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The Fokker Chronicles

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World Markets:
Europe was moving lower halfway through their session. The German Dax had completely reversed course and has led the rest of the region lower posting a 1.20% loss. The Japanese Nikkei gained 1.15% on the day. US markets were weaker heading into the open of US trading. Check out Brian Reynolds here for some insight on the economic numbers released earlier.

Heads-up:
Busy day on earnings and economics. Stay tuned at 12pmEDT for Phila Fed and the NAHB Housing Market Index to follow that at 1pmEDT. After the bell today, look out for earnings reports from Advanced Micro(AMD:NYSE), Broadcom(BRCM:NASD), Yahoo!(YHOO:NASD), PeopleSoft(PSFT:NASD), SunMicro(SUNW:NASD) and Xilinx(XLNX:NASD). The earnings marathon will hit the wall tomorrow as nothing major is due to report and but will continue the race on Monday when 3m(MMM:NYSE) and Citigroup(C:NYSE) paint the tape.

Brokerage Chatter:
CSFB upgraded Expeditors Intl (EXPD:NASD) to outperform from neutral and raised their target to $45 from $40. CSFB downgraded Rowan Cos (RDC:NYSE) to underperform from neutral. Coca-Cola Ent(CCE:NYSE) downgraded at Legg Mason to hold from buy. Prudential downgraded Adolph Coors (RKY:NYSE) to neutral-weight from overweight. SG Cowen upgraded Lam Research (LRCX:NASD) to outperform from market perform.

Lehman downgraded Comerica(CMA:NYSE) to underweight from equal-weight. Needham downgraded Siebel Systems (SEBL:NASD) to underperform from hold. QLogic(QLGC:NASD) upgraded at Merrill Lynch to buy from neutral. Lehman upgraded Wachovia(WB:NYSE) to overweight from equal-weight and raised its price target to $51 from $47.

JP Morgan upgraded UPS(UPS:NYSE) to overweight from neutral, and raised its 2004-05 estimates. UBS raised its target for General Motors(GM:NYSE) to $41 from $36. St. Jude Medical(STJ:NYSE) was downgraded at UBS. Deustche dowgraded Micron Tech(MU:NYSE).

Financial Headlines:
Stories :
The Wall Street Journal reports the New York Stock Exchange has notified five of the largest floor trading firms of disciplinary action for improper trading including "frontrunning." The five firms include LaBranche & Co(LAB:NYSE).; Spear, Leeds & Kellogg which is the specialist unit of Goldman Sachs Group Inc(GS:NYSE).; the Fleet Specialist unit FleetBoston Financial Corp.; the Van Der Moolen Specialists USA unit of Van Der Moolen Holdings NV; and Bear Wagner Specialists, which is minority-owned by Bear Stearns Cos.(BSC:NYSE)

The New York Times reports that Halliburton(HAL:NYSE) is being questioned by two Democratic congressmen as to whether the oil service giant is overcharging the U.S. government in the procurement of gasoline and other fuel contracts.

Inamed(IMDC:NASD) shares are much firmer this morning following an FDA panel's approval for its Silicone breast implant.

Earnings:
IBM(IBM:NYSE) reported its 3rd quarter in line but missed slightly on revenues. CEO Palmisano said on their conference call that it's too early to call a rebound in the tech sector.
Siebel Systems(SEBL:NASD) reported in line.
Apple Computer(AAPL:NASD) beats on revs, EPS, guides Q1 revs higher
QLogic(QLGC:NASD) beat by 2 cents
Fannie Mae(FNM:NYSE) beat by $0.08
Coca-Cola(KO:NYSE) beat by $0.03
Altria(MO:NYSE) beat by a penny.
Caterpillar(CAT:NYSE) missed by a penny but beat revenues. Company guided their fiscal year 2003 down by 15cents.
SAP AG(SAP:NYSE) beat by 4 cents.
EMC Corp(EMC:NYSE) beat by $0.01 and guided its 4th quarter above consensus.
United Tech(UTX:NYSE) beat by $0.03
Sears, Roebuck(S:NYSE) beat by 2 cents and guided the street above consensus estimates for 2003.
Lam Research(LRCX:NASD) beats by $0.01, revs just below consensus
Nextel(NXTL:NASD) beat by 14cents and raised its full year guidance
SLM Corp(SLM:NYSE) beat by $0.02
Georgia-Pacific(GP:NYSE) reported in line.
Guidant(GDT:NYSE) beat the street by 2 cents.
Freeport-McMoRan(FCX:NYSE) beat by $0.04
Continental Air(CAL:NYSE) beat the street by $0.07
Mercury Computer(MRCY:NASD) reported in line.
Honeywell(HON:NYSE) reported in-line.
Office Depot(ODP:NYSE) beat by a penny.
MBNA Corp(KRB:NYSE) beat the street by $0.04
Cypress Semi(CY:NYSE) beat by $0.02
Nokia(NOK:NYSE) beat by $0.02
UnitedHealth Group(UNH:NYSE) beat the street by $0.03
Ford Motor(F:NYSE) beat by $0.27 and raised its 2003 guidance.

Around the world in 80 ticks:

The Associated Press reported that authorities were investigating the city's worst mass transit accident in a generation. They are trying to determine whether a Staten Island ferry pilot had lost consciousness during a routine 3:20pmEDT trip across a windy New York Harbor before slamming into a pier, killing 10 people and injuring at least 42 others, including three who lost limbs. The pilot fled the scene, went home and shot himself with a pellet gun, and then attempted to slit his wrists. Some authorities were quoted by MSNBC as saying the investigation could take up to a year to find out what actually happened.

BBC reports that according to Palestinian security sources, Palestinian police have detained three suspected militants in connection with a bomb attack on a U.S. diplomatic convoy that killed three U.S. security guards in the Gaza Strip. An FBI team has first arrived on the scene to investigate the attack. Reuters reports that the leader of the Popular Resistance Committees confirmed the arrested men were its members, but denied any involvement and called the arrests unjustified. President Bush spoke out again on the Palestinians failure to fight terror.

The Washington Post shed some interesting light into the feelings of our troops abroad by citing a Pentagon-funded newspaper that conducted a broad survey of U.S. troops in Iraq. The survey found that half of those questioned described their unit's morale as low and their training as insufficient, and furthermore said they do not plan to reenlist.

For all you avid flyers out there, myself most certainly not included, the Associated Press reports nothing has improved at some airports. Five undercover agents for the federal Department of Homeland Security posed as passengers last week and succeeded in sneaking weapons through several security checkpoints at Logan International Airport.

Reports from Fox Ent Grp(FOX:NYSE) Sports division is that their record breaking baseball ratings streak continues. Shocker Fokker, some great games, interesting teams and both close series, but am I the only one that misses Bob Costas with the play by play?

Have a profitable day.

Fokker

position in cat, fnm
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