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15:21 ET CSCO Cisco Systems backlog taken out of context - Solly (12.88 +0.72) -- Update --
Salomon Smith Barney says that people are misinterpreting CEO Chambers' comments about the improved outlook for CSCO's backlog; firm says the backlog number is useless as orders are always back-end loaded, and during the qtr the Sept and Oct order patterns were in fact below target.
CISCO <CSCO.O> CEO SAYS SEES Q2 SALES FLAT TO DOWN A LITTLE
(Reuters 11/06 14:21:52)
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AMD <AMD.N> CHAIRMAN SANDERS SAYS LONG-AWAITED RECOVERY IS
(Reuters 11/06 13:10:14)
UNDER WAY
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just picked up some QLGC/KLAC.
U.S. JUDGE APPROVES MOST PROVISIONS IN MICROSOFT ANTITRUST
(Reuters 11/01 13:21:09)
SETTLEMENT-TV REPORT
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CHICAGO PURCHASING MGMT INDEX AT 45.9 IN OCTOBER VS 48.1 IN
(Reuters 10/31 06:59:34)
SEPTEMBER
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KLAC/NVLS downgraded per CNBC...
SANMINA-SCI SAYS TO RESTRUCTURE, SEES CHARGE $225-250 MLN OVER
(Reuters 10/29 13:16:53)
12-18 MOS
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ACTIVISION SAYS UPS 2003 REV GUIDANCE TO $934 MLN FROM $920 MLN
(Reuters 10/29 13:12:42)
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GE <GE.N> SAYS HAS MADE PROVISIONS FOR 'PROBABLE LOSSES'-
(Reuters 10/29 12:35:22)
FILING
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GE<GE.N>-ABOUT $800MLN IN INVESTMENT SECURITIES AT RISK OF
(Reuters 10/29 12:38:26)
LOSSES IN NEXT 12 MOS
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DJ Dlr Slips Rapidly -2: Talk Of Hedge Fund Selling Dollars
One New York-based currency strategist cited talk in the foreign exchange market that a large U.S.-based hedge fund may have been selling dollars, but the strategist noted neither he nor his colleagues had seen any evidence of such activity first hand.
Most currency market participants were caught unawares by the dollar's dip.
"I have absolutely no clue" what triggered the sharp downward move in the dollar midway through the New York morning, said John McCarthy director of foreign exchange at ING Barings Capital Markets in New York.
Around 11:15 a.m. EST, the dollar was off its earlier session lows, but still markedly weaker on the global day. The dollar was at Y123.75, down from its Y124.67 level early Monday morning in New York and from Y124.20 late Friday in New York. The euro was at $0.9821, sharply higher than its $0.9745 level early in the New York morning and up from $0.9767 late Friday.
Against the Swiss franc, the dollar was at CHF1.4916, down from CHF1.5063 earlier in New York and from CHF1.5012 late Friday in New York. Sterling was at $1.5535, up from $1.5471 earlier in New York and from $1.5506 late Friday.
A rash of stop-loss orders had been sold at Y124.20, noted Marc Chandler, chief currency strategist with HSBC in New York.
"Volatilities have been pretty depressed in the last week or so, and that's happening despite some fairly significant news globally," said David Gilmore, partner at Foreign Exchange Analytics. "When it comes to foreign exchange, the market's pretty quick to cover positions... (so there's) a little bit of a liquidation of dollar longs," he added.
Irrespective of the reasons behind the moves, the dollar is in new trading ranges. Chandler of HSBC said that now the euro has broken convincingly above $0.9800, which may now act as a support level for the single currency. . . -By John Parry and Tyler Lifton; Dow Jones Newswires . john.parry@dowjones.com; 201-938-2096 . tyler.lifton@dowjones.com; 201-938-2248 .
(END) DOW JONES NEWS 10-28-02
11:13 AM- - 11 13 AM EST 10-28-02
11:09 ET Dollar turns lower
The Dollar has taken a sharp turn for the worse as stocks sink further into negative territory. The greenback is down 0.6% from Friday's close. Not a huge move overall, but quite noteworthy given the decline occurred over just 1/2 hour of trading.
10:55 ET Cisco Systems cut to Equal-Weight at Morgan Stanley on valuation (CSCO) 11.46 -0.32:
:01 ET NVDA NVIDIA: UBS would sell into strength (11.39 +0.29)
UBS Warburg recommends selling NVDA into today's strength, saying that Friday's trade on anticipated mkt share gains has played out.
ADOBE SYSTEMS <ADBE.O> SAYS REAFFIRMS Q4 TARGETS
(Reuters 10/28 05:07:17)
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Signs of a crunch in America's markets for credit
“TWO months ago, I would have said the chances of a credit crunch were too small to measure,” says the head of syndicated loans at a big American bank. “Now, they are better than evens.”
The signs are ominous: low new-issue volumes for corporate securities, both debt and equity; falling amounts of loans extended by commercial banks; and a higher price for borrowing. A fairly benign explanation of the low volumes is falling demand for money among companies, after a surge of investment in the 1990s. Few companies, after all, want to build factories these days, or invest so much as they once did in information technology. Overcapacity remains. Meanwhile, the suspicion that consumers must soon cut back on their heavy spending justifies inventories kept as lean as possible, along with their financing.
http://www.economist.com/finance/displayStory.cfm?story_id=1403724
17:39 ET AMGN Amgen clarifies Q4 guidance (50 +0.20) -- Update --
During Q&A, company confirms that 2002 adjusted EPS guidance of a mid-teens growth rate implies $0.34 as the high end of the range for Q4 (Dec) guidance ... Multex consensus estimate is $0.34.
15 ET AMGN Amgen lowers 2002 guidance (50 +0.20) -- Update --
On conference call, company tightens its 2002 earnings guidance range to a mid-teens growth rate from the mid-20 percent growth rate given on its Q2 conference call.
16:49 ET TXN Texas Instruments guides Q4 below consensus (17.12 +0.02) -- Update --
For Q4, co sees EPS of about $0.02 on a pro forma basis, "plus or minus a few cents." TXN sees a 10% sequential decline in revenues, implying Q4 top-line of approx. $2.02 bln. The Multex consensus estimates for Q4 are $0.11 and $2.3 bln.
TEXAS INSTRUMENTS <TXN.N> SEES Q4 REVS DOWN 1O PCT FROM Q3
(Reuters 10/21 13:31:08)
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Siebel Systems may not see near-term benefit from Microsoft pact - Thomas Weisel (6.56 +0.36) -- Update --
Thomas Weisel believes that MSFT got the better end of the deal with SEBL announced today (8:35); in the short-term, firm is concerned the partnership will delay SEBL purchases, as customers now need additional time to evaluate the impact of the partnership and the technology requirements that it entails; while SEBL does get some short-term marketing dollars, firm says the revenue benefits from the partnership are at a minimum two quarters out.
15:06 ET SEBL Siebel Systems may not see near-term benefit from Microsoft pact - Thomas Weisel (6.56 +0.36) -- Update --
Thomas Weisel believes that MSFT got the better end of the deal with SEBL announced today (8:35); in the short-term, firm is concerned the partnership will delay SEBL purchases, as customers now need additional time to evaluate the impact of the partnership and the technology requirements that it entails; while SEBL does get some short-term marketing dollars, firm says the revenue benefits from the partnership are at a minimum two quarters out.
XILINX SEES DEC QTR REVS $278-285 MLN
(Reuters 10/17 13:21:46)
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JNIC wins contract w/SUNW:
15:44 ET QLGC QLogic falls on earnings rumor, JNI win (23.32 -3.08)
Stock has been notably weak today, due we're told to a rumor that the co may lower guidance as well as this morning's news that competitor JNIC won an OEM contract with SUNW.
15:21 ET UAL UAL Corp says Chapter 11 can't be ruled out (1.81 -0.22)
15:14 ET BPUR Biopure Corp announces positive Hemopure data (5.44 +0.42)
Announces that a majority of patients given Hemopure in a late-stage clinical trial did not need additional blood transfusions 6 weeks after treatment; however, about 2.9% of patients receiving the treatment experienced serious side effects that resulted in death, compared with 1.8% of patients receiving a standard blood transfusion; co says the difference was not statistically significant. Results released today will be used to support BPUR's Hemopure application with the FDA.
Capital One Warns of Slower Loan Growth
Tuesday October 15, 8:46 pm ET
By Philip Klein
NEW YORK (Reuters) - Capital One Financial Corp. (NYSE:COF - News) on Tuesday said its quarterly earnings rose, but signaled a slower-growth climate for credit card issuers as regulators crack down on lenders to those with poor credit.
The issuer, which achieved earnings growth of 30 percent in each of the last few years by adding customers through an aggressive advertising strategy, said it would spend less on marketing and instead grow in the 20 percent range in the long run. The news sent shares down in after market trading.
Capital One said it would especially cut back on its loans to those with poor credit. This so-called subprime market, which fueled its growth in past years, has come under greater regulatory scrutiny recently as many lenders racked up huge losses as the economy slowed.
"This is a challenging time for Capital One and investors," said Chief Executive Richard Fairbank in a conference call. "There is more than enough uncertainty. Adding to that uncertainty are the changes in the regulatory environment in the credit card industry."
http://biz.yahoo.com/rb/021015/financial_capitalone_earns_1.html
In the financial markets perception is everything. What can be perceived can be believed, if only for a short while. Today was no exception. The market shot up at the opening bell on news that earnings exceeded expectations. The general view mouthed throughout the day was that earnings are coming in much better than expected, and that companies have turned the corner. The Dow shot up several hundred points at the opening bell and reporters hailed the surge as sign that we have finally hit bottom. It is now time to get on with the recovery. Analysts and anchors were telling investors that this is the “real thing,” and a sustainable rally. Nothing could be further from the truth. The plain fact is this is nothing more than a tradable rally following many of the same characteristics of the summer rally that fizzled. For money managers who have been losing this year and the last three years, they are now forced back into stocks, which was the original intention of the intervention that helped to trigger it.
Earnings reports coming in from Citigroup and Bank of America got things started. Other reports from GM beat the Street and investors seemed to ignore the losses reported by Delta. The airlines are basket cases requiring government intervention to save them from bankruptcy. Costs are rising due to higher energy prices and rising labor costs. Air traffic is down in both the number of flights and the miles flown by passengers. The airlines are losing big money that keeps widening by the quarter and have now been forced to postpone taking delivery of jets ordered to modernize their fleet.
As far as the banks were concerned, Citigroup reported net income that rose 23% during the third quarter. Part of that gain was attributable to a $1.1 billion sale that generated a pretax gain of $830 million on the sale of its Park Avenue headquarters on September 25th. Without this gain, income growth would have been 13% versus 23%. The income gains came mainly from its mortgage and credit card divisions, the two areas most susceptible to an economic downturn if consumers retrench on their spending. Credit card earnings rose 21% as the spread between the costs of funds and what they charge borrowers rose to 11.09% from 10.93%. The bulk of the banks’ earnings are coming from the bubble in mortgages and consumption.
Other areas of the bank aren’t doing as well. At the brokerage division, Salomon Smith Barney earnings fell 7% as merger revenues and investment-banking fees fell sharply. The investment-banking unit dropped down to 10th place. Non-performing loans rose to $4.8 billion, or 3.5% of all loans to companies. The lending division more than tripled the size of its pool for bad loans to $710 million as the bank wrote off bad loans to Argentina and telecom companies. The company is seeking greater collateral from corporate borrowers.
Bank America, the biggest consumer bank, said profits almost tripled, driven by mortgages and credit cards. The bank’s investment banking business fell 18%. Bank America, like other money center banks, is making most of its money from lending to debt strapped consumers. The drop in short term interest rates has widened the lending spreads between what a bank pays its depositors and what it charges consumers to borrow. The trend in most bank lending and what banks are paying for funds has dropped precipitously with 11 rate cuts, while what they are able to charge to borrow remains high. Many consumers run up their credit card debt and then pay it off with equity extracted out of their homes through mortgage refinancing.
The excitement over Fannie Mae’s third quarter earnings is less than to be desired. Q3 earnings fell 19% as the largest buyer of mortgages had an unrealizable loss in the value of its derivative portfolio. The financial entities net income fell to $994.3 million from $1.23 billion a year ago. Analysts say that if you exclude the loss from derivatives, the mortgage lenders earnings actually rose 18%. Fannie Mae dismissed the derivative loss as irrelevant since they believe their only real exposure to derivative losses is in the event of a counterparty failure.
http://www.financialsense.com/Market/wrapup.htm
Intel CFO says tech economy still not recovering
(Reuters 10/15 13:54:44)
SAN FRANCISCO, Oct 15 (Reuters) - Intel Corp. <INTC.O> is
still not seeing a long-awaited recovery in the information
technology sector, the company's chief financial officer said
on Tuesday.
"The economy is still not recovering in our industry," Andy
Bryant, Intel's chief financial officer, told Reuters.
Bryant added that the company's third quarter came in at
the lower end of seasonal norms and he sees much of the same
for the fourth quarter, typically the strongest for the
personal computer industry.
"We saw low-end seasonality in the third quarter and we're
seeing low-end seasonality in the fourth quarter," Bryant said,
following the release of the chipmaker's third quarter results.
Noting that the overall technology market remains soft,
Bryant said, "As long we have a soft market, earnings are going
to be lower than we would like."
((--Duncan Martell, San Francisco bureau, 415 677-2536,
duncan.martell@reuters.com))
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INTEL CFO SAYS 'ECONOMY IS STILL NOT RECOVERING IN OUR INDUSTRY'
(Reuters 10/15 13:39:31)
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INTEL <INTC.O> CFO SAYS HE SEES 'LOW-END SEASONALITY' IN Q4
(Reuters 10/15 13:38:23)
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16:22 ET Intel guides Q4 revs below consensus, lowers 2002 capex (INTC) 16.52 1.42: -- Update -- Expects Q4 rev to be $6.5-$6.9 bln, vs consensus of $6.9 bln, and expects 2002 capex to be about $4.7 bln, lower than the previous expectation of between $5.0-$5.2 bln.
INTEL SEES 2002 CAPEX ABOUT $4.7 BLN, LOWER THAN PVS VIEW
(Reuters 10/15 13:17:44)
$5-$5.2 BLN
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QLGC strong ahead of earnings tomorrow.
Woman Dead in Virginia Shooting
Mon Oct 14,11:10 PM ET
By MATTHEW BARAKAT, Associated Press Writer
FALLS CHURCH, Va. (AP) - A woman was killed outside a Home Depot store Monday night, and police were trying to determine whether the shooting was related to the sniper spree responsible for eight deaths in the region in the past 12 days.
"A female has been shot and killed," said Fairfax County Police Lt. Amy Lubas. The woman was felled by a single shot at about 9:30 p.m., authorities. All the other deaths were also caused by one shot.
A police spokesman said roads were being closed in the area, about 10 miles west of Washington, D.C. The Maryland task force investigating the sniper attacks was conferring with Fairfax authorities to see if Monday's victim was the sniper's ninth.
http://story.news.yahoo.com/news?tmpl=story&ncid=533&e=1&cid...
NVLS popped end of day ahead of tomorrow's earnings.
11:17 ET S&P 500 holds towards session highs -- Technical --
Index holds towards session highs on notably strong volume and bullish market internals. Currently trading at 828, watch for initial resistance at 830 which represents its 20-day exponential moving average followed by additional overhead in the area of 838/840. To the downside, look for initial support at 820 followed by a subsequent floor at 810.
QLGC rolling over fast.
INTC Intel estimates cut by UBS, Salomon (14.18) -- Update --
UBS Warburg cuts its 2003 EPS estimate to $0.74 from $0.80 and reduces price target to $18 from $26. Salomon Smith Barney cuts 2003 to $0.70 from $0.79 and cuts target to $20 from $25; current 2003 Multex consensus is $0.76.
Intel infringes on patent:
09:06 ET INTC Intel: judge rules Itanium processors infringe Intergraph patent (14.18) -- Update --
Announces that a U.S. District Court has ruled that INTC's Itanium microprocessors infringe two patents owned by INGR.