MONDAY
SEPT 28 2009
MARKET UPDATE
2009-09-28
Stocks are indicated higher with DJIA futures up 11 to 9,630 and S&P futures up 1.4 points to 1,042.50 after news that Xerox (XRX) woudld buy ACS (ACS) for $6.4 billion.
European equity markets were higher with the FTSE up .4% to 5,100, the DAX 1% higher, and the CAC 40 up .1% . Japan's NIKKEI was down 2.5% to 10,100 as the yen reached an eight month high against the dollar ,and Hong Kong's Hang Seng was down 2.7%.
Treasuries are indicated up a tick as the 10-Year yield is at 3.32%.
Commodities are seeing
Oil is lower at $65.61, and spot gold is trading up at tick at $992.10
ECONOMIC & MACRO EVENTS
2009-09-28
These are today’s top economic data:
no major economic releases on deck
today is Yom Kippur
Earnings Today: Cal-Maine Foods (CALM)
ANALYST UPGRADES & DOWNGRADES
Barclays upgraded Cisco (CSCO) to Overweight
Citigroup upgraded Accenture (ACN) to Buy
Oppenheimer upgraded ViroPharma (VPHM) to Outperform
SunTrust upgrades Cabot Oil & Gas (COG) to Buy
Citigroup downgraded MEMC Electronic (WFR) to Hold
ING Group downgraded Royal Bank of Scotland (RBS) to Sell
Wells Fargo downgraded Jack Henry (JKHY) to Market Perform
BULLISH EVENTS
ACS (NYSE:ACS)
A buy-out offer from Xerox (XRX) is taking the stock 20% higher.
Time Warner (NYSE:TWX)k>
Stong interest in the stock as an investor said it would sell its publishing operation
Apple (NASDAQ:AAPL)
China Unicom confirms it will sell iPhone in autumn
Applied Materials (NASDAQ:AMAT)
Gets big service contract from Fujitsu Microelectronics
Achillon Pharma (NASDAQ:ACHN)
<Summary>Completes critica Phase 1a trial on important product
BEARISH EVENTS
Nokia (NYSE:NOK)
Nokia is moving down on news it is buying mobile international travel operator Dopplr
Charles Schwab
NASDAQ (NASDAQ:SCHW)
Concern as KBW drops EPS estimate on discount broker.
Xerox (NYSE:XRX)
Down on concerns it overpaid for ACS
Hovnanian (NYSE:HOV)
Death of founder and poor results weigh on shares
T Rowe Price (NASDAQ:TROW)
Investment in Twitter are huge premium raises eyebrows.