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The Fokker Chronicles



World Markets:
Europe is weaker ahead of the U.S. stock market open. The German DAX was the main laggard dropping 1.56% in midday trading. The Asian markets attempted to stabilize after its worst performance since 9/11 but gave back its early gains to finish unchanged.

Looking ahead to next week, Proctor and Gamble(PG:NYSE), Intl Paper(IP:NYSE), American Express(AXP:NYSE) and Barrick Gold(ABX:NYSE) are due to report on Monday. The government on Monday will release its figures for New and Existing Home Sales.

Brokerage Chatter:
(MSFT:NASD) was downgraded at RBC from outperform to sector perform. Standard & Poor's upgraded outlook to positive from stable. Fitch Downgraded Solectron's(SLR:NYSE) debt rating to outlook negative. Jefferies upgraded Chicago Mercantile (CME:NYSE) to buy from hold.
Cox Comms(COX:NYSE) was upgraded at Solomon Brothers.

Friedman Billings Ramsey upgraded Mellon Financial (MEL:NYSE) to outperform from market perform. Merrill Lynch downgraded Weatherford Intl(WFT:NYSE) to neutral from buy. WR Hambrecht upped TriQuint Semi(TQNT:NASD) to a buy rating raised its target to $10 from $7. Univision(UVN:NYSE) was cut neutral from buy at Merrill Lynch. CSFB downgraded Cablevision(CVC:NYSE) to underperform from neutral and cut its price target to $16 from $19. JP Morgan downgraded Jetblue Airways(JBLU:NASD) to underweight from neutral. Deutsche Bank downgraded Lucent(LU:NYSE) to sell from hold. RBC Capital downgraded Sprint(PCS:NYSE) to sector perform from outperform and cuts its price target to $6 from $8.

Financial Headlines:
Stories :
American Association of Individual Investors(AAII) said bullish sentiment fell to 52.78% from 60.34%, but bearish sentiment rose to 16.67% from 13.79% during the previous week. The percentage of those that were neutral on the stock market rose 30.56% from 25.86% according to the poll.

The New York Times reported that House Republican leaders are close to an agreement on a bill that would provide nearly $60 billion in additional tax breaks to corporations.

The Financial Times reported that Google has considered auctioning off its shares early next year as an IPO that investment bankers predict could fetch over $15 billion for the company.

The Wall Street Journal reported that Bellsouth(BLS:NYSE) and AT&T(T:NYSE) have renewed merger talks just two months after calling them off.

Microsoft(MSFT:NASD) gave negative deferred revenues. MSFT reported .30 on $8.22B versus the street.29 on $8.07B. The company guided up for 4th quarter and for 2004.
Weyerhaeuser(WY:NYSE) beat by 11 cents.
T. Rowe Price(TROW:NASD) beat the street by $0.03.
Extreme Networks(EXTR:NASD) beat by $0.04 but revenues were light.
Eastman Chem(EMN:NYSE) missed by $0.02 and missed on revenue estimates, and guided its 4th quarter below consensus.
Gateway(GTW:NYSE) missed by a penny.
Sanmina-SCI(SANM:NASD) beat by a penny.
Nortel(NT:NYSE) reported $0.03.
Vitesse Semi(VTSS:NASD) reported in line results however revenues were below consensus.
Emulex(ELX:NYSE) beat by a penny.
TriQuint Semi(TWNT:NASD) beat by $0.03 and guided estimates above consensus.
VeriSign(VRSN:NASD) beat by $0.01.
Scientific-Atlanta(SFA:NYSE) beat the street by a penny.
JDS Uniphase(JDSU:NASD) beat by a penny with revenues that came in light. Company failed to provide guidance beyond its current quarter.

Around the world in 80 ticks:

According to the Washington Post, the Senate Select Committee on Intelligence is preparing a report on prewar intelligence on Iraq that is said to be very critical of CIA Director George J. Tenet and other intelligence officials in their role of overstating the weapons and terrorism case they presented against Saddam Hussein.

Thousands of people are expected to gather at Heathrow airport to see three Concordes land into retirement later today ending its 27years of flight. The British Airways flight took off from Kennedy airport this morning and accelerated up to twice the speed of sound. British entrepreneur and Virgin Atlantic Airways owner Richard Branson has offered to buy British Airway's Concordes for one pound, the same price the national carrier had originally paid for the jets according to Reuters newswires.

Debkafile is reporting that as a result of interrogations coming from several recent key Al Qaeda captures by US Special Forces in Yemen, Pakistan, Kashmir and Kazakhstan, governments have been warned throughout the Middle East of imminent terrorist strikes.

BBC news reports that a man that had been ordered to stay away from pop singer Britney Spears is now suing the star for causing him "emotional distress".

Have a terrific weekend.


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