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The Fokker Chronicles



World Markets:

Europe was trading relatively stronger thus far today heading into a firmer morning session for US equity futures. Asia has been trending lower of late as the Japanese Nikkei lost 0.69% and the Hang Seng gave up nearly 2.5% on the day. US equities futures took a brief dive following the Durable goods orders figures but have regained its footing heading into the open of trading on Wall Street. Check out what Brian Reynolds had to say about the data released earlier.

Lookout for the New Home Sales figures for December at 10amEDT. Also, a FOMC rate decision will be released at 2:15pmEDT. API figures will be out at 10:30amEDT. Other events include an analyst day for Oracle(ORCL:NASD). After the bell the earnings will continue to paint the tape with reports from Altria(MO:NYSE), Foundry Networks(FDRY:NASD), JDS Uniphase(JDSU:NASD), LSI Logic(LSI:NYSE), Quest Software(QSFT:NASD) and Veritas(VRTS:NASD).

Brokerage Chatter:

Bank of America upgraded Network Associates(NET:NYSE) to buy from neutral and raised its price target to $22 from $13. Bank of America also initiated both Juniper Networks(JNPR:NASD) and Foundry Networks(FDRY:NASD) with buy ratings and placed a $38 and $40 price target on the stocks respectively. Bear Stearns downgraded CSX Corp(CSX:NYSE) to peer perform from outperform. Schwab SoundView raised its price target for On Semi(ONNN:NASD) to $12 from $9. Goldman Sachs downgraded JetBlue(JBLU:NASD) to underperform from in-line. Bear Stearns downgraded Caterpillar(CAT:NYSE) to peer perform from outperform. Both Wells Fargo and Deutsche Bank upped Flextronics(FLEX:NASD) to buy from hold and Deutsche also raised its price target to $23 from $15. Bank of America Securities started coverage of Cisco Systems(CSCO:NASD) with a buy rating and a $33 price target.

Financial Headlines:
Stories :

The latest Instititutional Investor(II) numbers showed that the percentage of bulls stood at 55 versus 55.4 from the prior week and Bears dropped to 19 versus 19.8 the week prior.

According to the New York Post, the SEC is now investigating options exchanges including the CME, American Stock Exchange, Phili Stock Exchange, and the Pacific Stock Exchange.

Lehman Brothers(LEH:NYSE) announced it will raise its dividend 33% and authorized a buyback of up to 61.8 million shares of common stock.

Yesterday afternoon Roy Disney called on shareholders of the Walt Disney Company(DIS:NYSE) to protest the current management team and urged them to vote against the boards re-elections of Michael Eisner, George Mitchell, Judith Estrin, and John Bryson as directors of the company.

The New York Times reported that US Airways has been the focus of recent attention, receiving bids for its assets from the likes of American Airlines(AMR:NYSE), Delta Air(DAL:NYSE), JetBlue(JBLU:NASD) and AirTran(AAI:NYSE).

According to Digitimes, Intel(INTC:NASD) plans to roll out in the next quarter three new 90nm Celeron processors and two new chipsets for the entry-level market.

Apex Silver Mines(SIL:NYSE) raised its offering size to 8.1 million shares from its previous offering size of 6.8 million.

Time Warner(TWX:NYSE) reported its 4th quarter at $0.24 versus First Call of $0.15. Its revenues came in light however at $10.9 billion versus First Call of $11.56 billion.
Amazon(AMZN:NASD) reported EPS and revenues of $0.29 on $1.946 billion versus the Street forecast of $0.29 on $1.861 billion. Some disappoint with its gross margins of 21.9%.
Tenet Healthcare(THC:NYSE) guided below consensus estimates.
St. Jude Medical(STJ:NYSE) beat by $0.04 and guided its 1st quarter and 2004 EPS above consensus estimates.
Labranche(LAB:NYSE) beat by a penny but was a little light on revenues.
Sealed Air(SEE:NYSE) reported in line results.
Procter & Gamble(PG:NYSE) beat by 2 pennies.
Sony Corp.(SNE:NYSE) reported a 26% drop in its net sales.
Cooper Cameron(CAM:NYSE) missed and guided below consensus.
Broadcom(BRCM:NASD) beat by $0.03 and guided its 1st quarter revenues above consensus citing a 10% sequential increase in its revenues.
Flextronics(FLEX:NASD) beat by $0.03 and raised its 4th quarer guidance above consensus estimates.
Electronic Arts(ERTS:NASD) beat by $0.06 and guided the 4th quarter below consensus estimates.

Around the world in 80 ticks:
Reuters reported that Senator John Kerry took the New Hampshire primary yesterday by a wide margin, taking 39% of the vote. Governor Dean came in a distant second.

According to the Washington Post citing Pakistani aides, Pakistani scientists gave valuable nuclear technology to the Libyans and Iranians.

AP news reports that US authorities in Iraq were set to demolish the five luxurious homes in Saddam's home town after stripping the building of expensive marbles, tiles, and valuable furniture.

The Associated Press reports that a U.S. federal judge ordered the Palestinian militant group Hamas to fork over $116 million in damages resulting from the deaths of an American citizen and his Israeli wife back in 1996 when they were killed near the West Bank. The ruling falls under a 1991 law that allows relatives of American victims to seek damages in U.S. courts for crimes resulting from overseas terrorism.

According to the Associated Press, a Utah home was raided by Animal control officers and removed 134 cats and 6 dogs. Three children were also removed and placed with friends while the home has been declared a health hazard and was boarded up.

Have a profitable day.


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