Positivo e Negativo a NY - Giorgia

Aggiorniamo il commento finanziario americano migliore che abbiamo: Monday March 31st 7:00--Stocks are: S&P -13.00, Nasdaq -20.00. -Bonds, oil, and gold are higher while stocks and the dollar are lower. -Nikkei -3.7%, FTSE -2.1%, Dax -4.1%. -Sharp moves in markets due not only to expectations of a long war but also due to worries over chemical weapon use. -US troops moved about 10 miles closer to Baghdad and are reportedly less than 50 miles from the city. The Fourth Infantry Division is expected to be ready in 1-2 weeks. -NBC News is severing ties with Peter Arnett due to his interview with the Iraqis. Positive: -Wachovia guided Q1 EPS up to 76c-78c/sh vs. 72c/sh consensus. -Abercrombie & Fitch received positive comments in Barron’s. -Nautilus Group received positive comments in Barron’s. Upgrades: -PEC Solutions was upgraded to buy at UBS. Negative: -Halliburton dropped from $600M Iraq rebuilding projects due to political heat relating to VP Dick Cheney’s relationship with the company. -Owens Corning warned full-year EPS would be $1.60/sh vs. $1.78/sh consensus. -Ensco warned Q1 EPS would be at the lower end of its 16c-21c/sh guidance range. Consensus is 18c/sh. -Viisage Tech will issue 6.36 mln shares for its ZN Vision takeover. Downgrades: -Taiwan Semiconductor was downgraded to sell from hold at Deutsche Bank. -United Microelectronics was downgraded to sell from hold at Deutsche Bank. -Bally Fitness was downgraded to underweight from neutral at JP Morgan. -Disney estimates were lowered at Goldman Sachs. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Friday March 28th 8:07--A bridge in Manhatten was closed. 8:00--Getty Images was downgraded to underweight from neutral at JP Morgan. 7:51--Iraqi POW’s are telling British interrogators that al-Qaida terrorists are fighting along side Iraqi Fedayeen in Basra. 7:49--New York Times affirmed full-year guidance. 7:33--Ralph Lauren and Jones apparel were downgraded at Merrill Lynch. 7:30--Feb Personal Income was +0.3% vs. +0.2% expected. PCE was unchanged vs. -0.1% expected. Jan personal income was revised to +0.4% from +0.3%. PCE was revised to unchanged from -0.1% previously. 7:19--Macrovision was downgraded to underweight from neutral at JP Morgan. 7:13--Inco was upgraded to overweight from equal-weight at Morgan Stanley. 7:07--Quiksilver is declaring a 2-for-1 stock split. 7:05--Stocks are: S&P -4.00, Nasdaq -3.00. -Bonds, oil, and gold are higher while stocks are lower. The dollar is mixed. -US troops are still around 50 miles from Baghdad, but they are now able to strike Baghdad from all sides and not just the south. Their numbers are also growing. -Centcom morning briefing said that the war is still on plan but face much work ahead. Said water is being restored in Basra. -The NYT is reporting that Iraq is moving chemical weapons to the Medina Division on the front lines. Said they are moving 155mm artillery shells believed to carry mustard gas and sarin. -Nikkei -1.0%, FTSE -0.4%, Dax -2.0%. Positive: -Finish Live Q4 EPS was 50c/sh vs. 49c/sh consensus. Revenues matched expectations. Company raised Q1 EPS guidance to 54c-56c/sh vs. 51c-53c/sh guided previously. Also raised full year guidance. -Manugistics Q4 loss was -11c/sh vs. -12c/sh consensus. Revenues were $65.5M vs. $62.7M consensus. -Newmont Mining Q4 EPS was 19c/sh vs. 17c/sh consensus. Revenues were $777M vs. $700M consensus. -ImClone said Erbitux is on track. -Lucent will settle a class action lawsuit for $315M and will take an $420M or 11c/sh charge. Upgrades: -Research In Motion was upgraded to neutral from underweight at JP Morgan. Negative: -Hilton Hotels lowered Q1 EPS guidance to 0c-1c/sh vs. +4c/sh consensus. Lowered full-year guidance to the upper 30’s vs. 43c/sh consensus. -Ethan Allen lowered Q3 EPS guidance to 51c-53c/sh vs. 58c/sh consensus. Cited war and adverse weather as factors. -Swift Transportation lowered Q1 EPS guidance to 7c-11c/sh vs. 15c/sh consensus. -Nextel filed a $5B mixed shelf offering. -AMR is securing financing which may be related to a bankruptcy filing as early as next week. Downgrades: -XM Satellite was downgraded to hold at Deutsche Bank. -RSA Security was downgraded to marker perform at Raymond James. -Allergan, Barr Labs, and Forest Labs were downgraded to neutral from buy at Merrill Lynch. -SPX Corp’s debt was downgraded to BBB- from BB+ at S&P. -Ethan Allen was downgraded to market perform at Piper Jaffray. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Thursday March 27th 8:05--National City was upgraded to overweight at Lehman. 7:57--Northrop Grumman affirmed its FY03 guidance of $3.65-$4.15/sh vs. $3.82/sh consensus. 7:46--Some Iraqi oil wells will be at full output in days according to Boots and Coots, which was contracted to repair wells. 7:31--The data should be slightly friendly to stocks only because the employment situation is slightly better than expected. 7:30--Initial Claims were -25K to 402K vs. 420K expected. Last week was revised up to 427K from 421K originally reported. 7:30--Q4 GDP final revision was +1.4% vs. +1.4% expected and vs. +1.4% reported in the first revision. 7:18--Entergy was downgraded to neutral at UBS. 7:05--Stocks are: S&P -6.00, Nasdaq -8.00. -Bonds, oil, and gold are higher while the dollar and stocks are lower. Worries over a longer-than-expected war are factors. -US troops are standing by in their positions around 50 miles from Baghdad. Coalition has had to deal with Fedayeen guerilla tactics along the supply line which has slowed the operation. The 4th Infantry Division is being deployed to the theater, but will take about a week to get there. -The Pentagon denied that it saw a column of 1,000 vehicles moving south from Baghdad. Said any force movements by Iraqis in that area were only adjustments. Said the smaller force that moved out of Basra was destroyed. Pentagon also still denying it was their bomb that impacted the market in Baghdad yesterday. -Pentagon said a northern front is opening and is offensive. -Pentagon said all Iraqi airfields are either in coalition hands or have been destroyed. -Iraqi TV is back up on the air. Centcom said they may attack it again. -Nikkei +0.2%, FTSE -1.3%, Dax -1.0%. -French business confidence fell to 94 from 97. Expectations were 96. -The US has violated global trade rules with its steel tariffs according to the WTO. Positive: -WD-40 Q2 EPS was 49c/sh vs. 42c/sh consensus. -Broadwing Q4 loss was -12c/sh vs. -16c/sh consensus. -Tyson Foods was acquitted of using illegal workers at its poultry plants. -US Airways is cutting its schedule. Upgrades: -Gilead Sciences was upgraded to overweight from equal-weight at Lehman. Negative: -Steel Tech lowered Q2 EPS guidance to 18c/sh vs. 33c/sh consensus. -O’Charley’s guided Q1 EPS down to 40c-42c/sh vs. 47c/sh consensus. -Robert Mondavi warned it would miss Q3 EPS guidance by 20c/sh. Downgrades: -Broadcom was downgraded to equal-weight from overweight at Morgan Stanley. -Checkfree was downgraded to hold from buy at WR Hambrecht. -Corinthian Colleges was downgraded to neutral from overweight at JP Morgan. -AirTran was downgraded to neutral at Merrill Lynch. Neutral: -Jones Apparel may be in talks to acquire Tommy Hilfiger.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Wednesday March 26th 7:57--California Pizza Kitchen was downgraded to outperform at Raymond James. 7:55--RadioShack was upgraded to buy from hold at Prudential. 7:53--Garmin was downgraded to hold from buy at Needham. 7:42--Gen Brooks said he isn’t sure at this time that it was a US missile that was responsible for the bombing of the Baghdad market. 7:30--Feb durable goods orders were -1.2% vs. -1.5% expected. Jan was revised to +1.9% from +2.9% previously reported. Ex-defense -2.7%, ex-transportation -2.1%. The slightly better Feb number was more than offset by the downward revision to Jan. The effect was that this was a soft number and bond positive, stock negative. 7:27--Gen Brooks said that the longest missile flight so far by Iraq was 190 km; with the limit being 150 km. 7:20--Centcom briefing--Confirmed reports from Basra yesterday afternoon, but said it was a confusing situation. 7:14--Medtronic was downgraded to neutral from buy at UBS. 7:12-Best Buy was downgraded to neutral from buy at Bank of America. 7:09--CDW was downgraded to equal-weight from overweight at Morgan Stanley. 7:05--Stocks are: S&P +1.00, Nasdaq +5.00. -Stocks, oil, and gold are higher while the dollar and bonds are unchanged. -US troops are still around 50 miles from Baghdad, with the sandstorm slowing advancements. There are still reports that Iraq will use WMD as the troops get closer to Baghdad. As reported yesterday, Iraqi’s are shooting their own people and troops in Basra and chemical suits and US uniforms were found in a Nasariya hospital. -There are reports that Saddam is wiring bridges around Baghdad to blow up as troops advance. -There are reports that Republican Guards are moving south toward US Marines and bypassing the 3rd Infantry Division. -Two cruise missiles went off course and killed 14 Iraqi civilians. -Iraqi TV was knocked off the air last night, but there are reports that it is back up now. -Umm Qasr is said to be cleared of mines. -Arab nations are seeking a UN resolution condemning the war. -German IFO fell to 88.1 from 88.9 previously and vs. 89.1 expected. -Nikkei +1.4%, FTSE +0.5%, Dax +0.5%, CAC-40 +0.7%. Positive: -Sears is exploring alternatives for its financial products business including possibly selling its credit card business. Upgrades: -Andrx was upgraded to buy from neutral at UBS. Negative: -Red Hat Q4 EPS was break-even vs. +1c/sh consensus. -Charlotte Russe guided Q2 down to a loss of 5c-7c/sh vs. +12c/sh consensus. -XCel Energy said it will have a larger-than-expected loss. -Photronics is cutting its workforce by 10%-12%. -Valero Energy is selling 6.3 mln shares in a secondary offering. Downgrades: -Guidant was downgraded to neutral from buy at UBS. -Whole Foods was downgraded to inline at Salomon. -Honeywell was downgraded to neutral from buy at UBS. Neutral: -NVidia and IBM entered an agreement where IBM will produce NVidia chips.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Tuesday March 25th 8:29--AFC Enterprises was downgraded to underperform from outperform at Bear Stearns. 8:23--McCormick Q1 EPS was 25c/sh vs. 26c/sh consensus. Company affirmed full-year ’03 EPS of $1.42-$1.44/sh vs. $1.43/sh consensus. 7:52--Telefonos de Mexico was downgraded to neutral at JP Morgan. 7:48--Sunoco was downgraded to hold from buy at Prudential. 7:46--American Express’ profit forecast was lowered at Merrill Lynch. 7:22--Cummins was downgraded to reduce from neutral at UBS. 7:21--AK Steel was downgraded to underweight at Morgan Stanley. 7:20--Airborne was downgraded to neutral at CSFB. 7:14--Additional defensive trenches are being dug in Baghdad. There are also reports of additional sandbags being placed around government buildings. 7:05--Stocks are: S&P +1.00, Nasdaq +5.00. -Bonds, stocks, oil, and gold are higher while the dollar is lower. -US troops are still said to be nearing Baghdad, but the sandstorm has made visibility extremely poor and has slowed operations. There are reports that Iraq will use WMD as the troops get closer to Baghdad. -The Apache helicopter that was set down in tact yesterday in Karbala was destroyed by a US plane or missile. The pilots were captured and shown on Iraqi TV yesterday. -UK forces are battling to secure Basra. Umm Qasr said to be secure. -Tony Blair said he is ‘absolutely determined’ to mideast peace. Said there are ‘far fewer’ civilian casualties than expected. Blair, Bush, and Kofi Annan will meet on Thursday. -BTM weekly chain store sales were +0.1%. -Nikkei -2.3%, FTSE +0.2%, Dax +1.0%, CAC-40 +0.6%. Positive: -Apollo Group Q2 EPS was 24c/sh vs. 20c/sh consensus. Revenues were $295M vs. $288M consensus. Company raised Q3 EPS guidance to 35c/sh from 34c/sh. -University of Phoenix Q2 EPS was 19c/sh vs. 18c/sh consensus. Company raised Q3 EPS guidance to 25c/sh vs. 24c/sh consensus and full year to 87c/sh vs. 85c/sh consensus. -Symantec will move into the S&P 500 on Mar 28th to replace Household Int’l. -Intuit announced a $500M buyback program. Upgrades: - Negative: -Union Pacific warned Q1 EPS would be 58c-60c/sh vs. 70c/sh consensus. -AFC Enterprises will restate results from 2001 and 2002. -Altria and Kraft were placed on debt review-downgrade at Moody’s. -Chubb’s senior debt was lowered to A from A+ at S&P. Downgrades: -Int’l Game Tech was downgraded to neutral from buy at Merrill Lynch. -Black & Decker was downgraded to neutral from buy at Merrill Lynch. -Homebuilders were downgraded at Merrill Lynch. Names include BZH, KBH, LEN, and MDC. Neutral: -The Goldman Sachs COO is resigning to take a professorship.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Monday March 24th 8:00--Darden Restaurants was downgraded to in-line from outperform at Salomon. 7:50--Eon Labs received a ‘not acceptable’ letter from the FDA regarding its Metaxolone drug. 7:15--Stocks are: S&P -14.00, Nasdaq -25.00. -Bonds up, stocks down, dollar down, gold and oil up following the setbacks yesterday in the war with Iraq. Around 15 Americans were killed and 5-7 are captured. -Saddam Hussein made a tape played early this morning. The timing of the creation of the tape is in doubt because he did not reference yesterday’s US setbacks and did praise two divisions that were the first to surrender. -American troops stumbled on a chemical plant south of Baghdad that may have been a WMD storage or production facility. What it really is should be unveiled today. -The 3rd Infantry division is said to be 50 miles south of Baghdad and has encountered a sandstorm. -An Apache helicopter was shot down. Status of pilots is unknown. -A US missile hit a Syrian bus by accident and killed 5. -Nikkei +2.9%, FTSE -2.7%, Dax -3.8%, CAC-40 -3.7%. Positive: - Upgrades: -Royal Caribbean was upgraded to equal-weight from underweight at Lehman. -Agere Systems was upgraded to outperform from perform at CIBC. -LM Ericsson was upgraded to outperform from market perform at Piper Jaffray. Negative: - Downgrades: -Symantec was downgraded to underperform from market perform at Piper Jaffray. Neutral: -Walgreen’s Q2 EPS was 36c/sh which was as expected.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Friday March 21st 7:52--Johnson & Johnson and Schering-Plough announced positive results from their psoriasis drug Remicade. 7:49--Honeywell was downgraded to neutral from buy at Merrill Lynch. 7:41--France has rejected US call to expel Iraqi diplomats. 7:40--DeVry was downgraded to underperform from market perform at Piper Jaffray. 7:37--Pentagon said they believe that Saddam was injured in the first bombing of the war because medical care was requested to that location. They also believe his two sons were in that location. 7:34--Pentagon said that much more terrain is under coalition control than expected. Two airbases in western Iraq H2 & H3 were taken by special forces. 7:30--Feb CPI +0.6% vs. +0.5% expected. Core CPI was +0.1% vs. +0.2%. Jan CPI numbers were unrevised. Medical care surprising up only +0.1%. Housing +0.3%, Apparel -0.2%, Transportation +2.0%, Tobacco +0.1%. 7:15--Carnival Q1 EPS was 19c/sh which was as expected. 7:05--Stocks are: S&P +8.00, Nasdaq +11.00. -Iraqi Information Ministry said Saddam is still alive after the attacks two nights ago and the attacks on his palaces yesterday. -Saddam is offering reward money for people shooting down US planes and helicopters. -US officials said they believe they will be near Baghdad in the next few days. -Another scud missile was shot down in Kuwait. -Nikkei closed, FTSE +2.7%, Dax +3.1%, CAC-40 +3.5%. Positive: -ATI Tech Q2 EPS was 4c/sh vs. 2c/sh consensus. Guided Q3 revenues near $300M vs. $298M consensus. -Tibco Software Q1 EPS was 2c/sh vs. 1c/sh consensus. -DuPont affirmed its Q1 EPS guidance. -BEA Systems added $100M to its buyback program. -Toro declared a 2-for-1 split. -SLM declared a 3-for-1 split. Upgrades: -Electronic Arts was upgraded to outperform from peer perform at Bear Stearns. Negative: -Applied Material’s CEO said IT spending is frozen due to the war. -Palm Q3 loss was -91c/sh vs. -89c/sh consensus. Revenues were $209M vs. $207M consensus. -Tektronix Q3 EPS was 1c/sh vs. 8c/sh consensus. Lowered Q4 guidance to 8c-10c/sh vs. 11c/sh consensus. -State Street warned that Q1 EPS would be 27c-29c/sh vs. 42c-44c/sh previously guided. -Flemming’s debt was downgraded to CCC- from B- at S&P. Downgrades: -Sabre Group was downgraded to underweight from equal weight at Morgan Stanley. -EMC was downgraded to hold from buy at Deutsche Bank. -Intuit was downgraded to hold from buy at Prudential. -Adobe was downgraded at WR Hambrecht. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Thursday March 20th 9:00--Feb LEI was -0.1% vs. -0.4% expected. 8:48--The White House will have a briefing at 11:30 CST, Pentagon briefing at 10:00 CST. 8:16--DeVry was upgraded to neutral from sell at Merrill Lynch. 8:03--Textron warned 2003 EPS would be below previous guidance because of a reduced outlook for business jet deliveries. 8:02--Rumsfeld and the Joint Chiefs of Staff plan a mid-morning Pentagon briefing. 8:01--Tweeter warned Q2 loss would be 6c-10c/sh vs. +1c/sh consensus. 8:00--Pfizer EPS estimates were reduced at Morgan Stanley. 7:58--Barnes & Noble Q4 EPS was $1.49/sh vs. $1.46/sh consensus. Revenues were $1.85B vs. $1.89B consensus. Guided Q1 EPS down to -4c/sh to break-even vs. +2c/sh consensus. 7:56--Goldman Sachs Q1 EPS was $1.29/sh vs. 96c/sh consensus. Revenues were $4.19B vs. $3.42B consensus. 7:55--Cisco announced it will acquire Linksys for $500M. 7:51--Galyan’s Q4 EPS was 98c/sh vs. 95c/sh consensus. Guided full-year EPS down to $1.25-$1.30/sh vs. $1.31/sh consensus. Guided full-year revenues up to $740M-$750M vs. $739M consensus. 7:49--Roxio was upgraded to strong buy from outperform at Piper Jaffray. 7:30--Initial claims were -4K to 421K vs. 415K expected. Last week was revised +5K to 425K vs. 420K previously. The numbers almost completely offset each other and shouldn’t have an effect on the market. 7:25--US aides have guarded optimism that some top Iraqis were killed. 7:22--Wet Seal Q4 EPS was 19c/sh which was as expected. Revenues were $161.2M vs. $163.2M consensus. Company guided Q1 down to a loss of 21c-27c/sh vs. +8c/sh consensus. 7:19--Morgan Stanley Q1 EPS was 82c/sh vs. 62c/sh consensus. Revenues were $5.48B vs. $4.59B consensus. 7:17--There are rumors that Cisco will buy Checkpoint Software and both stocks are reacting accordingly-CSCO down, CHKP up. 7:15--Lehman Q1 EPS was $1.15/sh vs. 97c/sh consensus. Revenues were $1.71B vs. $1.61B consensus. 7:12--Stock negative news would be Pres. Bush’s comments last night that the conflict could last longer-than expected and that there could be casualties. Recall similar comments yesterday morning at White House briefing that said war would last for “some duration.” Stock positive news would come if Saddam Hussein was killed in last night’s missile and bomb attacks. 7:05--Stocks are: S&P -1.00, Nasdaq -1.00. -The US-UK war on Iraq began last night at 8:30 pm CST. Officials said strikes were aimed at “targets of opportunity” and later said that Saddam was the target. Saddam later appeared on TV, but it was not obvious if it was live or taped. -Iraq has fired three missiles at Kuwait-Iraq border and Kuwait City. The missiles were intercepted by Patriots and their remains are being investigated for possible chemical contents. It was reported to be Scuds, but this has not been confirmed. -The Pentagon said additional targets were struck in last few hours. Also said they are hearing of more Iraqi surrenders. -Britain’s Straw said Saddam left no alternative. Russia’s Putin said the US attack was not justified and should be stopped. -The US issued a worldwide terror alert for US citizens. -A US special forces helicopter “crashed” yesterday before the start of the war when it had a hard landing. -Turkey’s parliament will vote on whether to allow US overflight rights over Turkey. -1,000+ troops in Afghanistan launched an attack on al-Qaeda southeast of Kandahar. -Nikkei +1.8%, FTSE +0.1%, Dax +0.3%, CAC-40 +0.3%. Positive: -Nike Q3 EPS was 47c/sh vs. 46c/sh consensus. Revenues were $2.40B vs. $2.28B consensus. -Entegris Q2 EPS was 1c/sh vs. break-even expected. -Jabil Circuit Q2 ‘core’ EPS was 16c which was as expected. Revenue was $1.15B vs. $1.14B consensus. Sees Q3 EPS of 17c-19c/sh vs. 18c/sh consensus. Sees Q3 revenue of $1.20B-$1.24B vs. $1.20B consensus. Upgrades: -Ross Stores was upgraded to outperform from neutral at CSFB. -FedEx was upgraded to overweight from equal weight at Morgan Stanley. -Novellus and KLA-Tencor were upgraded to outperform at SG Cowen. Negative: -Supervalu lowered Q4 EPS guidance to 46c-49c/sh vs. 55c/sh consensus. -Plexus raised its Q2 loss estimate to 10c-12c/sh vs. 2c-5c/sh loss previously guided. -Genentech was downgraded to underperform from neutral at CSFB. -JP Morgan may receive disciplinary actions from the SEC regarding its IP allocation practices. -Bristol-Myers received negative comments in WSJ. Downgrades: -Sanmina-SCI was downgraded to neutral at UBS. -Manhatten Associates was downgraded to neutral from overweight at JP Morgan. Neutral: -Cintas Q3 EPS was 34c/sh which was as expected. Company affirmed full-year ’03 EPS.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Wednesday March 19th 7:45--Ross Stores Q4 EPS was 74c/sh which was as expected. Revenues were $964.6M vs. $968.2M. 7:42--Worthington Q3 EPS was 13c/sh vs. 21c/sh consensus. Revenues were $536.6M vs. $521.6M consensus. 7:37--A senior US official said they have no information on Tariq Aziz. 7:35--Robert Half was upgraded to neutral from sell at Bank of America. 7:32--MSNBC is reporting that Iraq’s Deputy Prime Minister was shot trying to leave. That would be Tariq Aziz and would have been shot by Iraqis/Saddam loyalists. 7:30--Bear Stearns Q1 EPS was $2.00/sh vs. $1.35/sh consensus. Revenues were $1.51B vs. $1.20B consensus. 7:28--Westwood One lowered Q1 and full-year guidance. 7:25--FedEx Q3 EPS was 49c/sh vs. 50c/sh consensus. Revenues were $5.55B vs. $5.45B consensus. Company affirmed Q4 guidance. 7:23--The Feb semiconductor book-to-bill ratio reported last night was 0.99 vs. 0.92 previously. 7:21--Skywest Q4 EPS was 31c/sh vs. 35c/sh consensus. Revenues were $207.9M vs. $213.6M consensus. 7:18--Actuant Q2 EPS was 58c/sh vs. 54c/sh consensus. Revenues were $142.1M vs. $134.2M consensus. Company lowered Q3 EPS guidance to 77c-83c/sh vs. 85c/sh consensus. 7:17--Cisco added $5B to its buyback authorization. 7:15--Stocks are: S&P +5.00, Nasdaq +7.00. -Stock and dollar rally continue today as positive post-war analogs guide the markets. -Japanese officials made ambiguous comments regarding intervention. -US troops have moved into the DMZ between Iraq and Kuwait. It extends 6 mi. into Iraq and 3 mi. into Kuwait. -There are market rumors that Tariq Aziz was captured by the Kurds. -Nikkei +1.2%, FTSE +1.5%, Dax +2.5%, CAC-40 +2.5%. Positive: -American Healthcare Q2 EPS was 26c/sh vs. 25c/sh expected. Company raised its full-year guidance to $1.04-$1.08/sh vs. $1.02-$1.06/sh guided previously and vs. $1.04/sh consensus. -Lennar Q1 EPS was $1.51/sh vs. $1.41/sh consensus. Company affirmed forward guidance. -General Mills Q3 EPS was 67c/sh vs. 66c/sh consensus. Company raised full-year guidance to $2.62-$2.64/sh vs. $2.61/sh consensus. -Viisage expanded its licensing with the Dept of Defense. Upgrades: -AMD was upgraded to neutral from outperform at CSFB. -Lockheed Martin was upgraded to overweight from equal weight at Morgan Stanley. -The tobacco industry was upgraded at Morgan Stanley. It was downgraded two days ago at Salomon and received a potential $289B lawsuit from the Justice Dept. -Carnival and Royal Caribbean were upgraded at Bank of America. Negative: -Oracle Q3 EPS was 11c/sh vs. 10c/sh consensus. Revenues were $2.31B which was as expected. Company’s Q4 revenue guidance was $2.61B-$2.83B vs. $2.84B consensus. Q4 EPS guidance was affirmed. -Applied Biosystems warned of deteriorating business conditions. -Healthsouth was served with a search warrant by FBI officials. Downgrades: -Amazon was downgraded to in line from outperform at Salomon. -Affymetrix was downgraded to neutral from overweight at JP Morgan. -CVS was downgraded to neutral from overweight at JP Morgan. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Tuesday March 18th 8:34--There are rumors that Seibel Systems is having a weak quarter and may carry out last minute cost-cutting measures to help earnings. 8:14--PEC Solutions was upgraded to strong buy at Raymond James, after yesterday the company guided Q1 and full year lower. 8:04--Appears as though the bond market has tested and held the 11215-11217 support range. Today’s low was 11215, where a double bottom was formed on the intraday chart. That should offer continued pressure to stocks, especially since there is nothing bullish to support stocks. 8:00--Redbook retail sales were -1.2%. 7:57--Charming Shoppes Q4 EPS was 2c/sh vs. -3c/sh consensus. Revenues were $601.2M vs. $596.8M consensus. Company lowered Q1 EPS guidance to 8c-10c/sh vs. 10c/sh consensus. 7:34--Xilinx was downgraded to neutral from buy at First Albany. 7:32--The housing data are positive for the bond market and negative for the stock market. By the same token, however, the data could be a short-term event and depressed due to war fears. 7:30--Feb Housing Starts -11.0% to 1.622M vs. 1.730M consensus and vs. 1.822M previously. Housing permits were +0.4% to 1.786M vs. 1.779M previously. Jan starts were revised down to 1.822M vs. 1.850M initially reported. Jan permits were unrevised at 1.779M. 7:27--Kraft Foods was upgraded to buy at Bank of America. 7:25--ConocoPhillips was downgraded to sell at First Albany. 7:19--ISIS Pharmaceutical was downgraded to buy at Needham. 7:16--ASML is up sharply after the US Int’l Trade Commission declined to review an administrative judge’s ruling that the company had not violated unfair practices in import trade. 7:06--Dean Foods was downgraded to neutral at Bank of America. 7:05--Stocks are: S&P +11.00, Nasdaq +14.00. -Stock and dollar rally continue today as positive post-war analogs guide the markets. -Saddam and his son Uday said they would not leave Iraq, as Pres. Bush demanded. -Two more UK cabinet members have resigned over their stance on war with Iraq. -Eurozone Jan IP was +1.1%. -US terror alert level was raised to orange last night. -German ZEW was 17.7 vs. 15.0 previously, but below expectations of 19.0. -Protests outside the Fed in Wash DC caused the building to be closed. The FOMC meeting, however, will continue as scheduled. -Nikkei +1.1%, FTSE +1.3%, Dax +5.0%, CAC-40 +2.3%. -BTM Schroeders weekly chain store sales were +0.4%. Positive: -Krispy Kreme Q4 EPS was 19c/sh vs. 18c/sh consensus. Revenues were $136.7M vs. $143.3M consensus. Affirmed Q1 EPS of 20c/sh and raised full-year to 88c/sh vs. 86c/sh consensus. -Progress Software Q1 EPS was 12c/sh vs. 9c/sh consensus. -Zale announced a $50M buyback. -HGSI has a drug that is showing effectiveness in preventing anthrax in animals. Upgrades: -DR Horton was upgraded to neutral from underperform at CSFB. Negative: -Tech Data Q4 EPS was 58c/sh vs. 55c/sh consensus. Revenues were $4.01B vs. $3.94B consensus. Company lowered Q1 guidance to 37c-42c/sh vs. 47c/sh consensus. -Applied Materials is cutting 2,000 jobs, or 14% of its workforce. -Gateway warned Q1 revenues would be $820M-$850M vs. $955M consensus. Said it would close 80 stores and lay off 1,900 workers. -Winnebago Industries Q2 EPS was 64c/sh vs. 66c/sh. Revenues were $186.7B vs. $210.3M consensus. -BAE Systems will cut 1,000 jobs. -The NYT is reporting that the Justice Dept is demand a half-century of profits, or $289B, from tobacco makers. Justice said tobacco used fraudulent marketing practices and the profits were ill-gotten gains. -Procter & Gamble raised Q3 EPS guidance to 95c-96c/sh vs. 94c/sh consensus. Company also announced it is buying German hair care company Wella for $6.9B (22% premium). -Liz Claiborne will acquire Juicy Couture. Terms have not yet been disclosed. -Michael Dell filed to sell 8.4 mln shares. Downgrades: -CH Robinson was downgraded to underweight from equal weight at Morgan Stanley. -Railroad stocks’ estimates were reduced at UBS. Neutral: -Williams-Sonoma Q4 EPS was 67c/sh vs. 66c/sh consensus. Company lowered Q1 guidance to 7c-8c/sh vs. 15c/sh but affirmed full-year guidance (lowered Q1 and raised Q3 & Q4). -Charter One reaffirmed its Q1 EPS outlook. -Charles River affirmed its Q1 EPS outlook of 39c-41c/sh vs. 40c/sh consensus.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Monday March 17th 8:08--Charles Schwab has increased its buyback program by up to $250M. 7:55--Wendy’s was downgraded to in line at Salmon. 7:49--Bank of America’s strategist said that stocks are cheaper than they look. Said equities are more favorable than bonds. Equity weighting was left unchanged at 75%, 15% bonds, and 10% cash. 7:47--HCR Manor Healthcare was upgraded to neutral from sell at Bank of America. 7:38--Tobacco sector was downgraded at Salomon to under weight from market weight. Name downgraded was Carolina Group. 7:19--Charlotte Russe was downgraded to market perform from outperform at Wachovia. 7:16--Silicon Image was downgraded to market perform from outperform at Wachovia. 7:13--TMP Worldwide was upgraded to market perform from underperform at Piper Jaffray. 7:05--Stocks are: S&P -4.00, Nasdaq -8.00. -At the Azores summit yesterday, Pres Bush said "tomorrow is the day that we will determine whether or not diplomacy can work. We concluded that tomorrow is a moment of truth for the world." He also said the UN needs to act by the end of today. Said force would be authorized if Saddam does not give up his weapons by today. -The US has asked UN weapons inspectors to begin leaving Iraq. -The UN will meet today at 9:00am CST. -Tony Blair has called an emergency cabinet meeting at 10am CST. -The US has ordered its diplomats out of Syria, Kuwait and Israel. -German and Chinese embassies in Iraq are closing. -Nikkei -1.6%, FTSE -0.61%, Dax -1.4%, CAC-40 -2.3%. -Mar Empire State survey was -2.5 vs. -2.0 expected and vs. +1.1 previously. Positive: -Dollar General Q4 EPS was 33c/sh vs. 31c/sh consensus. Company affirmed full-year guidance of 83c-86c/sh vs. 84c/sh consensus. -Sun Mircro received positive comments in Barron’s. Upgrades: -Accredo Health was upgraded to equal-weight from underweight at Lehman. -Cardinal Health was upgraded to outperform at Bear Stearns. Negative: -PEC Solutions guided Q1 and full year EPS lower. Said Q1 EPS would be 12c/sh vs. 18c/sh consensus. Said full-year would be 63c-81c/sh vs. 87c/sh consensus. -Mohawk lowered Q1 EPS guidance to 60c-63c/sh vs. 82c/sh consensus. Also lowered Q2 guidance. Downgrades: -Symbol Tech was downgraded to underweight from neutral at Salomon. -Micron’s earnings estimates were lowered at Salomon. -Auto stocks earnings estimates were cut at JP Morgan. -MedImmune was downgraded to equal weight at Morgan Stanley. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Friday March 14th 7:52--Pres. Bush and Colin Powell will hold a joint press conference at 9:00AM CST. 7:49--Aetna was upgraded to market perform at SG Cowen. 7:47--Public Storage was downgraded to underperform at Salomon. 7:45--KB Homes Q1 EPS was $1.25/sh vs. $1.17/sh consensus. Revenues were $1.09B vs. $1.03B consensus. 7:36--There are rumors that UN inspectors have been moved out of Iraq. 7:32--The numbers were relatively close to expectations overall. PPI above expectations while the core rate was below. One surprising event was that PPI was not even higher than +1.0%. The gains in the Journal of Commerce and other industrial commodity indexes has been strong in recent months. 7:30--Feb PPI was +1.0% vs. +0.6% expected. Core PPI was -0.5% vs. +0.1% expected. Intermediate Goods +2.1%, Crude Goods were +0.7%. Energy prices were +7.4%. Passenger Cars were -0.6%, Computer prices -6.3%. Jan PPI was unrevised at +1.6%. 7:30--Jan Business Inventories were +0.2% vs. +0.2% expected. 7:30--Q4 Current Account was -136.9B vs. -136B consensus. 7:12--Andrew Corp is cutting its Q2 outlook. 7:00--Stocks are: S&P +8.00, Nasdaq +8.00. -The unwinding of pre-war trades is continuing today. Euro -0.20, S&Ps +8.00, Bonds -6/32, oil -1.40. Over-extension in those market is helping the unwinding. Nikkei +1.7%, FTSE +2.7%, Dax +2.7%. -The Defense Dept said that there are some Iraqi troops moving south toward Kuwait with artillery. Said they are also seeing scud missiles moved into western Iraq; within range of Israel. -Pres. Bush may meet with UK PM and Spanish Pres this weekend to discuss Iraq. -Lehman sees rate cuts in April and May and sees fed funds at 0.50% by summer. -The PC market is expected to slow in 2003 according to IDC due to declines in public sector spending. Positive: -Adobe Q1 EPS was 25c/sh ex-items vs. 22c/sh consensus. Revenues were $296.9M vs. $282.2M expected. Company affirmed Q2 revenue guidance. -WebMD Q4 EPS was 13c/sh vs. 9c/sh consensus. Company guided full-year up to 45c-50c/sh vs. 39c/sh consensus. -Electronics Boutique Q4 EPS was $1.16/sh vs. $1.11/sh consensus. Company affirmed Q1 and full-year earnings numbers. -The FDA approved the AIDS drug Fuzeon developed by Trimeris and Roche. Upgrades: -Corning was upgraded to buy from neutral at UBS. -Defense sector was upgraded to overweight from market weight at Salomon. Alliant Techsystem was upgraded individually. Negative: -PetCo Q4 EPS was 37c/sh vs. 36c/sh consensus. Company guided Q1 EPS down to 18c-19c/sh vs. 20c/sh consensus. Guided full-year down to $1.08-$1.09 vs. $1.10 consensus. -Aeropostale Q4 EPS was 46c/sh vs. 45c/sh consensus. Guided full-year EPS down to $1.06-$1.10 vs. $1.11 consensus. -Bebe Stores guided Q3 EPS down to 3c-5c/sh vs. 11c/sh consensus. -Borders Group Q4 EPS was $1.39/sh which was as expected. Revenues were also as expected at $1.23B. Company lowered Q1 guidance to break-even vs. +4c/sh consensus. Company affirmed full-year EPS guidance. -Leggett & Platt guided Q1 EPS down to 22c-26c/sh vs. 28c/sh consensus. -Ameritrade lowered Q2 guidance to 1c-2c/sh vs. 5c/sh consensus. Lowered revenue guidance to $132M-$150M vs. $155M consensus. Guided full-year down to 12c-29c/sh vs. 28c/sh consensus. -Skywest’s earnings report was postponed until Mar 19th. -Charles Schwab said that Q1 consensus forecasts are too high. -Ford will cut production by 17% vs. year ago. Ford said it is not changing its full-year EPS guidance right now. Downgrades: -Bebe Stores was downgraded to underperform from market perform at Wachovia. Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Thursday March 13th 7:59--Cisco’s profit numbers were reduced at Bank of America. 7:56--Iraq will deliver an anthrax report to the UN tomorrow. A report on VX nerve gas will come in the next few days. These comments will further decrease chances of war with Iraq; a sensitive subject today. Could induce further credit market selling and dollar/stock market buying. 7:53--Countrywide was upgraded to overweight from equal weight at Lehman. 7:45--Level 3 affirmed Q1 and full-year guidance. 7:43--Finish Line was upgraded to buy at Merrill Lynch. 7:40--Automatic Data Processing lowered its 2003 EPS estimates. 7:35--Baxter is guiding Q1 EPS down to 36c-38c/sh vs. 44c/sh consensus. Lowered full-year guidance to $2.10-$2.20 vs. $2.24/sh consensus. 7:31--The claims numbers overall were higher than expected while retail sales overall were weaker than expected. That suggests a weaker economy and weaker stocks/higher bonds. 7:30--Feb Import prices were +1.3% vs. +1.0% expected. Prices ex-oil were +0.4%. Petroleum prices were +8.2%. 7:30--Feb retail sales were -1.6% vs. -0.5% expected. Jan was revised to +0.3% from -0.9%. Sales ex-autos were -1.0% vs. -0.1% consensus. 7:30--Initial claims were -15K to 420K vs. 415K expected. Last week was revised to 435K from 430K previously. 7:25--Analogic was upgraded to strong buy at Needham. 7:17--Micromuse was upgraded to strong buy from market perform at Raymond James. 7:05--Stocks are: S&P +4.00, Nasdaq +8.00. -Dollar stronger amid stories of Iraqi “secret surrender.” Stories of surrender have circulated in the last several days, so today’s impact strikes us as a surprise. Report is on CNN through a link on Drudge. The stories are causing pre-war trades to unwind. -The French and Russians said they are ready to go to Iraq for the rebuilding effort after a war. -Nikkei -0.9%, FTSE +3.5%, Dax +2.8%. -US troops in Afghanistan were ambushed and five al-Qaida were killed. -Global chip equipment demand was +17% to 1.69B in Jan according to the Semiconductor Equipment Assoc. Positive: -Comverse Tech Q4 loss was -8c/sh vs. -11c/sh consensus. Revenues were $176.0M vs. $170.0M consensus. The Pres is stepping down to assume a part-time role and volunteer work. -Michael’s Q4 EPS was $1.07/sh vs. $1.01/sh consensus. Revenue was $972M vs. $985.5M consensus. -Urban Outfitters Q4 EPS was 42c/sh vs. 39c/sh consensus. -Claire’s Stores Q4 EPS was 87c/sh vs. 81c/sh consensus. Company guided Q1 EPS to 19c/sh vs. 22c/sh consensus. -Gateway received positive comments in WSJ. Upgrades: -Comverse Tech was upgraded to overweight from underweight at JP Morgan. -Royal Dutch Shell was upgraded to buy from hold at Prudential. Negative: -International Paper lowered Q1 EPS to 12c/sh vs. 20c/sh consensus. -Tyco cut 2003 profit estimate to $1.40-$1.50/sh vs. $1.49/sh consensus. Previous guidance was $1.50-$1.75/sh. -Cymer lowered Q1 revenue guidance to the low end of its $72M-$74M guidance range. Consensus is $72.4M. -Ultimate Electronics Q4 EPS was 17c/sh which was as expected. However, company lowered Q1 guidance to a loss of 1c-4c/sh vs. +7c/sh consensus. -Pep Boys Q4 EPS was 3c/sh vs. 12c/sh consensus. -Philips Electronics cut 1,600 jobs in a bid to return to profitability. -Alaska Air criminal probe was reopened by the US Attorney. -Unisys is selling $300M in 6.875% notes. Downgrades: - Neutral: -

Aggiorniamo il commento finanziario americano migliore che abbiamo: Wednesday March 12th 8:00--Harris Corp was downgraded to sector underperform from perform at CIBC. 7:47--Lucent was downgraded to underperform at Wachovia. 7:46--Maytag was downgraded to neutral at Bank of America. 7:44--Foot Locker Q4 EPS was 33c/sh vs. 34c/sh consensus. Revenues were $1.21B which was as expected. 7:30--Jan Trade Balance was -$41.11B vs. -$43.5B expected. Dec was revised to -$44.88B from -$44.24B. Exports were $81.91B vs. $80.63B previously. Imports were $123.02B vs. $125.50B previously. 7:25--TXU was upgraded to buy from neutral at Merrill Lynch. 7:19--Ford was upgraded to neutral from reduce at UBS. 7:11--The BBC is now saying that the CIA has denied the report of bin Laden’s capture. 7:05--Stocks are: S&P +2.00, Nasdaq +4.00. -The US is insisting that a vote on an Iraqi deadline take place this week. Open to a small extension of Mar 17th deadline. -Tony Blair spoke today in his “questions for the Prime Minister.” Affirmed support for US against Iraq. Said UK faces a real threat from terrorism. -bin Laden was captured….for the fourth time in five days. That’s why the stock market popped at 6:55 am CST. Story is on AFX citing BBC. -The Australian dollar continued to weaken this morning after a further drop in consumer confidence. -Nikkei up only 1.0% and is still below 8,000. Dax -3.1%, FTSE -3.0%. -The Serbian PM was shot in an assassination attempt. Positive: -Talbots Q4 EPS was 48c/sh vs. 47c/sh consensus. Revenues were $431.8M vs. $430.4M consensus. -Altera raised its Q1 revenue and EPS guidance. -Lockheed Martin is near an award of $4B for 60 C-130Js. -Nokia received positive comments in the WSJ. Upgrades: -Broadcom was upgraded to in line from underperform at Salomon. -Aetna was upgraded to outperform from in line at Goldman Sachs. Negative: - Ann Taylor Q4 EPS was 35c/sh vs. 34c/sh consensus. Company lowered Q1 guidance to 39c-41c/sh vs. 45c-47c/sh given in previous guidance. -Fannie Mae will issue $250M in preferred stock. Downgrades: - Neutral: -JDSU CFO reiterated break-even target.

Aggiorniamo il commento finanziario americano migliore che abbiamo: Tuesday March 11th 8:12--Freddie Mac was also downgraded at Raymond James. 8:06--Fannie Mae was downgraded to market perform from strong buy at Raymond James. 8:00--Redbook weekly retail sales were -0.9%. 7:58--Del Monte Q3 EPS was 26c/sh which was as expected. 7:55--Danaher affirmed its Q1 of 61c-66c/sh and its 2003 outlook of $3.13-$3.28/sh. Consensus is 64c/sh and $3.19/sh. 7:37--Morgan Stanley’s Biggs said that stocks are in a bottoming process. 7:37--Checkfree was downgraded to hold from buy at AG Edwards. 7:30--CBS poll on Iraq showed 44% favored military action soon vs. 35% last week. 52% wanted more time for inspectors vs. 60% last week. US patience seem to be growing thin for any more delays from some members of the UN. 7:29--Northrop Grumman will buy back $2.85B in notes. 7:28--Concord EFS was downgraded to neutral from buy at UBS. 7:23--Sabre Group guided Q1 EPS down to 38c-42c/sh vs. 47c-52c/sh previously guided and vs. 48c/sh consensus. 7:21--Stanley Furniture reaffirmed Q1 outlook of 47c-52c/sh vs. 50c/sh consensus. 7:11--US Steel said it expects a loss in Q1 vs. +18c/sh consensus. 7:05--Stocks are: S&P +4.00, Nasdaq +3.00. -Dollar slightly lower this morning against euro and yen based on increased war fears. -US and UK are discussing changes to their second resolution in order to gain enough support for it to pass. -The US rejected Iran’s claim that its nuclear program was for energy purposes only. -German IP rose 1.6% which was slightly more than expected. -UK Jan IP was -0.1%. -OPEC said they will not change production but also said it will do what it can to increase production in the event of a war. -BTM weekly sales were +0.6%. -Financial Times said that the IT spending recovery in Europe is being pushed into 2004. Positive: -Heinz Q3 EPS was 54c/sh vs. 52c/sh consensus. Revenues were $2.11B vs. $2.19B consensus. Company affirmed full year guidance. -Fred’s Stores Q4 EPS was 42c/sh vs. 39c/sh consensus. Company guided FY04 EPS to $1.25-$1.33 vs. $1.26/sh consensus. Upgrades: -Interpublic was upgraded to sector outperform from perform at CIBC. -Avery Dennison was upgraded to overweight from equal weight at Morgan Stanley. Negative: -Nokia said it sees a 15%-20% decline in network sales (25% of sales). Said mobile phone volume will show healthy growth but said mobile phone sales will be at the low end of its 0-9% growth forecast. -Jo-Ann stores guided Q1 EPS down to 32c-37c/sh vs. 47c/sh consensus. -Sherwin-Williams warned Q1 EPS would be 20c-23c/sh vs. 25c/sh consensus. Lowered full-year guidance to $2.17-$2.19/sh vs. $2.23/sh consensus. -Volkswagon said Q1 profit will fall as demand shrinks. US automakers are seeing pressure as a result. -Ford’s President and COO are the subject of an internal probe for possible violation of company purchasing policies. Downgrades: - Neutral: -Corning is reiterating Q1 guidance of a loss of 1c-4c/sh vs. 3c/sh consensus. -Chartered Semiconductor reiterated Q1 guidance of 38c-40c/sh vs. 40c/sh consensus. Said that despite economic uncertainty, company has seen only minor changes in demand. -Emulex said they are on track to meet guidance.