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The Fokker Chronicles

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World Markets:
Europe was edging slightly higher today as the DAX and Spanish exchanges led the region. The Japanese Nikkei lost nearly 1% while the Hang Seng gained 1.33% on its session. US equities were poised for lower start as the US dollar received some weakness following Bush's state of the union and reiteration of his tax cut plans. Treasuries were little changed to higher early in the trading session. Check out Brian Reynolds for more data points on the economic releases from earlier this morning.

Heads-up:
Lookout after the bell for earnings reports from Computer Associates(CA:NYSE), eBAY(EBAY:NASD), Mercury Computer(MERQ:NASD), Qualcomm(QCOM:NASD), Siebel Systems(SEBL:NASD), Starbucks(SBUX:NASD) and Xilinx(XLNX:NASD).

Looking ahead to tomorrow, the government releases its data on initial claims and leading indicators. The Natural Gas Inventory data is also due out tomorrow morning. Earnings for tomorrow include AT&T(T:NYSE), Eastman Kodak(EK:NYSE), EMC Corp.(EMC:NYSE), Ford(F:NYSE), Nokia(NOK:NYSE), Amgen(AMGN:NASD), KLA Tencor(KLAC:NASD), and Microsoft(MSFT:NASD).

Brokerage Chatter:
JP Morgan is removed Wyeth(WYE:NYSE) from its Focus List. UBS downgraded the Energy Equip/Services Sector to equal weight from overweight. Banc of America downgraded both Oxford Health Plans(OHP:NYSE) and Coventry Health Care(CVH:NYSE) to sell from neutral. UBS also raised targets for Anthem(ATH:NYSE) ($87 from $78), United Health(UNH:NYSE) ($64 from $58), and WellPoint Health(WLP:NYSE) ($95 from $86). Goldman raised its estimates on steel companies because of their view that steel prices will continue to rise sharply and added that US Steel(X:NYSE) is the most undervalued. Wells Fargo raised its rating on Motorola(MOT:NYSE) to buy from hold.

Goldman Sachs downgraded Pep Boys(PBY:NYSE) to in-line from outperform. Goldman also upped Allstate(ALL:NYSE) to outperform from in-line. JP Morgan upgraded Potash(POT:NYSE) to overweight from underweight citing their belief the 2004 EPS could rise over 150% year over year. CIBC upgrades Sanmina-SCI(SANM:NASD) to sector perform from sector underperform. Wells Fargo upped Nokia(NOK:NYSE) to buy from hold and placed a $35 price target on the stock. Smith Barney downgraded BJ Services(BJS:NYSE) to hold from buy. Wachovia cut its rating on SBC Comm(SBC:NYSE) to underperform from market perform. JP Morgan upgraded Sprint PCS(PCS:NYSE) to overweight from neutral.


Financial Headlines:
Stories :
The Semi equipment Book to Bill came in at 1.2, better than many analysts had expected which some had at roughly 1.08.

HealthSouth(HLSH:NASD) said that despite its accounting fraud topping $4.5 billion, it affirmed its outlook.

According to the New York Post, the Securities and Exchange Commission(SEC) has widened its investigation of the New York Stock Exchange(NYSE) over the oversight given to the trading among its specialists and brokers on the floor, the exchange's market surveillance, and the compensation of former NYSE chief Dick Grasso.

Earnings:
Advanced Micro Devices(AMD:NYSE) reported EPS and revenue of $0.09 and $1.206 billion versus the street estimates of $0.04 on $1.082 billion. This represents its first profit in nine quarters.
Motorola(MOT:NYSE) beat by 4 cents.
Union Pacific(UNP:NYSE) beat consensus by $0.10.
First Tennessee(FTN:NYSE) reported a penny worse than expectations.
General Dynamics(GD:NYSE) beat by $0.03.
Bank of NY(BK:NYSE) reported in line results.
Merrill Lynch(MER:NYSE) beat by 17 cents on revenues of $4.92 billion, light versus the consensus estimate of $5.13 billion.
Amphenol(APH:NYSE) beat by $0.07, and announced a 2-for-1
stock split.
Legg Mason(LM:NYSE) beat by $0.08 and topped revenue estimates as well.
JP Morgan Chase(JPM:NYSE) beat by $0.12.
E*Trade(ET:NYSE) beat by a penny however reported light on its revenues.
Lucent(LU:NYSE) beat by $0.03.
Fannie Mae(FNM:NYSE) beat by $0.02.
PMC-Sierra(PMCS:NASD) guided its revenues higher for the 1st
quarter after it announced it topped EPS by a penny.
CheckFree(CKFR:NASD) beat by 2 cents and boosted its 2004 forecast.
Centex(CTX:NYSE) beat by $0.21.
Sanmina-SCI(SANM:NASD) beat by a penny.
RF Micro Device(RFMD:NASD) beat by $0.03 and topped revenues estimates but guided its 4th quarter below consensus.



Around the world in 80 ticks:
USA Today summed up President Bush's third State of the Union speech as a preview of an optimistic re-election campaign theme. Bush told Congress and the national televised audience last night that "the world is changing for the better" as a result of his fortitude in Afghanistan and Iraq. Bush also pointed to an improving domestic economy while proposing new programs.

According to the New York Times, Pakistan has closed the exits for all its scientists working on its nuclear weapons program forbidding them from leaving the country. This follows ongoing efforts by the government to intensify its inquiry into allegations that nuclear technology had been given to Iran.

The Associated Press reports that North Korea has removed nearly 8,000 spent fuel rods from its main nuclear complex, which provides evidence to officials that their efforts to build atomic bombs had been restarted.

According to Bloomberg newswires, the deadly Bird Flu virus that has killed several humans in Southeast Asia not to mention millions of chickens might have a vaccine within the next four months. Scientists said the challenge is "to produce an immune response in humans without killing chickens" in the process.

Have a profitable day.

Fokker

position in fnm
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