Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

The Fokker Chronicles



World Markets:
European markets were trading relatively unchanged rebounding from their early session lows. The German DAX bounced back from being down over 1.5% to down modestly. Japanese markets were closed for holiday however continued speculation that the Japanese government will reduce its sales of yen spurred the currency higher again today to its highest levels since late 2000. The dollar weakness was a non factor early on for US equity futures as they trended slightly higher in the early morning session. However, treasuries were finding some weakness once again.

President Bush will be speaking in front of the UN today at 10:30amEDT kicking off a two day visit in New York City. No economic releases scheduled until Thursday. After the close today, Scholastic Corp(SCHL:NASD) is due to report its earnings.

Brokerage Chatter:
Deutsche cut Samsung Electronics to hold. Lehman Brothers upped Intl Game Tech(IGT:NYSE) to equal weight from underweight. Commerzbank was upgraded by Deutsche Bank to a buy from a sell rating. Bear Stearns made some negative chatter on Intl Bus. Machines(IBM:NYSE) saying they have become "incrementally more cautious" based on the company's valuation. Bear consequently cited a diminishing risk/reward scenario. Bear Stearns raised Taiwan Semi's(TSM:NYSE) revenue estimate for its 4th quarter to match the street's consensus view.

Thomas Weisel upgraded Agere Systems(AGR:NYSE) to outperform from peer perform. AutoZone(AZO:NYSE) target was raised to $109 at Piper Jaffray. CIBC sees positive signs in oil services sector. Individually it upped Schlumberger(SLB:NYSE) on the sale of IT business. Bear Stearns upgraded Seagate(STX:NYSE) and Maxtor(MXO:NYSE) to outperform from peer perform. Merrill Lynch upgraded Marriott(MAR:NYSE) to buy from neutral and raises their 2003-04 estimates above consensus.

Merrill Lynch downgraded Extreme Networks(EXTR:NASD) to neutral from buy. JP Morgan upgraded Cheesecake Factory(CAKE:NASD) to neutral from underweight. Solomon Brothers downgraded several defense stocks while Thomas Weisel upped United Defense(UDI:NYSE).

Financial Headlines:
Stories :
The PR newswire and CBS marketwatch report this morning that Dana Corp(DCN:NYSE) Chairman and CEO, Joseph M. Magliochetti unexpectedly passed away last night. Magliochetti was 61 years old and had been hospitalized for pancreatitis.

As expected, the FCC yesterday approved of Univision(UVN:NYSE) $2.8 billion acquisition of Hispanic Broadcasting(HSP:NYSE).

Morgan Stanley (MWD:NYSE) beat by $0.46 and revenues were better at $5.25 billion versus the $5.04 billion consensus.
Lehman Brothers(LEH:NYSE) beat the street by $0.46. Revenues came in at $2.35 billion versus the $1.92 billion consensus.
Pep Boys(PBY:NYSE) guided its 3rd and 4th quarter estimates below consensus.
Goldman Sachs(GS:NYSE) beat by $0.10 with revenues in line with consensus.
AutoZone(AZO:NYSE) reported last night and beat the street by 29cents.
Verizon(VZ:NYSE) cut its 2003 capex guidance by $1 billion to $12-$12.5 billion.
Lowes(LOW:NYSE) sees its 3rd quarter and full year estimates at inline or slightly above. Company said it sees its comp sales ahead of forecast.

Around the world in 80 ticks:
President Bush will be on the defensive today in front of the UN says the Washington Post. Citing an interview he gave to Fox News, he will reinforce the decision that was made to invade Iraq. Fox News reports that Bush's speech, which is scheduled for 10:30amEDT will also make it clear to the UN that the other nations that joined the US made the right decision as well. The Wall Street Journal says that Bush will call for tougher enforcement on the proliferation of weapons of mass destruction in an attempt to shift some attention from Iraq.

AP newswires report that Iran said it will begin to limit its cooperation with the U.N.'s nuclear agency IAEA as the October deadline for the country to prove that its nuclear aims are peaceful draw near.

According to the AARP(American Association of Retired Persons) recently released study, 7 out of 10 workers now plan to work into their retirement years or never retire. Nearly half expect to work into their 70s or beyond.

The CNN/USA Today/Gallup poll of more than 1,000 Americans showed that Bush's job approval rating had slipped to 50 percent down from 60% in August and 71% in March. Wesley Clark, the former NATO commander and retired General, claimed an early lead on Bush 48% to 46% among those polled.

AP news reported yesterday that a 17 year old student in a Spokane Washington high school was critically wounded by a SWAT team officer. The boy had fired a handgun in his science classroom leading approximately 2,000 students and faculty to evacuate the school and then later aimed the gun at a SWAT officer.

According to ABC news and a study found in the American Psychological Association journal Health Psychology, it was found that the women that exercised in front of a mirror felt worse about themselves than women that did not.

Have a profitable day.


< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Featured Videos