The Fokker Chronicles
Bed Bath & Beyond (BBBY:NASD) and Darden Restaurants(DRI:NYSE) will report after the bell today while tomorrow earnings from A.G. Edwards (AGE:NYSE) and Rite Aid (RAD:NYSE) will hit the tape.
Economic activity will be slow today ahead of the jobs data and Leading Indicators data due out tomorrow.
Deutsche Banc cut Cisco (CSCO:NASD) from buy to hold citing business uncertainty and macro concerns. JP Morgan upped RF Micro Devices (RFMD:NASD) from underweight to overweight. Morgan cut the European semiconductor sector from attractive to in line and dropped STMicroelectronics (STM:NYSE) from equal weight to underweight.
The weekly Investor's Intelligence(II) numbers showed bulls standing pat at 50% versus last week's 50% while bears fell to 22.9% from 24.5% prior.
The MBA mortgage application index for 9/17 came in at 1.8% vs. -2% in the prior week.
Fannie Mae (FNM:NYSE) released a statement today following the accounting probes by the OFHEO that reiterated what was originally found by the panel. The FNM Board has pledged its full cooperation with the regulators.
General Motors (GM:NYSE) is launching a major campaign that involves offering six year interest-free loans on most of their cars in an effort to reduce its inventory. The Wall Street Journal reports that GM will market the plan in a 6 day blitz worth a normal month of advertising dollars for the automaker.
According to Bloomberg, McDonalds (MCD:NYSE) plans on hitting China with a host of franchises in the near future.
Jabil Circuit (JBL:NYSE) reported Q4 EPS of $0.27 vs $0.26 cons on rev's of $1.6 bln vs. $1.63 bln cons.
FedEx Corp. (FDX:NYSE) reported Q1 EPS of $1.08 vs. $1.08 cons on revenues of $6.98B vs. $6.81B cons.
Morgan Stanley (MWD:NYSE) reported EPS of $0.78 vs. $0.96 cons on rev's of $5.42 bln vs. $5.81 bln cons.
Bear Stearns (BSC:NYSE) reported Q3 EPS of $2.09 vs. $1.09 cons on rev's of $1.53 bln vs. $1.48 bln cons.
Around the world in 80 ticks:
The BBC news reports that the Lebanese government has arrested the leader and some members of an Al Qaeda cell, thwarting an attack on Italy's embassy in Beirut with over 600 pounds of explosives. According to the reports, eight of the members arrested were of Palestinian and Lebanese descent.
Reports from the BBC site the hostage takers of the two Americans and a Briton last week as asking for the release of Iraqi's former expert on germ warfare, Rihab Rashid Taha, known in certain circles as "Dr. Germ" or "Mrs. Anthrax." U.S. authorities say this petrie dish was one of the more vocal Iraqi authorities that condemned the UN inspections prior to the Iraqi invasion. The U.S. said it would not free Taha despite the threats to kill the Brit held hostage and the murder of the two Americans.
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