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The Fokker Chronicles



World Markets:
World markets were notably weaker this morning led by the German DAX down 1.77% and the London FTSE which had lost 1.60% half way through their session. Japan gave up 1.29% overnight while the Hang Seng closed near unchanged for its session.

After the bell today lookout for earnings reports from KLA Tencor(KLAC:NASD), LSI Logic(LSI:NYSE), and Foundry Networks(FDRY:NASD). Tomorrow we get reports from American Intl Grp(AIG:NYSE) and Microsoft(MSFT:NASD). Jobless claims will paint the tape from the economic front tomorrow morning.

Brokerage Chatter:
Morgan Stanley downgraded Amgen(AMGN:NASD) to equal-weight from overweight, cut its 2003-05 EPS estimates for the stock and cut its price target to $70 from $77. Merrill upgraded Goodyear Tire(GT:NYSE) to neutral from sell. Prudential upgraded RadioShack(RSH:NYSE) to overweight from neutral-weight and raised its price target to $34 from $30. CSFB upgraded America West(AWA:NYSE) to outperform from neutral, raised its 2003-04 EPS estimates and its price target to $17 from $12 but downgraded Alaska Air(ALK:NYSE) to neutral.

CSFB upgraded Cooper Cameron (CAM:NYSE) to outperform from neutral. Cable & Wireless(CWP:NYSE) was cut to equal-weight at Lehman Brothers. Soundview downgraded (AMZN:NASD) to neutral from outperform. Wachovia downgraded Countrywide(CFC:NYSE) to market perform from outperform. Merrill Lynch upgraded Unisys(UIS:NYSE) to buy from neutral. Deutsche upgraded Verizon(VZ:NYSE) to buy from hold and downgraded SBC Com(SBC:NYSE) to hold.

UBS upped webMethods(WEBM:NASD) to outperform from market perform. Exxon Mobil(XOM:NYSE) was downgraded at JP Morgan to neutral from overweight. WR Hambrecht upgraded RF Micro Device (RFMD:NYSE) to buy from hold and raised its price target to $14 from $6.50. Morgan Stanley downgraded Schlumberger (SLB:NYSE) to equal-weight from overweight. Jefferies upgraded Transocean(RIG:NYSE) and Atwood Oceanics (ATW:NYSE) to buy from hold.

Financial Headlines:
Stories :
According to the Guardian, Royal Dutch/Shell Group(RD:NYSE) could lose its licenses to drill for oil in Russia. This follows an investigation by Russia's ministry of natural resources claiming there have been a number of complaints filed over the company.

The Wall Street Journal reported that Freddie Mac(FRE:NYSE)is under investigation from the IRS over its accounting scandal which could result in the company paying upwards of $750 million plus interest in taxes.

ORBITZ Inc. announced it plans to offer shares to the public in its initial public offering at $22 a share.

Circuit City(CC:NYSE) announced its plans to sell its bankcard portfolio to FleetBoston(FBF:NYSE) for approx. $1.3 billion.

Earnings: beat by a penny with revenues slightly better than consensus.
McDonald's(MCD:NYSE) beat the street by $0.02 on better revenues of $4.5 billion versus estimates of $4.38 billion.
Merck(MRK:NYSE) missed by $0.02 and missed on revenues. Company also guided its 2003 below consensus.
DuPont(DD:NYSE) beat estimates by $0.02.
Pfizer(PFE:NYSE)reported $0.47 on revenues of $12.5 billion versus first call of $0.44 and $12.18 billion.
Schering-Plough(SGP:NYSE)reported a loss of 18cents a share on revenues of $2.04 billion versus first call of $0.10 and $2.11 billion
Wyeth(WYE:NYSE) beat by $0.06 on revenues of $4.08 billion vs. first call of $3.97 billion.
JP Morgan Chase(JPM:NYSE) beat the street by $0.03 but missed on revenues. $8.22 versus $8.61 consensus.
Time Warner(TWX:NYSE) beat estimates by $0.02 and reported revenues slightly below consensus.
Schlumberger(SLB:NYSE) beat estimates by $0.02 but missed on revenues.
Raymond James Financial(RJF:NYSE) beat the street big by $0.22.
Leapfrog(LF:NYSE) missed the street estimates by $0.06 but guided its 4th quarter revenues above consensus.
Legg Mason(LM:NYSE) beat by $0.08
Whirlpool(WHR:NYSE)reported $1.48 on revenues of $3.1 billion versus first call $1.50 and $2.8 billion.
Knight Trading (NITE:NASD)reported $0.20 on revenues of $182.3 million versus first call consensus of $0.18 and $176 million.
Boston Scientific(BSX:NYSE)reported $0.32 on revenues of $876 million versus first call estimates of $0.29 and $855 million.
Amgen(AMGN:NASD) beats by $0.03 and topped its revenues slightly. Company also tightened its 2003 revenue guidance
RF Micro Device(RFMD:NASD) beat by $0.07 and guided the 3rd quarter above consensus.
Black & Decker(BDK:NYSE) beat by $0.12, raised its 4th quarter outlook.
Ingersoll-Rand(IR:NYSE) beat by $0.13 and raised its guidance for 2003.
Lucent(LU:NYSE) beat estimates by $0.04 but missed its revenue projections.
Chicago Mercantile(CME:NYSE) beat by $0.02.
Kimberly-Clark(KMB:NYSE) beat estimates by a penny.
Eastman Kodak(EK:NYSE) beat its estimates by 31cents and guided its 2003 earnings above forecasts.
Bank of NY(BK:NYSE) reported in line with estimates

Around the world in 80 ticks:

The Washington Times reports that a secret agreement was made between Pakistan and Saudi Arabia involving "nuclear cooperation" that will essentially provide the Saudis with nuclear-weapons technology in exchange for cheap oil.

According to the Jerusalem newswire, the head of Israel's IDF intelligence told his government and defense committee that Yassar Arafat's current illness is "serious." In related news, Israel vowed to continue building its security barrier despite the UN condemning the project.

The Associated Press, citing a study done by the College Boards' annual Trends in College Pricing, revealed some costly figures yesterday. Using inflation-adjusted dollars, the study had the average cost of tuition and fees at state-supported four-year schools 47 percent higher than it was 10 years ago. The study also said that the average cost of tuition and fees at private colleges and universities, also adjusted for inflation, has grown by 42 percent over the same period. The report found that 60 percent of undergrads were using financial aid packages to help pay for college while over $40 billion in state and federal grants which do not have to be repaid were distributed in 2002-2003.

Have a profitable day.


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