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The Fokker Chronicles

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Heads up:

When crude futures re-open, traders could find themselves trading oil above $50 a barrel. In the overnight session which just ended, November crude futures settled at $50.02 and will resume trading in the pit session at 10amEDT.

Also at 10amEDT the government will release its Consumer Confidence number for September with expectations of 99.50 according to the Bloomberg survey.

After the bell lookout for earnings from Solectron(SLR:NYSE) while tomorrow afternoon will get the earnings report from Micron Tech(MU:NYSE).


Brokerage Chatter:

Bank of America has tweaked its asset allocation this morning with cash moving from 30% to 25% and bonds from 15% to 10% and the resulting 10% recommended into TIPS. JP Morgan removed Northrop Grumman (NOC:NYSE) and Frontline Limited (FRO:NYSE) from its Focus List. Goldman raised its integrated WTI oil estimates for '05 and '06 to $40 per barrel.

FBR downgraded Juniper (JNPR:NASD) to market perform from outperform and cut their target price to $25 from $28. FBR also lowered its Q3 EPS estimate to $0.10 from $0.11, noting that two large customers, AT&T (T:NYSE) and China Telecom (CHA:NYSE) may spend less than anticipated in Q3. Merrill Lynch lowered EPS estimates on Federated(FD:NYSE), JC Penny(JCP:NYSE) and Saks(SKS:NYSE) due to the impact of hurricanes and higher gas prices. Prudential out with positive comments on General Electric (GE:NYSE), citing an attractive outlook with double digit EPS growth in '05 and pickup across a number of businesses.

Financial Headlines:
Stories :

Dow Jones news reports that the FDA has widened its investigation into the effects of antidepressants and will conduct a study to determine if a link exists between the treatments and suicide rates in adults. The study follows an earlier study which found evidence between these drugs and incidents with children.

Calpine (CPN:NYSE) priced 89 mln shares at $2.75 through Deutsche Bank and also priced a $600 mln convertible note. CPN announced the intent to issue the shares and convert as part of a strategy to reduce its debt and enter a 10-yr. lending agreement with Deutsche Bank.

Earnings:
Lowe's (LOW:NYSE) sees Q3 EPS of $0.65-$0.66 vs. $0.65 cons unchanged from previous guidance with FY EPS of $2.69-$2.71 vs. $2.70 cons.
Cypress Semi (CY:NYSE) is cutting Q3 rev guidance to $219-$221 mln vs. $244.5 mln cons and EPS $0.03-$0.05 vs. $0.13 cons based on sustained weakness across multiple markets and little business improvement during September.
Valero Energy (VLO:NYSE) raised its Q3 EPS to $3.00 vs $2.54 cons citing increase in demand from hurricanes.


Around the world in 80 ticks:

Bloomberg news reports that North Korea has "weaponized" enriched uranium from nearly 8,000 nuclear fuel rods. The North Koreans defend its right for possession due to what it calls the threat of nuclear attack from the Americans. In April, South Korea said that with 8,000 spent fuel rods, eight nuclear bombs could be developed while the U.S. currently believes that they are in possession of at least one or two nuclear bombs.

The BBC reports that after an internal audit of the FBI, it was found that a huge backlog of terror tapes remained to be researched. The audit discovered that nearly hundreds of thousands of tapes were still un-translated and could pose a major a security threat, but the FBI wouldn't know because they have yet to go through them.

Maybe Austin Powers was on to something when he became wary of the evils in Kraplakistan. The Associated Press reported today that Kyrgyzstan arrested a man trying to sell plutonium. In a nuclear sting operation, national security service agents posed as buyers and arrested the man last week after confirming that he was in possession of plutonium-239.


Have a great day!


Fokker
position in t, ge, cpn
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