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The Fokker Chronicles



World Markets:
Green across the board in Europe as the region takes its lead from the US markets today. The German Dax ratcheted up 1.88% in gains, the CAC40 followed right behind adding 1.75% and the London FTSE joined in with a 1.35% gain halfway through its session. The Nikkei closed down 0.61% although the Hang Seng gave a strong showing posting a 1.69% market gain. The US markets are poised for a much stronger open following plenty of favorable earnings releases including Intel(INTC:NASD) and General Motors(GM:NYSE) not to mention better economic numbers. Check out Brian Reynolds for his take on the economic releases earlier this morning. Click here for his analysis and here for a graphical representation of the retail sales figures.

Fed's Beige Book is due out at 2pmEDT today. Tomorrow gets busier on the economic front when the government delivers its figures on the CPI, Jobless Claims, Business Inventories, Industrial Production, Capacity Utilization, Phila Fed, and the Housing Market Index. Sox fans will be struggling with watching Andy Pettitte pitching outs in Game 6 and. Intl Bus Machines(IBM:NYSE), Apple Co(AAPL:NASD), Qlogic(QLGC:NASD), and Siebel Systems(SEBL:NASD) will be pitching their earnings reports after the bell today.

Tomorrow morning, the earnings shower will be coming down in buckets with Altria(MO:NYSE), Caterpillar(CAT:NYSE), Coca Cola(KO:NYSE), EMC Corp(EMC:NYSE), Fannie Mae(FNM:NYSE), Nokia(NOK:NYSE), Sears(S:NYSE) and United Tech(UTX:NYSE) all reporting their results.

Brokerage Chatter:
Intel(INTC:NASD) target was raised to $40 at Merrill Lynch. Solomon also raised its price target going from $33 to $38 a share for the company. Solly raised its estimates for Intel in 2004. Triad Hospitals(TRI:NYSE) was cut to market perform at Raymond James. Wedbush Morgan upgraded Linear Tech(LLTC:NASD) to buy from hold. Kinder Morgan(KMI:NYSE) was upgraded to buy from neutral at Merrill Lynch.
Wells Fargo upgraded Medtronic(MDT:NYSE) to buy from hold.

Soundview downgraded Clear Channel(CCU:NYSE) to neutral from outperform and cuts their target to $46 from $50. Soundview also downgraded Viacom(VIA.B:NYSE) to neutral from outperform and cut its price target to $46 from $52. Jefferies downgraded The Chicago Mercantile Exchange(CME:NYSE) to hold from buy.

Financial Headlines:
Stories :
The Wall Street Journal reports the S.E.C. could consider enforcement actions against Morgan Stanley(MWD:NYSE) due to its mutual fund sales practices.

Nokia(NOK:NYSE) CEO Jorma Ollila said in an interview that he is cautious about the outlook for an economic rebound. "The rebound looks assured in the U.S. this half but I don't think growth will reach 4% like some economists predict," Ollila said. "Europe should do better next year but mainly in the second half." NOK reports their earnings tomorrow morning.

Freeport-McMoRan(FCX:NYSE) doubled its dividend and announced a stock buyback.

Intel(INTC:NASD) beat by 2 cents and revenues came in better at $7.83billion versus $7.71.
Teradyne(TER:NYSE) reported in line.
Linear Tech(LLTC:NASD) beat by $0.01
Novellus(NVLS:NASD)beat by $0.04
Monsanto(MON:NYSE) missed by $0.01
St. Jude Medical(STJ:NYSE) beat by $0.02
General Motors(GM:NYSE) beat by $0.13 and revenues came in much stronger as well posting $38.43 billion versus the $35.58 billion consensus.
CarMax(KMX:NYSE) reduced its 3rd quarter outlook.
General Dynamics(GD:NYSE) beat by $0.04
Coca-Cola Ent(CCE:NYSE) beat the street by 8 cents and has guided their 2003 above forecasts.
Wachovia(WB:NYSE) beat by $0.07
Comerica(CMA:NYSE) missed by $0.01
Harley-Davidson(HDI:NYSE) beat by $0.06
Tellabs(TLAB:NASD) beat by $0.02
FleetBoston(FBF:NYSE) beat by $0.03
SanDisk(SNDK:NASD) better than consensus by 15cents.

Around the world in 80 ticks:

According to Reuters, Iranian Nobel Peace Prize winner Shirin Ebadi, taking her new found notoriety out for a spin called for the immediate release of jailed dissidents in Iran and insisted that human rights were not incompatible with Islam. Certainly, Iranian clerics are still gleaming with pride over Ebadi's award from last week.

BBC reports that China has finally put its first man in space today as the Communist country sent a single astronaut on a 21-hour tour around the Earth. The Chinese manned space flight has come nearly four decades after the Soviet Union and the United States first discovered manned space flight. The Shenzhou V rocket will orbit the earth 14 times before returning to China on Thursday.

Reuters reports that the bombing of a US embassy convoy in the Gaza Strip today resulted in three American lives lost. US investigators are currently looking into the bombing but at present, no immediate claims of responsibility for the attack had been announced.

BBC news reports that Japan is giving $1.5billion to help pay for the rebuilding of Iraq. The Japanese media has speculated that the grants could amount to nearly $5billion before all is said and done.

According to BBC news, 7ft 7in basketball legend Manute Bol, will make his debut as a the world's tallest jockey this Saturday at Hoosier Park racecourse in Indianapolis. Bol will be taking on the challenge of racing a horse to raise money for charity for children that were victims of the civil war in his former home of Sudan. The 40-year-old once played ice hockey for a minor league team and also took on football giant William "The Refrigerator" Perry in a boxing match. The tallest jockey was 5ft 9ins until Manute came along with his silks. Manute's people are still looking around for 20in jockey shoes never mind a horse big enough to carry the man.

In response to Toddo's morning poll, we're raising money to ship that Cub fan to Fenway with a Boston cap and 2004 season's tickets. Details of where to send your sponsorship to follow.

Have a profitable day.


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