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The Fokker Chronicles



World Markets:
Europe was slightly weaker today following a positive showing yesterday. The Japanese Nikkei returned from their holiday and posted a 1.67% gain. The Hang Seng lost ground dropping 0.89%. US markets weakened slightly despite US treasuries getting hit in early trading and a rebounding dollar.

No economic releases today but the earnings parade has gotten into full swing. Lookout for Intel(INTC:NASD), Novellus(NVLS:NASD), and Teradyn(TER:NYSE) after the bell today. Procter and Gamble(PG:NYSE) will be hosting a shareholder meeting today.

Brokerage Chatter:
(NVDA:NASD) had its estimates reduced at Morgan Stanley. Morgan also made some positive chatter on Intel(INTC:NASD). Capital One(COF:NYSE) was removed from JP Morgan's Focus List. Morgan Stanley upgraded General Dynamics(GD:NYSE) to overweight from equal-weight. Applied Materials(AMAT:NASD) estimates were trimmed, however its price target was raised at Morgan Stanley.

AG Edwards downgraded Amgen(AMGN:NASD) to hold from buy. Moody's(MCO:NYSE) was cut to sell at Merrill Lynch. Merrill also cut Dow Jones(DJ:NYSE) to neutral from buy. Adolph Coors(RKY:NYSE) was downgraded at Bear Stearns to peer perform from outperform. Fulcrum upgraded Nokia(NOK:NYSE) to buy from neutral. Deutsche raised its numbers on Lucent Tech(LU:NYSE).

Financial Headlines:
Stories :
The Wall Street Journal reports Microsoft(MSFT:NASD) will begin testing a free online video service which raises the standard with Internet rivals RealNetworks(RNWK:NASD) and Yahoo!(YHOO:NASD) who charge for video content services.

Documentum(DCTM:NASD) said they have agreed to be acquired by EMC Corp.(EMC:NYSE) for $1.7 billion in stock.

The Wall Street Journal reports that America Online(AOL:NYSE) has plans to launch a discount dialup ISP under its Netscape name. This is said to result in further pressure on competitors United Online(UNTD:NASD) and Earthlink(ELNK:NASD).

Knight Trading(NITE:NASD) announced it will acquire Donaldson & Co. for an undisclosed cash deal.

The Wall Street Journal reported that the Food and Drug Administration is expected to allow generic drug makers to use a back-door route for approvals that could take years off the process in bringing drugs to the market.

Bloomberg newswires report that President Bush's administration currently has the slowest post recession employment rebound since Nixon. Bush could also become the first president since the World War II era to end a term in the White House with fewer workers than when he began.

CEO of Cisco(CSCO:NASD), John Chambers made some cautious comments last night at a conference held in Geneva citing a current muted tech environment.

Johnson & Johnson(JNJ:NYSE) beat by a penny and raised its 2003 fiscal year EPS guidance.
Delta Air Lines(DAL:NYSE) beat by $0.02
Merrill Lynch(MER:NYSE) beat by $0.17
Bank America(BAC:NYSE) beat street estimates by 23cents
State Street(STT:NYSE) beat by $0.09
EMC Corp(EMC:NYSE) issued a positive preannouncement following a Documentum(DCTM:NASD) merger announcement; DCTM also announced earnings this morning 3 pennies better than estimates.
Lubrizol(LZ:NYSE) warned for its 2003 EPS.

Around the world in 80 ticks:

Washington Post reports that Saad bin Laden, one of Osama bin Laden's oldest sons, has emerged in recent months as a major player in the Al Qaeda network, a small group of leaders that is managing the terrorist organization from Iran, according to U.S., European and Arab officials. In related news, an Iranian opposition group said Iran could have nuclear weapons within two years. A senior Iranian official had denied claims today that Iran has been hiding a nuclear site from the U.N.'s nuclear watchdog. Starting to sound familiar.

USA Today reported that Saddam might have been tracked to Tikrit, the former dictator's home town. One of the three U.S. soldiers killed yesterday in Iraq was in Tikrit, where a U.S. military official said Saddam has been hiding and exerting "strong influence." According to a USA TODAY/CNN/Gallup Poll that was taken over the weekend showed 58% of Americans feel the war in Iraq would be unsuccessful if Saddam is not captured or killed.

According to the Associated Press, the number of extremely obese American adults, those who are at least 100 pounds overweight, has increased by 4 million people nearly quadrupling since the 1980s. That is approximately 1 in every 50 adults that are extremely obese.

Reuters reports that on Wednesday, China is due to become only the third nation to send a man into space. China's space program was first envisioned by Mao Zedong in the 1950's.

Have a profitable day.


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