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The Fokker Chronicles

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World Markets:
Europe was mixed half way through its session while the CAC40 was edging out most indicies in the region gaining nearly 0.60%. The Japanese Nikkei closed flat on the day while the Hang Seng was closed for trading. US markets caught a slight bid early on following the better than expected claims numbers. Checkout Brian Reynolds for more on that.

Heads-up:
Lookout for the earnings after the bell to include Amgen(AMGN:NASD), Corning(GLW:NYSE), KLA Tencor(KLAC:NASD) MBNA(KRB:NYSE), and Microsoft(MSFT:NASD). Tomorrow there will be no economic news however on the earnings front, Schlumberger(SLB:NYSE) will be reporting its numbers.

Brokerage Chatter:
UBS initiated coverage on US Steel (X:NYSE) and Steel Dynamics (STLD:NASD) with buy ratings and price targets of $43 and $27 respectively. AG Edwards upped a handful of oil stocks from buy to hold which include BP(BP:NYSE), ConocoPhillips(COP:NYSE), Chevron(CVX:NYSE), and Occidental Petroleum(OXY:NYSE). Deutsche Bank upgraded Johnson Controls(JCI:NYSE) to buy from hold and raised its price target to $69 from $55. Piper Jaffray upgrades Xicor(XICO:NASD) to outperform from market perform and raised its target to $16 from $11.

Thomas Weisel upgraded Gilead Sciences(GILD:NASD) to outperform from peer perform and raised its target to $83 from $65. Deutsche Bank upgraded BEA Systems(BEAS:NASD) to buy from hold and raised its target to $16 from $12 however Merrill downgraded the stock from buy to neutral. Schwab Soundview upped Lattice Semi(LSCC:NASD) to outperform from neutral and raised its target to $15 from $7. Wachovia upgraded Fannie Mae(FNM:NYSE) to outperform from market perform. Wachovia also raised its rating for Xilinx(XLNX:NASD) to outperform from market perform. Smith Barney cut Lucent(LU:NYSE) to sell from hold.


Financial Headlines:
Stories :
The Wall Street Journal reported the panel that dates the recessions could declare that the most recent one began as early as November 2000, a move which could help President Bush heading into the elections.

According to the Wall Street Journal, the Office of Federal Housing Enterprise Oversight(OFHEO), issued an "urgent appeal" to Congress seeking additional funds for monitoring the activities of Freddie Mac(FRE:NYSE) and Fannie Mae(FNM:NYSE)

According to the NY Post, Merrill Lynch(MER:NYSE) alluded to the fact that it may be looking at making some acquisitions in the brokerage space.

Teva Pharma(TEVA:NASD) announces an offering of approximately $1 billion of convertible debentures.


Earnings:
Pfizer(PFE:NYSE) reported $0.53 a share on $14.16 billion in revenues versus FC of $0.51 and $13.65 billion.
eBay(EBAY:NASD) reported 2 cents ahead of the street and raised its guidance for the 1st quarter and 2004.
Qualcomm(QCOM:NASD) EPS beat by 3 pennies.
Xilinx(XLNX:NASD) beat by a penny and topped revenues. Company guided its 4th quarter above consensus estimates.
Eastman Kodak(EK:NYSE) beat by 18 cents and guided above consensus for 2004. Company announced it will slash its workforce by 21%.
Computer Associates(CA :NYSE) beat by a penny.
Starbucks(SBUX:NASD) beat by a penny.
SanDisk(SNDK:NASD) beat by 16 cents and announced 2 for 1 split.
Mercury Interactive
(MERQ:NASD) reported in line but guided below consensus.
UnitedHealth(UNH:NYSE) topped estimates by $0.04 and guided its 2004 above consensus.
Siebel Systems(SEBL:NASD) reported in line with prior raised guidance.
Symantec(SYMC:NASD) beat by 5 pennies and raised its guidance.
Lam Research(LRCX:NASD) guided its reveneus higher for the 3rd quarter.
Knight Trading(NITE:NASD) beat by $0.03 on revenues that topped street estimates.
Sepracor(SEPR:NASD) beat the street by $0.30 on revenues of $112 million versus the $94.6 million consensus.
Cypress Semi(CY:NYSE) beat by $0.02
Sabre Hldgs(TSG:NYSE) missed by $0.06 and guided its 1st quarter below consensus.
Sunoco(SUN:NYSE) missed by $0.02.
Cabot Micro(CCMP:NASD) beat by $0.03.
BellSouth(BLS:NYSE) beat by a penny.
Charles Schwab(SCH:NYSE) reported in line on revenues and EPS.
AT&T(T:NYSE) beat by 3 pennies.
AT&T Wireless(AWE:NYSE) missed by 4 cents and officially opened the door to potential suitors claiming they will be exploring strategic alternatives.
Occidental Petro(OXY:NYSE) missed by $0.04.
Ford Motor(F:NYSE) beat by 3 pennies.
Tellabs(TLAB:NASD) beat by $0.06.
Wyeth(WYE:NYSE) missed by $0.05 but topped revenue estimates.
EMC Corp(EMC:NYSE) beat by $0.01
Check Point Sftwr(CHKP:NASD) beat by $0.02.
Capital One(COF:NYSE) beat by $0.10


Around the world in 80 ticks:
The Wall Street Journal reports that yesterday a German court heard evidence from a self-confessed Iranian spy which implicated Iran in having some knowledge of the 9/11 attacks prior to them taking place and that it had participated in a bombing of a U.S. barracks in Saudi Arabia.

According to Reuters, Thailand reaffirmed its position that it was not covering up cases of the bird flu that has killed several people in nearby Vietnam. As a precaution, Japan suspended its imports from Thailand's huge chicken industry until further notice. Japanese chicken imports from Thailand represent over $1.5 billion, nearly 60% of the Thai chicken industry.

With five days left to go before New Hampshire's presidential primary, a poll conducted by Reuters/MSNBC/Zogby shows that Dean has fallen behind again as the surging John Kerry took a three point lead.

ESPN news reported lat night that the New Jersey Nets are potentially done in Jersey after an agreement was reached with Brooklyn developer Bruce Ratner. Pending approval by the board of YankeeNets, holding company of the Nets, the team appears destined to find its new residence in Brooklyn.

Have a profitable day.

Fokker


position in fnm
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