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The Fokker Chronicles



World Markets:
World markets were modestly weaker this today as we headed into the US equity market open. The Asian markets however finished stronger with the Japanese Nikkei closing up 2.42% and the Hang Seng adding 1.15% to finish out the week. The U.S. dollar was taking further licks this morning against the yen falling below the 109 level for the first time in three years.

Earnings season will pick up next week once we get through a very slow Monday. Looking ahead to Tuesday, reports from Bank America(BAC:NYSE), Delta Air(DAL:NYSE), Johnson & Johnson(JNJ:NYSE), Merrill Lynch(MER:NYSE), Motorola(MOT:NYSE) and Intel(INTC:NASD) will paint the tape.

Brokerage Chatter:
Intl Paper(IP:NYSE) was removed from JP Morgan's Focus List although their rating remained at overweight. Piper Jaffray increased its price target for LM Ericsson(ERICY:NASD) from $16 to $22. UBS downgraded America West(AWA:NYSE), JetBlue(JBLU:NASD) and AirTran(AAI:NYSE). Merrill Lynch added Applied Materials(AMAT:NASD) to their Focus 1 List.

Deutsche upgraded Texas Instruments(TXN:NYSE) to hold from sell and raised its target to $22 from $16. Deutsche also upgraded Intel(INTC:NASD) to buy from hold and raised its target to $35 from $26. Wachovia upgraded Juniper(JNPR:NASD) to market perform from underperform. Goldman Sachs was also positive on Juniper following their results last night and raised its estimates.

CIBC is upgraded RF Micro Devices(RFMD:NASD) and Triquint(TQNT:NASD) from sector underperform to sector perform. Lattice Semi(LSCC:NASD) was cut to underperform at SG Cowen. Marvel Enterprises(MVL:NYSE) was downgraded at Bear Stearns. Bear Stearns upgraded Gap Inc(GPS:NYSE) to outperform from peer perform. Goldman Sachs made a short term negative call for the semi equipment stocks this morning and thinks the sector appears susceptible to profit taking.

Financial Headlines:
Stories :

General Electric(GE:NYSE) announced it would pay $9.5 billion in stock for British medical products group Amersham(AHM:NYSE)

Juniper Networks(JNPR:NASD) beat by a penny, revenues were slightly above consensus and the company raised its forecasts for the 4th quarter.
General Electric(GE:NYSE) reported in-line EPS at $0.40 per share. GE guided to the low end of the range for the full year consensus estimates.
American Health(AMHC:NASD) beat the street by $0.03.
La-Z-Boy(LZB:NYSE) guided the street lower for their 2nd quarter.

Around the world in 80 ticks:

BBC news citing an official from the Xinhua news agency reports that China has finally confirmed that it will launch its first manned space mission next week.

Reuters reports the Nobel Prize was awarded to Iranian lawyer Shirin Ebadi today for her work defending human rights.

AP newswires report that a Miami-Dade school teacher and her aide were arrested and have been charged with five counts of child abuse. The women were allegedly punishing first-grade students by binding them with tape. All five 6-year-olds claimed their ankles were taped together, their arms taped to their lap or their heads taped to the blackboard. Another girl said her mouth was taped shut. The women will appear in court today.

Have a terrific weekend.


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