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12:02 ET Philly Fed stronger than expected : The always volatile but rarely informative Philly Fed index rose to 6.1 in November from -13.1 in October, better than the -0.5 consensus. We would caution against placing too much emphasis on these huge monthly swings in the Philly index. The fact that it's bouncing around the breakeven level is probably the only information here - that the manufacturing sector continues to struggle, but is not deteriorating further.
17:16 ET Hewlett-Packard doesn't see improvement in IT spending (HPQ) 16.85 +0.30: -- Update -- On call, says it doesn't see any meaningful improvement in IT spending or capital spending.... adds that it is not counting on a strong holiday buying season.... notes that it will spend most of time on today's call discussing Q4 (Oct) performance and that it will use its analyst meeting Dec. 3-4 to discuss its outlook, and industry outlook, in more detail.
09:03 ET CDW Computer downgraded at Raymond James (CDWC) 52.70: Raymond James downgrades to Outperform from Strong Buy given valuation and the lack of a near-term catalyst; in addition, firm believes that IT spending by CDWC's core small- and medium-sized business customers may have softened in the first half of Nov following what was probably a healthy Oct; cuts Q4 est to $0.51 from $0.52 and 2003 to $2.25 from $2.30 (latter is slightly below consensus).
GLW is more a hope of unseen assets. They sold some, and people seem to be hoping for more.
08:31 ET H & R Block upgraded at Solly (HRB) 35.18: -- Update -- Salomon Smith Barney upgrades to In-Line from Underperform and raises price target to $48 from $42 based on firm's greater comfort with HRB's disclosure of its litigation position.
A Spanish provincial government has already gone to Linux; the current issue of Network World has an article on FDX migration of a part of their system to Linux with more to come. The article also mentions the fact that there have only been two outages while running Linux and both were not operating system related. MSFT has that huge cash position, but even cash runs out if revenues drop. The new licensing formula seems to have annoyed many customers. Seems like down is in the future for MSFT.
Yes, that's what i thought. Should make Tuesday's number interesting. Cheers.
16:12 ET Georgia-Pacific to stop production at 3 sites (GP) 14.99 -0.46: Company to suspend plywood production at Russellville, S.C., Gloster, Miss., and Talladega, Ala., facilities, effective Dec. 1, cites lack of demand
Anyone know if this is a competition cutback or is it more fundamental? Not my area. Thanks
16:37 ET Applied Materials says environment not expected to improve (AMAT) 14.70 -0.37: -- Update -- On conference call, says the fiscal Q4 results were achieved in a very, very difficult environment that it doesn't expect to improve anytime soon... notes that despite increasing DRAM prices and decline in inventories, it continues to wait for an inflection point... AMAT +0.10 at 14.80
11:53 ET Goldman Sachs overestimated Sears charge, but sticks with estimate cut (S) 20.61 -2.09: -- Update -- Goldman Sachs says they overstated Sears' Gold Mastercard chargeoffs on a 9-month lagged basis in Q3 due to an incorrect calculation (real rate was 8.1%, rather than 13.9%... see earlier comments); however, firm says that on a 12-month basis chargeoffs reached 13.0% in Q3, and therefore firm still believes that S may have to increase chargeoffs and reserves more than expected; hence, firm maintains this morning's FY03 est cut to $4.80 and as well as their downgrade to Underperform.
11/11/2002
Dow Jones News Services
(Copyright © 2002 Dow Jones & Company, Inc.)
BAGHDAD (AP)--Iraq's parliament condemned a tough, new U.N. resolution as being full of lies and ill intentions during a special session Monday in which a senior lawmaker urged it be rejected - a prospect that likely would bring on war.
President Saddam Hussein, however, has used parliament to provide some cover for difficult decisions in the past, and harsh rhetoric doesn't necessarily mean parliament ultimately will reject the proposal.
Saddam ordered parliament to recommend a formal Iraqi response, but it wasn't clear if a vote would come Monday night. Iraq has until Friday to accept or reject the resolution, approved unanimously last week by the U.N. Security Council.
Salim al-Koubaisi, head of parliament's foreign relations committee advised following the "wise Iraqi leadership," but recommended it reject the resolution.
....
Well, if they ramp it tomorrow they will have to do without me. LOL
LOL, and I was thinking the opposite. Those who are "comfortable" seem to not spend. Does he carry any cash when he goes out? How old is the car he drives? If the answers is no, and over five years my bet is on the $$ being there. LOL
Well, here's the answer.
07:38 ET El Paso falls far short of consensus; plans to exit energy trading (EP) 9.20: Reports Q3 loss of $0.02 per share, $0.29 worse than the Multex consensus of $0.27. Revenues fell 16.1% year/year to $2.66 bln vs the $2.18 bln consensus. Announces plan to exit the energy trading business. EP expects to complete its annual budgeting process and a review of the impact of the new accounting rules on energy trading within six weeks.
MIR mentions possibility of bancruptcy protection for the first time DJ 14:05
MIR says CFTC also probing "small number" of trades. DJ 12:16
MIR accounting under Justice Dept. investigation DJ headline 12:06
Hi Joe- how about:
1. If the "soft spot" is extended then no demand.
2. Are the dividends safe? Seen lots of dividends disappear lately.
3. Have been some cancellations of new plant. See 1.
09:06 ET Fed decision at 14:15 ET : There are no economic releases today, leaving all eyes on the Fed's announcement at 2:15 pm ET. The question today is not whether the Fed eases - with the market placing the probability of a 25 bp cut at 100%, there is little question that we'll get a rate cut. The question is whether we'll see 25 or 50 bp. The market places the probability of 50 bp at 18%. We still lean toward 25 bp, as the Fed has tended to be more optimistic than the market regarding the economy in recent months, and therefore more cautious with policy.
Tramp!! <g>
08:49 ET IBM files to sell 19.3 mln shares (IBM) 81.68:
Sold 1/2 smh puts for .65, 1.00
13:39 ET Telecom equipment turns south: JNPR, CIEN, CSCO, TLAB : Have seen a dramatic drop in telecom equipment stocks over the past 20 minutes or so. Hearing that reversal in JNPR, CIEN and CSCO is based on them not being mentioned as specific suppliers on the Verizon conference call this afternoon. Hearing that on the call Verizon is saying that it is building out long distance, but not increasing spending.
Bot SMH Dec 25 puts
12:20 ET Tenet Healthcare: no negative news in tonight's call; co does not face FBI probe (THC) 25.15 -3.60: -- Update -- Announces that rumors that the company intends to announce new negative news on its conference call are untrue; says the purpose of the conference call is simply to respond to investor questions about recent events, and that there will be no "new disclosure event." Also, the co is not under investigation in connection with the FBI's service on Wednesday of search warrants at two physicians' offices and Redding Medical Center, THC's hospital in Redding, Calif.
Yeah, I give it a 4, really can't dance to it.
SI is like molasses for me.
11:29 ET IBM sees economy, not tech market bottoming (IBM) 78.65 1.91: -- Update --
13:07 ET CIGNA issues 2003 guidance significantly below consensus (CI) 36.80 halted: -- Update -- Announces that it expects 2003 operating income to be in the range of $875-$925 mln, or $6.25-$6.50 (consensus is $8.84); Operating income for the co's Employee Health Care, Life, and Disability Benefits segment for 2003 is expected to be $675-$725 mln. Co will host a conference call on Oct 28 at 8:30 AM ET (call-in: 888-747-3493).
12:43 ET CIGNA halted: news pending (CI) 36.50 -27.10: -- Update --
14:09 ET Market slide attributed to renewed war fears : We are hearing that traders are attributing the mkt's slide in the last half hour to renewed war fears following Iraq's announcement that it will kick out foreign journalists.
Nice work, thanks.
Phily Fed #'s. Weaker than concensus -4%, -13.1
Jeez, no, I didn't know about the Tuesday schedule. Another thing to track! Just what I need. LOL
Bank it.
I know Shulz- he is a maniac!! LOL Seriously, a very shrewd and extremely quick trader. I repeat very quick!!
12:59 ET Microsoft (MSFT) 46.37 -0.14: Stock seems to be getting a small boost after announcing their earnings release date (Oct 17); while this may sound like a trivial event, we hear some traders are interpreting this as meaning the risk of a preannouncement has passed.
Great minds!!