Positivo e Negativo a NY - Giorgia

Aggiorniamo il commento finanziario americano migliore che abbiamo: Thursday May 29th 7:47--Dollar General Q1 EPS was 18c/sh vs. 16c/sh consensus. Company raised full-year revenue guidance to $6.89B-$7.02B vs. $6.89B consensus but lowered EPS guidance to 83c-86c/sh vs. 86c/sh consensus. 7:43--UBS made negative comments on the big 3 automakers, saying there is still a risk of bankruptcy for the companies down the road. 7:32--The data are slightly positive stocks/negative bonds. The claims were a net -4K indicating a slightly better job market. The GDP revision is old news, but still stronger than expected. 7:30--Initial claims were -9K to 424K vs. 420K expected. Last week was revised to 433K from 428K reported previously. 7:30--Q1 GDP was revised to +1.9% from +1.6% previously reported. Expectations were +1.8%. Real final sales were +2.4% vs. +2.1% originally reported. 7:15--Kinder-Morgan is pricing a 4 mln share offering at $39.95. 7:12--Rohm & Haas received cautious comments from Bank of America. 7:00--Stocks are: S&P +2.00, Nasdaq +2.00. -Saudi Arabia said they arrested 11 more suspects involved in terrorist bombings. -Japan’s April Industrial Output was -1.2% which was as expected and vs. -0.1% previously. -Italian retail confidence fell for third straight month. -UK Consumer Confidence rose in May to -3 from -5 due to the end of the Iraq war. -Nikkei +1.7%, FTSE +0.1%, DAX +0.9%. Positive: -Hovnanian Q2 EPS was $1.60/sh vs. $1.21/sh consensus. Revenues were $679.8M vs. $633.0M consensus. Company raised full-year EPS guidance to $6.50-$6.75/sh vs. $5.74/sh consensus. -Ultimate Electronics Q1 loss was -10c/sh vs. -12c/sh consensus. Revenues were $155.7M vs. $155.3M consensus. -Take-Two Q2 EPS was 36c/sh vs. 35c/sh consensus. Revenues were $194.2M vs. $190.9M consensus. Company affirmed forward guidance. -Bausch & Lomb won FDA approval for its generic glaucoma drug. -Centene announced a 3-for-2 stock split. Upgrades: -Marathon Oil was upgraded to neutral from underweight at JP Morgan. -Nexgen was upgraded to perform from underperform at CIBC. Negative: -Tech Data Q1 EPS was 38c/sh vs. 40c/sh consensus. Revenues were $3.91B vs. $3.82B consensus. Company lowered Q2 EPS guidance to 34c-38c/sh vs. 41c/sh consensus but raised revenue guidance to $3.9B-$4.05B vs. $3.8B consensus. -La-Z-Boy Q4 EPS was 45c/sh vs. 40c/sh consensus. Revenues were $540.3M vs. $559.9M consensus. Company said it will suspend earnings guidance due to poor visibility and year-ago comparisons. -Qwest Q1 loss was -3c/sh vs. -9c/sh consensus. Revenues were $3.63B vs. $3.65B consensus. Company said the SEC investigation has been expanded. -VISX is selling 6 mln shares at $18 through Goldman Sachs for Carl Icahn. -Lucent announced $1.3B senior debt offering. -Celgene announced a $300M convertible offering. -Ask Jeeves announced a $100M convertible offering. -Cypress Semiconductor announced a $500M convertible. -Staples will sell 13.8 mln shares in company stock. Downgrades: -SBC unsecured debt rating was downgraded to A+ from AA- at S&P. -Tech Data was downgraded to neutral from outperform at CSFB. -Costco was downgraded to equal-weight from overweight at Morgan Stanley. -Veeco Instruments was downgraded to reduce from neutral at UBS. -Manugistics was downgraded to sell from hold at Deutsche Bank. -Alltel was downgraded to neutral from buy at UBS. -Aquila was downgraded to reduce from neutral at UBS. -Medicis was downgraded to neutral from buy at UBS. -Scientific Games was downgraded to equal-weight from overweight at Lehman. -JetBlue Airways was downgraded to equal-weight from overweight at Morgan Stanley. Neutral: -Merck filed to spin off its Medco PBM unit.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Wednesday May 28th 8:07--US troops found about 30 missiles in northern Iraq that are similar to Chinese silkworm. 8:02--ATI Tech’s graphics chips were chosen by several motherboard makers for integrated graphics chipsets. This has largely been the domain of NVidia over the years and should be seen as a loss for NVidia. 8:00--Redbook weekly retail sales were revised to -2.7% in the latest week vs. -3.0% reported last week. The BTM weekly number was reported +0.1% earlier this morning. 7:56--Microsoft liquidated its stake in Telewest Communications Plc for $5 mln after paying $2.6 bln for its share just three years ago. Microsoft owned 22% of the outstanding stock. 7:51--Engineered Support Q2 EPS was 50c/sh which was as expected. Company raised full-year EPS guidance to $2.20-$2.25/sh vs. $2.00/sh previously guided and vs. $2.05/sh consensus. 7:40--McData was downgraded to neutral from outperform at RW Baird. 7:30--April Durable Goods were -2.4% vs. -1.5% expected. Orders Ex-transportation were -1.2%, Ex-defense were -1.5%. Transportation Equipment orders were -5.4. Defense Capital Goods orders were -19.4%. The number is slightly positive for bonds and slightly negative for stocks. Looking below the surface, it is not as bad as reported. Volatile defense and transportation orders accounted for a portion of the weakness in orders. Taking out those categories would put the number closer to expectations. 7:15--Stocks are: S&P +6.00, Nasdaq +10.00. -Dollar sharply higher this morning on profit-taking. Gold down sharply as well for the same reason. Stronger US stocks also helping dollar higher. -Japan’s Koizumi said the US assured him that the US still supports the strong dollar. -Asian accounts said to be large sellers of US bonds. -Nikkei +1.4%, FTSE +1.5%, DAX +2.1%. Positive: -Costco Q3 EPS was 33c/sh vs. 31c/sh consensus. Revenues were $9.54B vs. $9.49B consensus. -Krispy Kreme Q1 EPS was 21c/sh vs. 20c/sh consensus. Guided full-year EPS to 90c/sh vs. 88c/sh consensus. -Toll Brothers Q2 EPS was 72c/sh vs. 68c/sh consensus. Said they saw pent up demand in April/May due to worries about the war in Feb/Mar. -Autozone Q3 EPS was $1.30/sh vs. $1.27/sh consensus. Upgrades: -McGraw-Hill was upgraded to overweight from equal weight at Morgan Stanley. -Choice Hotels was upgraded to buy from neutral at UBS. Negative: -Cyberonics Q4 EPS was 17c/sh vs. 16c/sh consensus. Company lowered Q1 EPS guidance to 8c/sh vs. 10c/sh consensus. Lowered full-year EPS guidance to 45c/sh vs. 50c/sh consensus. -Semtech Q1 EPS was 11c/sh which was as expected. Company lowered Q2 EPS guidance to 9c-10c/sh vs. 12c/sh consensus. -Microsoft is reducing the price of Office XP by 15%. -Ebay lost a judgment for $35M in a patent lawsuit. -Juniper Networks will sell $350M in senior notes. -Delta Airlines will sell $300M in convertible notes. Downgrades: -Interpublic was downgraded to in line from outperform at Smith Barney. -Alltel was downgraded at Deutsche Bank. -Tesoro Petroleum was downgraded at Merrill Lynch. -ChevronTexaco was downgraded to hold from buy at AG Edwards. -Broadcom was downgraded to hold from buy at AG Edwards. -Tribune was downgraded equal-weight from over-weight. Neutral: -RealNetworks is selling music for 79c each in direct competition with Apple’s 99c song popular offering. -Office Depot affirmed its Q2 EPS guidance.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Monday May 27th 8:02--Altria also getting hit by judge that ruled that lawsuits may proceed regarding light cigarettes advertising fraud lawsuit. That allows the suit demanding $289B in damages to proceed. 8:00--Treasury said they will sell $25.0B in 2-yr notes on Thursday. 7:54--Bonds sinking on no evidence of Fed buying? Just a guess with little news to push them lower. In recent weeks, the rally in bonds has been partly blamed on Fed buying as a tool to ease monetary policy. There also was a small bearish reversal pattern created in Friday’s holiday trade. 7:53--AT&T was downgraded to sell from hold at AG Edwards. 7:44--Tenet Healthcare CEO has resigned. 7:36--Microsoft will have to defend the anti-trust settlement appeal on its own. The Dept. of Justice said it will not offer arguments supporting Microsoft in the appeal case. Massachusetts and W. Virginia are still holding out for a stronger settlement against MSFT in the antitrust case brought by the states. 7:34--Bowater was downgraded to sell from hold at Prudential. 7:31--CenturyTel was downgraded to market perform from strong buy at Raymond James. 7:29--Sprint chose equipment by Nortel Networks to upgrade phone lines. 7:27--Salton was downgraded to underperform at CSFB. 7:26--Blue Rhino Q3 EPS was 14c/sh vs. 13c/sh consensus. Revenues were $59.9M vs. $58.1M consensus. Company affirmed Q4 EPS but lowered Q4 revenues. 7:24--Energy names downgraded at Wachovia: CEG, CIN, D, PGN, and SGC. 7:22--Developing--Bank One and JP Morgan were named in a $1.3B lawsuit involving bond sales. 7:20--Nationwide and Lincoln National were upgraded to overweight from neutral at JP Morgan. 7:20--SBC was upgraded to sector perform from underperform at RBC. 7:15--Stocks are: S&P -4.00, Nasdaq -6.00. -Euro is higher this morning after Monday’s IFO was 87.6 vs. 86.6. Also Monday, ECB official Solbes said that the euro’s appreciation is beneficial for inflation. -German wise man Wiegard said that he’s “convinced” that the ECB will cut rates by 50 bps on June 5th. ECB VP Papademos said that EU inflation may recede more than the bank had forecast. -Yen up slightly even though MOF’s Mizoguchi said that the gov’t would take action as necessary on forex. April nationwide retail sales were -2.7% vs. -1.0% previously. It was the 25th straight month down. -Nikkei -1.3%, FTSE -1.3%, DAX -1.6%. Positive: -Wal-Mart said sales are meeting its previous forecast. -Cell Therapeutics announced positive trial data. -A VISX laser procedure was approved by the FDA. Upgrades: -Choicepoint was upgraded to outperform from neutral at CSFB. Negative: -Qualcomm reportedly is suffering from lower sales volume in China due to SARS. -Apple received negative comments in Barron’s regarding valuation. Downgrades: -Avid Tech was downgraded to neutral from overweight at JP Morgan. -Research in Motion was downgraded to underweight from neutral at JP Morgan. -Nortel was downgraded at RBC. -Altria was downgraded to neutral from buy at UBS. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Friday May 23rd 7:26--Matrixone was downgraded to neutral at Soundview. 7:22--Occidental Petroleum was upgraded to overweight from neutral at JP Morgan. 7:17--Research In Motion was upgraded to overweight from equal weight at Lehman. 7:09--Novell said they will cut an undisclosed number of jobs. Said that customers are still unwilling to spend on software. 7:08--Micron Technology was downgraded to reduce at UBS. 7:00--The House passed $330B in tax cuts and $20B in aid to states 231-200. The senate will vote at about 8:30 CDT. 7:00--Stocks are: S&P -2.00, Nasdaq -2.00. -A bomb exploded on a bus in Israel. -Iraqi official was arrested overnight. He was #8 on most wanted list and was the King of diamonds. -WSJ is reporting that Uday Hussein is considering surrendering but is waiting to see what his charges will be. He is reportedly camped out in a Baghdad suburb. -Euro higher after EU officials said they do not have a ceiling for the euro against the dollar. -Bonds higher on terror fears going into the long holiday weekend. -Nikkei +1.7%, FTSE -0.4%, DAX -1.3%. Positive: -Aeropostale Q1 EPS was 5c/sh vs. 2c/sh consensus. Revenues were as expected. Company raised full-year guidance to $1.13-$1.18/sh vs. $1.13/sh consensus. -Electronics Boutique Q1 EPS was 12c/sh vs. 7c/sh consensus. Revenues were $303.5M vs. $267.9M consensus. Company raised Q2 EPS guidance to 2c-5c/sh vs. -6c/sh consensus but affirmed full-year guidance. -Gap Q1 EPS was 22c/sh vs. 21c/sh consensus. Revenue was $3.35M vs. $3.30M consensus. -Novell Q2 loss was -2c/sh vs. -3c/sh consensus. -Autodesk Q1 EPS was 7c/sh vs. 5c/sh consensus. Revenues were $210M vs. $205M consensus. Company lowered Q2 guidance while affirming full-year guidance. Upgrades: -Waste Connections was upgraded to buy from neutral at UBS. Negative: -ASML Holdings received a comment from Intel that Intel will not buy the next generation of lithography machines. -Limited Stores filed $500M mixed shelf. Downgrades: -Qualcomm was downgraded market perform from outperform at SG Cowen. -Lucent was downgraded to neutral from buy at Merrill Lynch. -Freddie Mac was downgraded at JMP Securities. -IMS Health was downgraded to neutral from buy at UBS. Neutral: -Dick’s Sporting Goods Q1 EPS was 28c/sh vs. 26c/sh consensus. Revenues were $304.7M vs. $315.9M consensus. Company affirmed forward guidance.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Thursday May 22nd 8:05--Barnes & Noble Q1 loss was -3c/sh vs. -9c/sh consensus. Said Q2 EPS would be 9c-15c/sh vs. 14c/sh consensus. 8:03--Express Scripts’ price target was raised at UBS. 8:00--The Treasury is postponing its scheduled 2-yr note announcement. 7:53--Hormel Foods Q2 EPS was 24c/sh which was as expected. Revenues matched expectations. Q3 EPS guidance was 27c-33c/sh vs. 32c/sh consensus. 7:50--Talbot’s is increasing its dividend to 10c/sh vs. 9c/sh previously. 7:48--Foot Locker Q1 EPS was 27c/sh which was as expected. Company matched revenue expectations. Company said it would meet or exceed market consensus for Q2. 7:36--The engine supply order mentioned in our 7:24 post pertains to boat engines for the Navy’s new DDX-class destroyer. 7:35--Genesco Q1 EPS was 15c/sh vs. 13c/sh consensus. Revenues were $192.7M vs. $192.9M consensus. Company lowered Q2 EPS guidance to 0c/sh vs. 7c/sh consensus. 7:32--JetBlue was upgraded to neutral at UBS. 7:30--Initial Claims were +7K to 428K vs. 418K expected. Last week was revised +4K to 421K from 417K reported previously. The net change is +11K which typically means weaker economy. However, the increase was attributed to tornadoes in the midwest. The ‘temporary’ nature of that increase suggests that the claims number is negligible on the markets. 7:24--Rolls Royce said it may beat GE in a $1B engine supply order for the US Navy. 7:21--Wet Seal Q1 loss was -29c/sh vs. -28c/sh consensus. Revenues were $123.6M vs. $124.8M consensus. 7:19--Robert Mondavi was upgraded to in line from underperform at Goldman Sachs. 7:17--Checkfree was downgraded to sell from neutral at Merrill Lynch. 7:16--Credit markets higher today based on John Berry Washington Post article suggesting that Greenspan will cut rates. 7:00--Stocks are: S&P +2.00, Nasdaq +1.00. -The explosion at Yale University yesterday afternoon was ruled an isolated incident. -Euro up on little news and the rally may actually be technically based on the market’s consolidation at 11623 (overnight low was 11621). -MOF’s Mizoguchi said the yen has worked off excessive price moves, indicating that the Japanese may be satisfied with current fx levels. -UK retail sales numbers were slightly lower than expected. -Nikkei +0.4%, FTSE +0.8%, DAX +0.3%. Positive: -Synopsys Q2 EPS was 80c/sh vs. 70c/sh consensus. Revenues were $292.0M vs. $279.4M consensus. Company raised Q3 EPS guidance to 77c-82c/sh vs. 75c/sh consensus. Company affirmed full-year guidance of $2.95-$3.10/sh vs. $3.03/sh consensus. -Petco Q1 EPS was 20c/sh vs. 19c/sh consensus. Company affirmed forward guidance. -Roxio Q4 EPS was 19c/sh vs. 17c/sh consensus. Revenues were $33.8M vs. $31.8M consensus. -ADC Telecom Q2 loss was -1c/sh vs. -3c/sh consensus. -Ciena Q2 loss was -10c/sh vs. -12c/sh consensus. Company slightly lowered Q3 revenue guidance to $65-$75M vs. $76.75M consensus. -Cost Plus Q1 EPS was 12c/sh vs. 11c/sh consensus. Revenues were $159.2M vs. $154.9M consensus. -Claire’s Stores Q1 EPS was 32c/sh vs. 26c/sh consensus. Company raised Q2 EPS to 40c/sh vs. 36c/sh consensus. Raised full-year EPS guidance to $1.95/sh vs. $1.87/sh consensus. -Charming Shoppes Q1 EPS was 10c/sh vs. 7c/sh consensus. Company affirmed forward EPS guidance. -Gart Sports Q1 EPS was 18c/sh vs. 16c/sh consensus. -Williams Sonoma Q1 EPS was 11c/sh vs. 8c/sh consensus. Company slightly raised full-year guidance. -Fred’s Stores Q1 EPS was 30c/sh vs. 28c/sh consensus. Revenues were $310.7M vs. $308.8M consensus. -New Century raised its full-year outlook and declared a 3-for-2 stock split. -Microstrategy’s software was selected by Ebay. -Millennium Pharmaceutical said it had favorable data in its Phase 2 trials of its colitis drug. -Cima Labs reaffirmed its forward guidance. Upgrades: -Altria was upgraded to outperform from neutral at CSFB. -Transocean was upgraded to neutral from outperform at CSFB. Negative: -Nova Chemicals will sell $200M in notes in a private offering. Downgrades: -National Semiconductor was downgraded to sell from hold at Deutsche Bank. -BJ Services was downgraded to neutral from outperform at CSFB. -Premcor was downgraded to hold from buy at CSFB. -Charles Schwab was downgraded at CIBC. Neutral: -Hot Topic Q1 EPS was 14c/sh vs. 13c/sh consensus. Revenues were $100.7M vs. $101.3M consensus.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Wednesday May 21st 7:53--Statysys was downgraded to sell from hold at AG Edwards. 7:43--Genentech was upgraded to neutral from underperform at CSFB. 7:27--Synopsys received cautious comments from Lehman. 7:24--National Semiconductor affirmed its Q4 revenue guidance of $420M-$432M. 7:18--Forest Labs announced favorable results for its escitalopram drug. 7:04--Polo Ralph Lauren Q4 EPS was 77c/sh which was as expected. Company lowered Q1 EPS guidance to 2c-6c/sh vs. 7c/sh consensus but raised full-year guidance to $1.95-$2.05/sh vs. $1.85/sh consensus. 7:02--Sepracor announced positive phase 3 trial data on its Estorra drug. 7:00--The US is confiscating Iraqi citizens’ weapons and had pushed back the selection of a Saddam replacement until July. 7:00--Stocks are: S&P -5.00, Nasdaq -9.00. -Dollar slightly higher today on a corrective basis. Weakness in recent days has been due to weak verbal support of the dollar by Treas. Sec Snow and admitted selling by George Soros. -Yen down after Japanese officials lowered their growth expectations. Said the future is increasingly uncertain. -BOE MPC minutes showed that vote to maintain policy was 5-4 (was 7-2 previously). Combined with yesterday’s weaker RPI, there are growing expectations that the BOE will cut rates. -Greenspan speaks at 8:30 CDT this morning. -Nikkei -0.5%, FTSE -1.5%, DAX -2.0%. Positive: -HP Q2 EPS was 29c/sh vs. 27c/sh expected. Revenues were $18.0B vs. $17.7B expected. Company sees meeting 2H revenue of $36.4B. Sees meeting second half of year EPS of 62c/sh. However, CEO Fiorina said she sees no signs of an upturn in the PC market or in IT spending. -Photronics Q2 loss was -13c/sh vs. -20c/sh consensus. Revenues were $85.5M vs. $84.1M consensus. -Talbots Q1 EPS was 51c/sh vs. 50c/sh consensus. Revenues were $395.0M vs. $391.0M consensus. -McDonald’s and Wendy’s commented on the mad cow disease news in Canada by either saying that they don’t buy beef from Canada or that it didn’t enter the food chain. Upgrades: -Alcoa was upgraded to overweight from neutral at JP Morgan. -Masco was upgraded to overweight from neutral at JP Morgan. -Photronics was upgraded to buy from neutral at Merrill Lynch. -Yum Brands was upgraded to outperform from in line at Goldman Sachs. -McDonald’s was upgraded to overweight from equal weight at Lehman. -Tech Data was upgraded to equal weight from underweight at Lehman. -Foundry Networks was upgraded to market perform from underperform at Piper Jaffray. Negative: -Gymboree Q1 EPS was 24c/sh which was as expected. Revenues were $136.1M vs. $135.3M consensus. Company expects Q2 loss of 2c-4c/sh vs. -2c/sh consensus. Expects full-year EPS of 94c-$1.00 vs. 97c/sh consensus. -Borders Group Q1 loss was -6c/sh vs. -4c/sh consensus. Company lowered Q2 loss guidance to 1c-3c/sh vs. +2c/sh consensus. Guided full-year EPS to $1.40-$1.46/sh vs. $1.45/sh consensus. -Staples will be investigated by the SEC for accounting practices. Downgrades: -Cisco Systems was downgraded to hold from buy at Deutsche Bank. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Tuesday May 20th 8:00--Redbook weekly retail sales were -3.0% in latest week vs. -2.8% in previous week. Te BTM index of weekly sales was reported at -0.1% earlier today. 7:49--Medtronic was reiterated a neutral at First Albany. 7:43--Saks Q1 EPS was 9c/sh vs. 10c/sh consensus. Revenues were $1.38B which was as expected. 7:38--Reuters is reporting that the US will close some government offices in Saudi Arabia due to terror worries. 7:34--Some wire services are saying that the US expects an imminent al-Qaeda attack in Saudi Arabia. 7:27--The BOJ said it intervened yesterday by selling 1 trillion yen against the dollar. 7:24--Lear Corp was downgraded to market perform from outperform at Wachovia. 7:15--Millennium Chemical was downgraded to equal weight from overweight at Lehman. 7:13--Ross Stores Q1 EPS was 63c/sh which was as expected. Revenues were $879.3M vs. $881.3M consensus. 7:11--SafeCo said that hail storms will cut EPS by 42c/sh. 7:00--Stocks are: S&P +2.00, Nasdaq +4.00. -A suicide bomber struck a café in Ankara Turkey. -Quiet action in the euro/dollar this morning after yesterday’s strength was attributed to Treas. Sec Snow’s G7 comments that the dollar has gone through only a modest realignment. Snow was also blamed for the stock market selloff and mixed action in the bond market, suggesting there was little reason for movements in each. Deflation was also factor in bond market’s early rally. -Japanese officials indicated that yesterday’s intervention to weaken the yen was a ‘smoothing’ operation. Said they do not have any preset levels where they want the yen. Japanese raised the current account deposit requirement in another easing of policy. -French GDP was up while Italian Industrial Production was down. -UK’s RPI-X was slightly below expectations at +0.7% m/m and +3.0% y/y. -Treas Sec Snow testifies today before congress on the dollar. -Nikkei +0.3%, FTSE +0.3%, DAX +0.5%. Positive: -Nordstrom Q1 EPS was 20c/sh vs. 14c/sh consensus. Revenues were $1.34B vs. $1.31B consensus. Company affirmed Q2 EPS and raised full-year guidance. -Home Depot Q1 EPS was 39c/sh vs. 37c/sh consensus. Revenues were $15.10B which was as expected. Company reaffirmed guidance. -Staples Q1 EPS was 18c/sh vs. 17c/sh consensus. Revenues were $3.15B vs. $3.08B consensus. Company affirmed Q2 EPS guidance. -Big Lots Q1 EPS was 9c/sh vs. 8c/sh consensus. Revenues were $948.4M vs. $948.5M consensus. -BJ’s Wholesale Q1 EPS was 18c/sh vs. 16c/sh consensus. Revenues were $1.48B vs. $1.46B consensus. -InVision was awarded a $11.4M Navy R&D contract. -Principal Financial will buy back $300M in shares. -Pemstar announced a 500,000 share buyback. Upgrades: -Integrated Oil sector was upgraded to market weight from underweight at Bank of America. -Genentech was upgraded to buy from hold at Deutsche Bank. Negative: -Jo-Ann Stores warned on FY04 EPS. -Krispy Kreme is being sued for sexual harassment. -Williams Cos. announced a $275M private debt offering. -Providian announced a $150M debt offering. Downgrades: -Molecular Devices was downgraded to hold from buy at Deutsche Bank. -Intel was removed from Goldman’s investment list. Neutral: -Agilent Q2 loss was -15c/sh which was as expected. Revenues were $1.47B vs. $1.44B consensus. Company affirmed forward guidance. -Danaher affirmed Q2 and full-year EPS guidance.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Monday May 19th 7:25--I need to leave the office, so there will be no more updates today. 7:17--Advanced Fibre Communication was downgraded at Raymond James. 7:16--Genentech higher after receiving positive data on its Avastin drug. 7:00--Stocks are: S&P -6.00, Nasdaq -8.00. -Euro up sharply after G7 appeared comfortable with the Euro’s rise. -Treas. Sec. Snow suggested that the dollar’s recent decline was ‘modest.’ Said it is the result of supply/demand forces. That gave green light for further dollar selling. -Yen down after Japanese intervened again to weaken the yen. Bank failure in Japan also hurting the yen. -Bond sharply higher after more talk of deflation in WSJ. -There were suicide bombings in Morocco and Israel over the weekend. The Moroccan bombing is thought to have been done by al Qaida. -Nikkei -1.0%, FTSE -1.5%, DAX -2.7%. Positive: -Limited Q1 EPS was 9c/sh vs. 8c/sh consensus. Company affirmed guidance. -Lowe’s (LOW) Q1 EPS was 53c/sh vs. 52c/sh consensus. Revenues were $7.21B vs. $7.40B consensus. Company affirmed Q2 & full-year EPS guidance. -Qualcomm reiterated Q3 and full-year EPS guidance. Upgrades: -American Tower was upgraded to outperform from peer perform at Bear Stearns. -Foundry Networks was upgraded at Prudential. -Avaya was upgraded at Prudential. -Genentech was upgraded at Goldman Sachs. Negative: -Ford and GM may ‘have to recall thousands of vehicles.’ Said that airbags could be triggered in the Fords and a brake pipe could break in the GM’s. 43,359 Lincoln Continentals and 44,653 GM SUV’s could be recalled. -Con Edison announced a 8.7 mln share follow-on offering. -Regal Entertainment announced a $125M convertible offering. Downgrades: -Urban Outfitters was downgraded to neutral from buy at UBS. -Dun & Bradstreet was downgraded at JP Morgan. -Activision was downgraded at Soundview. Neutral: -Microsoft bought SCO Group’s Unix technology.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Friday May 16th 8:05--Goodrich was upgraded to buy at Bank of America. 7:55--Auto parts suppliers were downgraded at Prudential. Names include DPH, GNTX, JCI, LEA and VC. 7:36--General Motors was downgraded to sell from hold at Prudential. 7:31--The CPI numbers were slightly positive for credit markets and neutral for stocks. The housing data was disappointing and indicative of a slowing economy; bullish bonds/bearish stocks. 7:30--April CPI was -0.3% vs. -0.1% expected. Core CPI was unchanged vs. +0.1%. Housing was -0.1%. Apparel was -0.6%. Transportation was -1.7%. Medical was +0.2%. 7:30--April housing starts were -6.8% to 1.630M vs. 1.75M expected. Housing permits were +1.2% to 1.708M vs. 1.685M previously. 7:16--Celestica was downgraded to reduce at UBS. 7:14--Boeing won a $14.92B contract for its future combat system. 7:09--Analyst thinking on tomorrow’s G7 meeting is that the members will not be bothered by recent movements in the currencies which will essentially give a greenlight to further dollar weakness. 7:00--Stocks are: S&P -1.00, Nasdaq -3.00. -Euro up sharply before this weekend’s G7 meeting. Reuters reports that the G7 is not worried about the levels of the euro. There is also a report that the G7 is not happy with continued Japanese intervention to weaken the yen. -The State Dept. is issuing warnings to Americans in Jeddah, Saudi Arabia. -The Senate passed its $350B tax cuts by a 51-50 vote. Cheney cast a tie-breaking vote. -Semiconductor Equipment Book-to-bill ratio was 0.86 vs. 0.91 previously. -Nikkei -0.1%, FTSE +1.4%, DAX +0.9%. Positive: -Advanced Digital Q2 EPS was 4c/sh vs. 0c/sh consensus. Revenues were $100.6M vs. $91.3M consensus. -SLM Corp announced a 3-for-1 stock split. Upgrades: -Ericsson was upgraded to neutral from reduce at UBS. -Nike’s price target was raised at Morgan Stanley. Negative: -Dell Q1 EPS was 23c/sh which was as expected. Revenues were $9.53B vs. $9.52B consensus. Sees Q2 unit volumes increasing 25%. Guided Q2 revenue down slightly to $9.7B vs. $9.75B consensus. Guided Q2 EPS to 24c/sh which is as expected. -Kohl’s Q1 EPS was 32c/sh which was as expected. Revenues were $2.12B vs. $2.15B consensus. Company slightly lowered Q2 EPS guidance to 38c-42c/sh vs. 41c/sh consensus. -Gemstar-TV Guide Q1 loss was -11c/sh vs.+2c/sh consensus. Q1 revenues were $227.9M with no expectations. Downgrades: -Dell was downgraded to in-line from outperform at Smith Barney. -Nortel was downgraded to neutral from buy at UBS. -Convergys was downgraded to hold from buy at Deutsche Bank. -Adolph Coors was downgraded to neutral from buy at UBS. -Nordstrom was downgraded to neutral from outperform at CSFB. -May Dept. Stores was downgraded to underperform from neutral at CSFB. -Brokerage industry was downgraded at Prudential. Merrill Lynch was downgraded to hold from buy. Neutral: -Dial affirmed its Q2 EPS guidance.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Thursday May 15th 8:15--April Industrial Production was -0.5% vs. -0.4% expected. Capacity utilization was 74.4 vs. 74.4 expected. Most categories fell in April except for mining and utility output. The number should have little effect on the markets. 8:07--Sirius Satellite was upgraded to outperform from market perform at SG Cowen. 7:50--Atlantic Coast Airlines was upgraded to strong buy from outperform at Raymond James. 7:46--Computer Sciences was downgraded to hold from buy at AG Edwards. 7:45--Target Q1 EPS was 38c/sh vs. 39c/sh consensus. Revenues were $10.32B vs. $10.38B consensus. 7:44--Pep Boys Q1 EPS was 17c/sh vs. 21c/sh consensus. Revenues were $529.2M vs. $536.00 consensus. 7:43--Panera Bread Q1 EPS was 25c/sh vs. 24c/sh consensus. Revenues were $98.6M vs. $94.8M consensus. Company guided full-year EPS up slightly to $0.99-$1.00/sh vs. $0.99/sh consensus. 7:41--Lam Research was downgraded at UBS. 7:39--Siebel Systems was downgraded at UBS. 7:36--Possibly more important than these numbers was the Empire State manufacturing index, which attempts to upstage all mfg survey by being the first released. It is released hours before the Philadelphia Fed survey and it has taken on more importance in recent months when it correctly predicted the other surveys. It was up strongly today and was bullish stocks/bearish bonds. 7:32--The Initial claims numbers were -8K net with revisions. Less claims means stronger labor market and stronger economy. PPI showed non-existent inflation and ran counter to indications seen in industrial commodity price trends. While tobacco made up a big part of the decline, passenger car prices were also weak and indicate possible weak demand and possible weak economy. Overall, numbers were slightly bullish for credit markets and neutral for stock markets. 7:30--Business Inventories were +0.4% vs. +0.2% expected. 7:30--April PPI was -1.9% vs. -0.7% expected. Core PPI was -0.9% vs. -0.1% expected. Crude goods were -16.3%, core -1.3%. Intermediate goods were -2.2%, core unchanged. Tobacco was -8.4%. Passenger cars were -2.6%. Gasoline was -22.3%. 7:30--Initial Claims were -13K to 417 vs. 425K expected. Last week was revised to 430K vs. 425K previously. 7:10--The Senate will vote on the tax bill today. 7:00--Empire State mfg survey was +10.60 vs. -8.00 expected and vs. -20.4 previously. 7:00--Stocks are: S&P -1.00, Nasdaq +1.00. -Euro down again on profit taking again today. Position unwinding before the G7 meeting a factor. There is concern about the growth outlook in the eurozone after weak German GDP. -German GDP was -0.2% vs. +0.2% expected. -Japanese official said the Japanese will take ‘bold’ action in the forex market. -Pimco’s Bill Gross said the ECB will have to cut rates and has room to do so. Said that eurobonds will outperform US bonds. -US took 200 Iraqi’s prisoner in a new raid. One was on the 55 most-wanted list. -US Dept. of Justice said they have received chatter about a possible terrorist strike in Malaysia and Kenya. -Israel dispatched 50 tanks into Gaza. -FTSE +0.6%, DAX +0.7%. -Refco’s internet access is non-existent, so this page will receive few updates. Positive: -Analog Devices Q2 EPS was 19c/sh vs. 18c/sh consensus. Revenues were $502M vs. $485M consensus. Guided Q3 EPS to 20c-21c/sh vs. 21c/sh consensus. Guided Q3 revenue to $516M-$527M vs. $508M consensus. -Computer Associates Q4 EPS was 8c/sh vs. 6c/sh consensus. Q4 revenues were $801M vs. $795M consensus. Company sees Q1 EPS ex-items of 9c-10c/sh vs. 6c/sh consensus. Guided Q1 revenue to $795M-$810M vs. $794M consensus. -Intuit Q3 EPS was $1.05/sh vs. $1.02/sh consensus. Revenues were $634.7M vs. $634.4M consensus. Raised guidance on Q4 loss to 6c-9c/sh vs. -9c/sh consensus. Affirmed Q4 revenue guidance. -Acxiom Q4 EPS was 4c/sh vs. 3c/sh consensus. Revenues were $239.5M vs. $237.9M consensus. Company affirmed Q1 guidance. -Brocade Q2 pro forma EPS was break-even which was as expected. Revenues were $130.9M vs. $130.0M consensus. -BEA Systems Q1 EPS was 7c/sh which was as expected. Revenues were $237.3M vs. $237.0M consensus. Upgrades: - Negative: -Ann Taylor Q1 EPS was 39c/sh which was as expected. Revenues were $352M which was as expected. Sees Q2 EPS of 35c-37c/sh vs. 40c/sh consensus. Sees full-year EPS of $1.72-$1.80/sh vs. $1.79/sh consensus. -Countrywide Financial will sell 2.2 mln shares. -Sepracor has been investigated by the SEC for the last 3-4 years. -USA Interactive’s Barry Dillar exercised 4.5 mln options. -AMR will lay off 3123 flight attendants in its restructuring plan. Downgrades: -Hartford Financial’s debt was downgraded 1 level by Moody’s. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Wednesday May 14th 7:50--Loral Space Q1 loss was -12c/sh vs. -9c/sh consensus. Revenues were $198.2M vs. $257.0M consensus. 7:44--Valero Energy was ordered to pay $400M to Orion Refining. 7:41--Payless Shoe Q1 EPS was 21c/sh which was as expected. Revenues were $697.7M vs. $735.2M consensus. Company cut Q2 EPS guidance to 40c-45c/sh vs. 61c/sh consensus. Cut full-year EPS guidance to $1.25-$1.35/sh vs. $1.38/sh consensus. 7:31--Weak retail sales and weak price pressures are bullish for credit markets/bearish for stock markets. 7:30--April Retail Sales were -0.1% vs. +0.4% expected. Last month was revised to +2.3% from +2.1% previously reported. Sales ex-autos were -0.9% vs. +0.2% expected. Last month was revised to +1.5% vs. +1.2% previously reported. Automobile sales were +2.5%. Furniture sales were -0.3%. Building Materials were -0.2%. Gasoline Station sales were -5.9%. 7:30--April Import Prices were -2.7% vs. -0.5% expected. Import prices ex-oil were -0.9%. Petroleum prices were -16.2%. 7:26--Federated lowered Q2 EPS guidance to 50c-55c/sh vs. 57c/sh, but raised guidance for the full-year. 7:25--DRS Tech Q4 EPS was 42c/sh vs. 38c/sh consensus. Revenues were $215.8M vs. $198.1M consensus. Company lowered Q1 guidance to 27c-29c/sh vs. 35c/sh consensus. 7:22--NPS Pharmaceutical was downgraded to equal weight from overweight at Lehman. 7:16--Argosy Gaming was upgraded to buy from neutral at Bank of America. 7:14--JC Penny was downgraded to underperform from in-line at Goldman Sachs. 7:11--Limited Too Q1 EPS was 12c/sh vs. 11c/sh consensus. Revenues were $140.1M vs. $145.9M consensus. Company said Q2 EPS guidance is 4c-7c/sh vs. 6c/sh consensus. 7:00--Stocks are: S&P +3.00, Nasdaq +5.00. -Euro down again on profit taking today. French mfg output was stronger than expected at +0.6% vs. -0.4% expected. -Yen down slightly. The Japanese cabinet met again today to discuss ways to support the stock market. -British Pound higher after UK employment was +2.1K. Unemployment rate was unchanged at 3.1%. -Nikkei +0.7%, FTSE +0.3%, Dax +1.5%. Positive: -Computer Sciences Q4 EPS ex-items was 95c/sh vs. 94c/sh consensus. Revenue was $3.08B vs. $3.07B consensus. Said they see Q1 EPS of 50c-52c/sh vs. 52c/sh consensus. Company sees full-year revenue of $14.3B-$14.7B vs. $13.38B consensus. Sees full-year EPS of $2.78-$2.88/sh vs. $2.82/sh consensus. -Jack-In-The-Box Q2 EPS was 44c/sh vs. 43c/sh consensus. Company raised full-year guidance to $1.97-$2.01/sh vs. $1.97/sh consensus. -Tiffany Q1 EPS was 24c/sh vs. 23c/sh consensus. Company affirmed full-year guidance. -Network Appliance Q4 EPS was 7c/sh which was as expected. Revenues were $241.6M vs. $238.5M consensus. Network Appliance announced a $150mln buyback. Company affirmed Q1 EPS guidance of 7c/sh. Upgrades: -Telecommunication Equipment sector was upgraded to market weight at Smith Barney. Individual names raised were JNPR and ETS. -EMC was upgraded to neutral from underperform at First Albany. -Computer Sciences was upgraded to outperform at Goldman Sachs. -France Telecom’s debt rating was raised one notch at S&P. Negative: -Abercrombie Q1 EPS was 26c/sh which was as expected. Revenues were $346.7M vs. $355.6M consensus. Company lowered Q2 EPS guidance to 30c-34c/sh. Consensus is 35c/sh. -Enzon Q3 EPS was 21c/sh vs. 31c/sh consensus. Revenues were $43.2M vs. $46.9M consensus. Downgrades: -Hovnanian was downgraded to underperform from neutral at CSFB. -Robert Half was downgraded to equal-weight from overweight at Morgan Stanley. -May Dept Stores was downgraded to underperform from perform at Bear Stearns. -Abercrombie was downgraded to outperform from strong buy at Piper Jaffray. -Rite Aid was downgraded to neutral from buy at Merrill Lynch. -Quiksilver was downgraded to market perform from outperform at Wachovia. -Network Appliance was downgraded to buy from strong buy at First Albany. Neutral: -Applied Materials Q2 EPS ex-items was +3c/sh vs. +2c/sh consensus. Q2 revenue was $1.11B vs. $1.10B consensus. Company said Q3 EPS would be at or below Q2’s 3c/sh vs. guidance of 3c-4c/sh. -Pulte Homes CEO will step down. -Advent Software CEO will step down.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Monday May 12th 8:03--US Airways is buying at least 170 jets for $4.3B. The purchase will be from Bombardier and Embraer, both regional jet and turboprop manufacturers. 7:48--Mills Corp was downgraded to inline at Smith Barney. 7:45--Valspar Q2 EPS was 62c/sh which was as expected. Revenues were $562M vs. $556M consensus. Company affirmed full-year guidance of $2.40-$2.50 vs. $2.47/sh consensus. 7:34--Polaris was downgraded to perform from outperform at RBC. 7:30--LabOne Q1 EPS was 27c/sh vs. 26c/sh consensus. Revenues were $81.9M vs. $77.7M consensus. Company affirmed full-year guidance. 7:28--Black & Decker estimates were raised at JP Morgan. 7:25--Harley Davidson was downgraded to sector perform from outperform at RBC. 7:22--John Hancock was upgraded to neutral from reduce at UBS. 7:20--Alliance Data was downgraded to neutral from buy at Merrill Lynch. 7:05--Walgreen’s was downgraded to neutral from buy at Merrill Lynch. 7:00--Stocks are: S&P +1.00, Nasdaq +3.00. -Dollar sharply lower after Treas. Sec John Snow on Sunday did not seem passionate about supporting his strong dollar position. Said that a tax cut will lead to a stronger economy which will then lead to a stronger dollar. He acknowledged that exports have benefited from the weaker dollar but reiterated the US’s support for a strong dollar. -Merrill Lynch economics team said weak dollar will raise US GDP by 2% this year and lower EU GDP by 1%. -Wash Post’s John Berry said the Fed could cut rates 50bps in June. -Canadian employment was -18,800. The unemployment rate rose to 7.5% vs. 7.3% previously. -Nikkei +0.9%, FTSE -0.04%, Dax -1.7%. Positive: -Group One Software Q4 EPS was 22c/sh vs. 17c/sh consensus. Company raised full-year EPS guidance. -Wells Fargo won a dispute over mortgages in California. -Costco received positive comments in Barron’s. Upgrades: -Cisco Systems was upgraded to overweight from equal weight at Lehman. Price target also raised to $18 from $17. -Ann Taylor was upgraded to buy from hold at Prudential. -Deere & Co. was upgraded to buy from hold at Prudential. -H&R Block was upgraded to in-line at Goldman Sachs. Negative: -Electronic Arts said they will produce some games for PS2 only, snubbing Microsoft. -Hartford Financial Q1 EPS was $1.33/sh vs. $1.12/sh consensus. Company will take $2.6B charge for asbestos. Will cut 1500 jobs. S&P put company on creditwatch-negative. -CDW computer stores said the corporate sector is still soft. April same-store sales were -0.8%. -Oracle said sales in Asia are slower due to SARS. -AOL is slightly lower after WSJ said it is in talks with Bertelsmann to merge music units in order to better compete with Vivendi. -Bank One probably won’t buy Sears’ $30.8B credit card business according to Barron’s. Downgrades: -Gap was downgraded to hold at Prudential, but EPS estimates were raised and price target was affirmed. -Halliburton was downgraded to equal-weight from over-weight at Morgan Stanley. -Agilent was downgraded to neutral from outperform at CSFB. -Advanced Neuro was downgraded to outperform from strong buy at Piper Jaffray. Neutral: -Wal-Mart said May sales are rising within forecast of 1%-3%. Mother’s Day sales were below plan. -Worldcom may sell some wireless assets to Bellsouth for $65M.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Thursday May 8th 8:02--Gap raised Q1 EPS guidance to 19c-22c/sh vs. 11c/sh consensus. 7:50--Clorox Q3 EPS was 51c/sh vs. 50c/sh consensus. Company affirmed Q4 EPS guidance. 7:48--CNA Financial Q1 EPS was 59c/sh vs. 61c/sh consensus. 7:37--Cornell was upgraded at Jeffries. 7:30--Initial Claims -28K to 425K vs. 440K expected. Last week was revised +5K to 453K from 448K consensus. The claims numbers suggest that employment is recovering and is bearish bonds/bullish stocks. 7:27--Jo-Ann Stores lowered Q1 EPS guidance to 32c-34c/sh vs. 36c/sh consensus. 7:26--BJ’s Wholesale affirmed Q1 EPS outlook. 7:25--Reliant Resources Q1 loss was -9c/sh vs. -7c/sh consensus. Company lowered full year guidance to 50c-70c/sh vs. 81c/sh consensus. 7:23--WebMethods was downgraded at RBC. 7:22--Devon Energy Q1 EPS was $2.46/sh vs. $2.23/sh consensus. Revenues were $1.67B vs. $1.21B consensus. 7:21--CTI Molecular was downgraded to market perform from outperform at Piper Jaffray. 7:19--Gymboree affirmed Q1 and full-year EPS guidance. 7:17--Ann Taylor said Apr sales were -3.2%. Said Q1 EPS guidance will be 39c/sh vs. 39c-41c/sh consensus. 7:10--Stocks are: S&P -5.00, Nasdaq -10.00. -Bonds higher after breaking out above 11527 technical level. Rally still seems built on Fed worries over deflation. Small part of rally based on stock market weakness. -ECB and BOE both left rates unchanged. -Japanese LEI dropped to 20 from 60. -Nikkei -1.0%, FTSE -1.3%, Dax -2.0%. Positive: -Cephalon Q1 EPS was 21c/sh vs. 20c/sh consensus. Revenue was $144.7M vs. $152.9M consensus. Company affirmed Q2 EPS guidance of 30c/sh which is as expected. -Pixar Q1 EPS was 15c/sh vs. 11c/sh consensus. Revenues were $18.7M vs. $17.2M consensus. -Aeropostale is boosting its forecast above prior guidance of -2c-0c/sh. -Wal-Mart said Q1 EPS would be at the upper end of 40c-42c/sh guidance vs. 41c/sh consensus. -United Health declared a 2-for-1 stock split. -Pier 1 Imports raised Q1 EPS guidance to 19c-22c/sh vs. 16c-22c/sh previously and vs. 19c/sh consensus. -Claire’s Stores raised its EPS guidance to 24c-26c/sh vs. 21c/sh previously. -Cost Plus raised guidance. -Tommy Hilfiger raised Q4 EPS guidance while affirming full-year. -Mylan Labs Q4 EPS was 40c/sh vs. 37c/sh consensus. Company affirmed guidance. -Dean Foods Q1 EPS was 64c/sh vs. 63c/sh consensus. -CMS Energy Q1 EPS was 50c/sh vs. 27c/sh consensus. Upgrades: -Apple Computer was upgraded at Smith Barney. -Argosy Gaming was upgraded at JP Morgan. -SBC was upgraded at CIBC. -Fresh Del Monte was upgraded at Merrill Lynch. Negative: -Nordstrom lowered Q1 EPS guidance to 12c-15c/sh vs. 19c/sh consensus. -EDS Q1 EPS was 30c/sh vs. 31c/sh consensus. Revenues were $5.37B vs. $4.99B consensus. Company declined to provide guidance for the remainder of the year, but guided Q2 EPS down to 33c-38c/sh vs. 39c/sh consensus, but raised Q2 revenues to $5.4B-$5.6B vs. $5.15B consensus. -Big Lots affirmed Q1 guidance, but lowered Q2. -Whole Foods Q2 EPS was 41c/sh which was as expected. Company lowered Q3 EPS guidance to 41c-42c/sh vs. 43c/sh consensus. -Bally Fitness Q1 EPS was 30c/sh vs. 35c/sh consensus. Revenues were $253M vs. $263M consensus. -THQ Q1 loss was -15c/sh which was as expected. Revenues were $66.8M vs. $49.9M consensus. Company lowered Q2 loss guidance to 10c-12c/sh vs. -9c/sh consensus. -Compuware Q4 EPS was 6c/sh vs. 8c/sh consensus. Revenues were $337.6M vs. $341.2M consensus. Company starting a $125M stock buyback. -Alliant Tech Q4 EPS was 90c/sh vs. 88c/sh consensus. Company lowered Q1 EPS guidance to 80c-83c/sh vs. 84c/sh consensus. -Comcast Q1 loss was -13c/sh vs. -7c/sh consensus. Downgrades: -American Healthcare was downgraded at UBS. -Cephalon was downgraded at Morgan Stanley. -Whole Foods was downgraded at Morgan Stanley. -AT&T was downgraded at CIBC. -Nextel was downgraded at Goldman Sachs. -Providian was downgraded at Morgan Stanley. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Wednesday May 7th 8:18--Rumsfeld met with the House Armed Services Comm. this morning. An impromptu press conference allowed him to answer two questions. First, he would not comment on the mobile weapons lab found two days ago and second, he did not know if the new Saddam tape was real. 8:14--The US and Japan will warn N. Korea about its nuclear program. N Korea warned today that they may test a nuclear bomb and export nuclear arms. 8:10--Cisco’s price target was raised at Bank of America. 8:08--RR Donnelly Q1 EPS was 5c/sh vs. 2c/sh consensus. Company affirmed full-year EPS guidance. 8:04--Barrick Gold announced a 35 mln share buyback. 7:50--Watson Pharma was upgraded to in-line from underperform at Smith Barney. 7:47--Intel is reiterating its Q2 revenue guidance of $6.4B-$7.0B. 7:23--Gillette was downgraded to hold at Prudential. 7:19--FedEx’s estimates were raised at Morgan Stanley. 7:17--AstraZeneca was downgraded to neutral from buy at UBS. 7:15--Stocks are: S&P +2.00, Nasdaq +3.00. -Bonds higher on a WSJ story highlighting deflation. -March German Mfg Orders were -3.9%. -Yen higher against most currencies apparently on short-covering. Support also coming from no BOJ intervention by the BOJ. -Nikkei +0.3%, FTSE +0.8%, Dax -0.1%. Positive: -Cisco Q3 EPS was 15c/sh vs. 14c/sh consensus. Revenues were $4.62B vs. $4.58B consensus. Cisco said it will continue to remain active in share repurchases. Guided Q4 revenues slightly lower to $4.618B vs. $4.678B consensus. -Electronic Arts Q4 EPS was 40c/sh vs. 34c/sh consensus. Revenues were $4.63B vs. $4.53B consensus. Company raised Q1 guidance to 0c/sh vs. -3c/sh consensus. Company will reduce some game prices. -AdvancePCS Q4 EPS was 48c/sh vs. 47c/sh consensus. Revenues were $3.99B vs. $4.17B consensus. Company raised forward guidance. -Prudential Q1 EPS was 58c/sh vs. 56c/sh consensus. Revenues were $5.07B vs. $5.12B consensus. Company affirmed forward guidance. -Waters will repurchase $400M in stock. Upgrades: -Ceridian was upgraded to outperform from neutral at CSFB. -Watson Pharma was upgraded to buy from neutral at Bank of America. -El Paso Energy was upgraded at Deutsche Bank. -Coca-Cola was upgraded to overweight from equal-weight at Morgan Stanley. Negative: -Emerson Q2 EPS was 56c/sh vs. 62c/sh consensus. Revenues were $3.46B vs. $3.48B consensus. -Lamar Advertising Q1 loss was -20c/sh vs. -17c/sh consensus. Company lowered guidance. -United Technologies lost a $2.8B deal from Airbus even though it was the lowest bidder. Downgrades: -PF Chang’s was downgraded to in-line from outperform at Smith Barney. -Sanmina-SCI was downgraded to underperform from neutral at CSFB. -American Eagle was downgraded to market perform from outperform at Piper Jaffray. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Tuesday May 6th 8:00--Redbook weekly retail sales +4.2% vs. March. 7:45--Argosy Gaming announced a $30 mln share buyback. That equals about 1.4 mln shares at current prices. 7:37--MBIA Q1 EPS was $1.13/sh vs. $1.08/sh consensus. 7:30--Watson Pharmaceuticals Q1 EPS was 44c/sh vs. 42c/sh consensus. Revenues were $336.9M vs. $322.2M consensus. Company affirmed forward guidance. 7:27--Andrew Corp was upgraded to buy from hold at Needham. 7:23--Masco Q1 EPS was 32c/sh vs. 31c/sh consensus. Revenues were $2.50B vs. $2.47B consensus. Company lowered Q2 EPS guidance to 43c-45c/sh vs. 46c/sh consensus. Company affirmed full-year guidance. 7:21--Biovail was added to JP Morgan’s focus list. 7:00--Stocks are: S&P +2.00, Nasdaq +2.00. -FOMC meeting today. No change in policy is expected. The ECB meets on Thursday. -Quiet week for economic data; more than halfway through corporate earnings season. -BTM weekly retail sales were +2.1%. -EU unemployment was 8.7% vs. 8.6%. Welteke said there was no concern about the euro’s strength hurting the European economy. -Nikkei +2.2%, FTSE +1.2%, Dax +0.5%. Positive: -Gillette Q1 EPS was 25c/sh vs. 24c/sh consensus. Revenues were $1.97B vs. $1.81B consensus. -WebMD Q1 EPS was 10c/sh vs. 9c/sh consensus. Revenues were $234.7M vs. $238.3M consensus. Company affirmed forward guidance. -SMTC Q1 EPS was +1c/sh vs. -2c/sh consensus. Revenues were $86M vs. $95M consensus. -Odyssey Healthcare Q1 EPS was 29c/sh vs. 27c/sh consensus. Revenues were $60.1M vs. $58.5M consensus. -Principal Financial Q1 EPS was 63c/sh vs. 55c/sh consensus. Company affirmed Q2 and full-year EPS. -McData raised Q1 revenue guidance to $102M-$103M vs. its prior guidance of $92M-$97M. -ScanSoft Q1 EPS was 4c/sh vs. 3c/sh consensus. -Maximus Q2 EPS was 32c/sh vs. 31c/sh consensus. Revenues were $130.7M vs. $127.8M consensus. -Echostar Q1 EPS was 12c/sh vs. 10c/sh consensus. Revenues were $1.36B vs. $1.34B consensus. -Toll Brothers said they see stronger demand for luxury houses in recent weeks. -Broadwing Q1 EPS was +16c/sh vs. -15c/sh consensus. -Hovnanian announced a 16% increase in new home orders. -Marvel enterprises Q1 EPS was 57c/sh vs. 37c/sh consensus. Company raised guidance. -Digene Q3 loss was -3c/sh vs. -7c/sh consensus. Upgrades: -Activision was upgraded to buy from hold at Deutsche Bank. -Home Depot was upgraded to outperform from in line at Goldman Sachs. -Principal Financial was upgraded at CIBC. Negative: -MetLife Q1 EPS was 62c/sh vs. 65c/sh consensus. Revenues were $8.38B vs. $8.79B consensus. -JD Edwards warned Q2 EPS will be 0c-1c/sh vs. 6c/sh consensus. Lowered revenue guidance to $200M-$205M vs. $224M consensus. -Crown Castle Q1 loss was -37c/sh vs. -36c/sh consensus. Revenues were $216.7M vs. $229.0M consensus. Downgrades: -Adobe was downgraded to underweight from equal weight at Lehman. -Tawain Semiconductor and United Microelectronics were downgraded at Bear Stearns. Neutral: -Ted Turner sold more than half of his AOL Time Warner stake for $800M.