2.0% vs. 7.

Investor's Intelligence(II) released its weekly sentiment survey and found bulls increased to 50% (from 45.9%) while bears dropped to 24.5% (from 26.5%).

Fitch rating agency boosted its 2004 global growth forecast to 3.9% from 3.6%. They predicted activity would however cool to 3.3% in 2005. Fitch warned that robust growth, along with continued high oil prices, may jumpstart inflation and could prompt the U.S. Federal Reserve to raise interest rates to 4% by the end of 2005.

According to the Wall Street Journal, The Gap(GPS:NYSE) said its new concept will aim at women over 35. The company will market 10 new stores in the second half of 2005 in a segment made up of over 40 mln American women.

According to the NY Post, Goldman Sachs (GS:NYSE) will sell the last piece of AMEX option trading in a deal puportedly worth $4-$6 mln with a group led by former SLK partner Stuart Sternberg.


Xilinx (XLNX:NASD) lowered its guidance for Q2 on the update saying rev's would be down 5%-7% vs. Q1 vs. prior guidance of 2-4% growth. That would put revs at $397-$402.5 mln vs. $429.75 mln cons.
(ORCL:NASD) reported EPS of $0.10 vs. $0.09 on rev's of $2.215 bln vs. $2.23 bln cons.
Best Buy (BBY:NYSE) reported Q2 EPS of $0.53 vs. $0.51 cons on rev's of $6.08 bln vs. $6.09 bln cons. The company guides in line for Q3 seeing Q3 EPS of $0.41-$0.47 vs. $0.44 cons while for FY'05 the company sees EPS of $2.80-$2.93 vs. $2.90 cons.

Around the world in 80 ticks:

AP news reports that an Iraqi militant group threatened today to attack Iraqi universities if the Iraqi authorities continued to permit women to study alongside the men.

Reuters reports that Turkey's original plans to outlaw adultery in the country has been removed over what officials claim was outrage from the European Union and infuriated women's rights groups. One party head in the Turk parliament said that even if the ban was instituted, most would ignore it and commit adultery anyhow.

LA times reports that the CIA staff charged with capturing bin Laden was grossly understaffed. In a report given to the Senate Intelligence Committee, one official was cited as ranking the effects at about 3 on a scale of 10 in terms of resources.

Reuters is reporting that the winds from Hurricane Ivan kept the storm a Category 4 strength and added that the Florida Panhandle and U.S. gulf coast was in for a whopper. Officials were cited as saying the regions oil and natural gas production facilities were in danger of disruptions from the storms.

Have a great day and for those observing the Jewish holidays, have a happy and healthy new year!


position in orcl, gps, gs, vz, ko
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