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The Fokker Chronicles



World Markets:
European markets were mixed to lower halfway through its trading session. The Japanese Nikkei added 1.69% on the day while the Hang Seng gained 0.32%. US equities were poised to give back some gains on the opening of trading today.

Nothing on the economic front for today however tomorrow the government will drop a host of reports on our plate to digest. After the bell today we'll receive earnings from Electronic Data Systems(EDS:NYSE) and ON Semi(ONNN:NASD).

Brokerage Chatter:
UBS upgraded its forecasts for semi industry growth for 2003 and 2004. UBS upgraded Biogen(BGEN:NASD) and Goldman Sachs upped Sony(SNE:NYSE). Solomon Brothers upgraded China Telecom(CHA:NYSE) to buy from hold and raised its price target to $36 from $28. Cooper Cameron(CAM:NYSE) was cut to outperform from strong buy at Raymond James.

Soundview upgraded Maxim Integrated Prdts(MXIM:NASD) to outperform from neutral and raised its target to $57 from $37. Westwood One(WON:NYSE) was cut to neutral from buy at Merrill Lynch. Deutsche upped Goldman Sachs(GS:NYSE) to buy from hold and raised its 2003-04 estimates above consensus and raised their target to $108 from $97. Northrop Grumman(NOC:NYSE) beat the street by $0.21 and raised its 2003 guidance.

Financial Headlines:
Stories :
The Wall Street Journal reports that Fannie Mae(FNM:NYSE) and Freddie Mac(FRE:NYSE) are now under scrutiny for the fees they charge banks to insure mortgages sold by the banks to FNM and FRE. Some have claimed these fees are excessive and consequently raise the cost of mortgages.

According to the Financial Times, the SEC has accused an ex-FleetBoston(FBF:NYSE) employee yesterday of insider trading on the Bank of America(BAC:NYSE) deal. Regulators say Guillermo Garcia Simon and several of his family members might have pocketed between $500,000 and $1 million; however the SEC froze their assets.

The Wall Street Journal reported that ChevronTexaco(CVX:NYSE) could receive a bill of more than $5 billion dollars for its cleanup of toxic wastes in the Ecuadorian Amazon. The cleanup is estimated to take up to 10 years to complete.

Boeing(BA:NYSE) beat estimates by 5 pennies.
Halliburton(HAL:NYSE) beat by 4cents and topped revenue estimates.
Nabors Ind(NBR:NYSE) beat by a penny
Maxim Integrated(MXIM:NASD) reported in line.
NETIQ(NTIQ:NASD) reported in line with their preannounced estimate.
Intl Rectifier(IRF:NYSE) beat by $0.02
Noble Energy(NBL:NYSE) beat the street on EPS however missed their revenue estimates.
Rohm and Haas(ROH:NYSE) beat by $0.02
Transkaryotic(TKTX:NASD) beat by $0.16.
Newmont Mining(NEM:NYSE) beat the street by 3 pennies.
Westwood One(WON:NYSE) beat by a penny but missed its revenue estimates.
Phelps Dodge(PD:NYSE) beat by a penny.
CVS Corp(CVS:NYSE) reported in line

Around the world in 80 ticks:
According to the Washington Post, an American officer is the subject of a criminal assault charge from the U.S. Army on the grounds that he used unconventional means to coerce an Iraqi into providing information which happened to foil a planned attack on U.S. soldiers. Lt. Col. Allen B. West said he did not physically abuse the Iraqi, but instead used psychological tactics by twice firing his service weapon away from the detainee. Following this, the Iraqi gave up information on a planned attack against US soldiers. According to the charge, the officer could face up to a maximum of eight years in prison.

Reuters reported that Iran once again refused to share intelligence with the United States about Al Qaeda members that were held in Iran despite the repeated requests from Washington. In related news, senior Iranian diplomat Seid Mohammad Sadegh Kharrazi, Tehran's ambassador to Paris, said yesterday that Osama bin Laden's network along with members of Saddam's ousted regime have been working together and are behind the wave of terrorist attacks in post-war Iraq.

The New York Times is reporting that a senior official from a U.S. spy agency said yesterday that it was his personal view that at least some of the missing material from Saddam's weapons program had been transported into Syria before the war began.

Have a profitable day.


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