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The Fokker Chronicles



World Markets:
World markets were weaker until Intl Bus Mach.(IBM:NYSE) and a host of better than expected US economic releases reversed the tide and moved indices higher in Europe. US equities also followed suit and reversed their overnight weakness. The Japanese Nikkei lost 1.82% and the Hang Seng lost 0.53% on their sessions.

The January Philly Fed survey will be released at 12:00pmEDT and at 2:00pmEDT we'll receive the Treasury budget statement for December. Lookout after the bell for more earnings releases from the likes of Juniper Networks(JNPR:NASD) and Sun Micro(SUNW:NASD).

Brokerage Chatter:

Smith Barney took Intel(INTC:NASD) off its focus list this morning. Smith Barney also downgraded Yahoo!(YHOO:NASD) to hold from buy. Lehman upped Lucent(LU:NYSE) to overweight from equal-weight and raised its target to $4.50 from $3.50. CIBC downgraded Planar Systems(PLNR:NASD) to underperform from sector perform. Deutsche Bank downgraded both Delta Air Lines(DAL:NYSE) and Genentech(DNA:NYSE) to hold from buy.

Banc of America downgraded AT&T Wireless(AWE:NYSE) to neutral from buy . Lehman upped Applied Micro(AMCC:NASD), PMC Sierra(PMCS:NASD), and Vitesse Semi(VTSS:NASD) to overweight from equal-weight. Bear Stearns downgraded Nextel(NXTL:NASD) to peer perform from outperform. UBS upgraded Pacer Intl(PACR:NASD) to buy from neutral and raised its target to $25 from $23. Morgan Stanley upped Bank One(ONE:NYSE) to equal weight from underweight.

Financial Headlines:
Stories :
Bloomberg newswires reported that J.P. Morgan(JPM:NYSE) has agreed to acquire Bank One(ONE:NYSE) in a deal that creates the second largest financial institution behind Citigroup(C:NYSE). The deal is expected to be worth $60 billion.

The Wall Street reported that Coke Cola(KO:NYSE) said the SEC, which was pursuing an informal investigation into the company's accounting practices, has now upped the investigation to a formal one.

The Wall Street Journal reported that 4th quarter world-wide personal computer shipments increased at its fastest rate in three years.

Reuters reported that according to the China Internet Network Information Centre, the number of Internet surfers in China grew to 79.5 million people by the end of 2003, representing an annual increase of 34.5%. China, which already has the world's second-largest web population behind the United States, added 20.4 million new online users during the past year.

Intel(INTC:NASD) beat by 2 pennies on better revenues. Guided the street in line for next quarter however, capex(capital expenditures) looked light against the whisper figures of $4billion.
Apple Computer(AAPL:NASD) beat by 2 pennies and reported higher revenues. The company guided its 2nd quarter higher than consensus.
Intl Bus Mach(IBM:NYSE) beat by 6 pennies and reported revenues of $25.91 billion versus the $25.06 billion consensus.
Genentech(DNA:NYSE) beat by 2 cents.
Yahoo!(YHOO:NASD) reported its EPS in line but beat on revenues. Company also guided its 1st quarter and 2004 revenues in line with street estimates.
SLM Corp(SLM:NYSE) beat by $0.08.
Mercury Computer(MRCY:NASD) beat by $0.02 and guided its 3rd quarter and 2004 estimates above consensus
Wachovia(WB:NYSE) reported in line with estimates, increased its dividend and announced a 60 million share repurchase plan.
Bank of America(BAC:NYSE) beat by $0.06 on revenues of $9.79 billion versus the $9.72 billion consensus.
FleetBoston(FBF:NYSE) beat by 4 pennies, however the company announced that two of its subsidiaries received a Wells Notice.
Fairchild Semi(FCS:NYSE) beat by $0.04.
Teradyne(TER:NYSE) beat by $0.04.
Rowan Cos(RDC:NYSE) missed by $0.02 however topped revenues estimates.
QLogic(QLGC:NASD) beat by $0.02 but released revenues that were shy of expectations.
McDonald's(MCD:NYSE) reported a 12.2% increase in December U.S. comps and offered in line guidance for its 4th quarter.

Around the world in 80 ticks:
BBC news reported yesterday that the latest Mideast suicide bombing marked two firsts. Hamas not only sent its first female murderer to blow herself up, but a mother homicide bomber as well. Reem Raiyshi, a 22 year old Palestinian woman leaves behind her two infant children, ages 1 and 3. Congrats to Hamas on their latest achievement in terror and hate.

AP news reported that the U.S. and Canadian military aircraft have scrambled approximately 1,700 times since 9/11 in their efforts to intercept or divert suspicious aircraft. Officials said recent exercises conducted in early- and mid-December still show holes in our defense and further stated that the best prevention against another terror tragedy in the skies is by improving our pre-emptive measures which include better intelligence and screening efforts and not a last-minute shoot down of a hijacked commercial airliner.

Reuters reported that NASA scientists have sent its robotic rover Spirit out for its first trip onto the martian ground today. The brief excursion was only about 10 feet straight ahead, however it put the scientists and project team into a huge uproar of excitement. The team from the Jet Propulsion lab will be sending Spirit out to search for signs of life sustaining water in the coming days.

AP news reported that two public interest groups which have been attempting to block sales of the new genetically altered glow in the dark fish, Glofish, sued the federal government yesterday. Sales of the Florida-grown fish began this month everywhere in the country except California, which banned the fish in December. The public interest groups fear by not regulating the GloFish, a dangerous precedent would be set for all genetically altered animals.

Have a profitable day.


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