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The Fokker Chronicles

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World Markets:
European markets were already weak today heading into the US payroll numbers. Those markets weakened further along with the US following those reports. See Brian's post for more on that.

Heads-up:
With all of the jobs data out, and the earnings front still at its beginning stages, the focus will remain on the sell-side conference schedule. Thomas Weisel Partners' Healthcare Tailwinds 2003, Goldman Sachs' 10th Annual Global Retailing, and the Deutsche Bank's Global Emerging Markets conferences all continue today.


Brokerage Chatter:
Intel
(INTC:NASD) had its numbers taken up at several shops around the street today following its mid quarter update. Morgan Stanley and Piper Jaffray took up estimates, and Bear Stearns raised estimates and Intel's price target from $31 to $33. On the heels of Intel's positive report Bear Stearns has raised Dell's (DELL:NASD) numbers for 2004 and 2005.

Oxford Health(OHP:NYSE) was cut to neutral at UBS. AstraZeneca(AZN:NYSE) was upped at Deutsche. Deutsche also upgraded PeopleSoft(PSFT:NASD) to a buy from hold and raised their price target to $24 from $16. American Air(AMR:NYSE) was upped at Lehman Brothers(LEH:NYSE). Wal-Mart(WMT:NYSE) was downgraded at Bank of America. National Semi(NSM:NYSE) received a few upgrades this morning that included UBS and Deutsche Bank following a positive quarterly report. Ebay(EBAY:NASD) was upped over at Merrill Lynch

UBS downgraded both Health Mgmt Assoc.(HMA:NYSE) and HCA Inc.(HCA:NYSE). Solomon Brothers cut BEA Systems(BEAS:NASD) to in-line from outperform after the bell last night. ON Semiconductor (ONNN:NASD) started with an outperform at Soundview and a price target of $7 a share. Danaher(DHR:NYSE) was downgraded at Smith Barney to in-line from outperform.

Prudential raised their view of the Wireless Services sector to market outperform from market perform and individually ups Nextel(NXTL:NASD), Sprint PCS (PCS:NYSE), Western Wireless(WWCA:NASD) to buy from hold. UBS made Andrx Corp (ADRX:NASD) their top pick in the drug sector. UBS also initiated coverage on Fannie Mae(FNM:NYSE) and Freddie Mac(FRE:NYSE) with buy ratings. Wachovia downgraded a handful of retailers to market perform including Abercrombie(ANF:NYSE), The Gap(GPS:NYSE), Ann Taylor(ANN:NYSE) and Pacific Sunwear(PSUN:NASD).


Financial Headlines:
Stories :
The skinny on net money inflow/outflow mutual fund data reported from AMG was Equity funds reporting net cash inflows totaling $4.2 billion for the four-day week ended September 3rd. Domestic Small Cap and Aggressive Growth funds reported inflows of $1 billion and $547 million, respectively. International Equity funds report inflows totaling $1.3 billion to all emerging and developed regions. Taxable Bond net cash inflows total $399 million with High Yield Corporate Bond funds reporting inflows of $1.14 billion and Government Bond funds investing in mortgage-backed securities reporting outflows ($778 million); and outflows overall ($824 million) from all Government Bond funds sectors. Money Market funds report outflows ($14.7 billion) from Taxable funds and inflows totaling $2.5 billion to funds investing in tax-exempt securities. Municipal Bond funds report outflows ($374 million) for the seventh consecutive week.



Earnings:
Intel(INTC:NASD) raised its revenue range again during the mid quarter update. The company now sees $7.6-7.8B versus prior guidance (which was raised recently on August 22nd) of $7.3-7.8B. Intel also said their gross margins will be at high end of 56% guidance.
PeopleSoft(PSFT:NASD) upped its guidance.
Chartered Semi(CHRT:NASD) raised it 3rd quarter forecasts and revenue estimates from 3-7% to 5-8%,
Pall Corp.(PLL:NYSE) beat by $0.05, ex items.
Eli Lilly(LLY:NYSE) raised its 2003 profit forecast.


Around the world in 80 ticks:
The AP reports a US commander near Tikrit, Iraq believes the coalition is close on Saddam Hussein's trail and was quoted as saying that Saddam could most likely be hiding in or around his hometown of Tikrit.
Ex-Jet John Hall, wins it for the Redskins in the season opener, 16-13. A 33-yard field goal with 5 seconds won it for the skins.



Have a terrific weekend.

Fokker

position in fnm
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