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The Fokker Chronicles

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World Markets:
Europe has been trading higher today with notable regions including the German DAX, up 1.78% and the CAC40 higher by 1.45%. Japan was off for holiday today but the Hang Seng put out a 1.61% effort to the upside. US markets were poised for a higher start.

Heads-up:
Lookout at 10amEDT from the economic front as the government releases data for Construction Spending, ISM manufacturing and Prices paid. Total vehicle sales will also be released later in the day. Earnings is light after the close today however tomorrow, lookout for BJ Services(BJS:NYSE), Gillette(G:NYSE), Tyco(TYC:NYSE), Priceline(PCLN:NASD), and Prudential(PRU:NYSE).

Brokerage Chatter:
Wachovia upgraded Lehman Brothers(LEH:NYSE) to outperform from market perform. Solomon Brothers took up numbers on the burger makers and specifically raised its target on Wendy's(WEN:NYSE) to $44 from $38 and raised estimates on McDonalds(MCD:NYSE) while reiterating its buy rating for the stock. Legg Mason downgraded Ingersoll-Rand(IR:NYSE) to hold from buy. UBS upgraded the railroads to buy from neutral individually raising Union Pacific(UNP:NYSE), CSX Corp.(CSX:NYSE), and Norfolk Southern(NSC:NYSE).

Analog Devices(ADI:NYSE) was downgraded to in-line from outperform at Goldman Sachs. National Semi(NSM:NYSE) had its price target and estimates taken up at Wachovia. RBC Capital downgraded McData(MCDTA:NASD) to sector perform from outperform and cut its target to $10 from $14. Dupont(DD:NYSE) was downgraded at Solomon Brothers from buy to hold and had its price target cut from $45 to $42. SAP AG(SAP:NYSE) received some positive chatter out of Lehman Brothers and had its numbers raised. Soundview took up numbers on Hewlett Packard(HPQ:NYSE). Bear Stearns made some positive chatter on Qualcomm's(QCOM:NASD) current quarter.


Financial Headlines:
Stories :
Washington Post reported that the SEC has subpoenaed seven NYSE trading firms following a similar investigation from the NYSE itself.

Bloomberg newswire reported that Putnum CEO Lawrence Lasser, has been forced out by its parent company Marsh and McLennan(MMC:NYSE) amid the fund trading probe.

The Financial Times reported today that as a result of the Fannie Mae's (FNM:NYSE) admission of balance sheet errors in its previous quarter, several reform groups were cited as calling for tighter regulation and controls.

Bloomber newswires reports that Intl Bus. Machines(IBM:NYWSE) and Microsoft(MSFT:NASD) have announced they entered into a technology agreement in regard to XBOX products and services.


Earnings:
Strayer Education(STRA:NASD) beat by $0.02 and guided its 4th quarter and 2003 estimates above consensus .
First Health(FHCC:NASD) beat the street by $0.03 and guided 2004 below consensus.
Administaff(ASF:NYSE) beat street estimates by $0.12 but missed on their revenues.
Kellogg(K:NYSE) beat by $0.04.
Teva Pharma(TEVA:NASD) beat by $0.04.
Charter Comm(CHTR:NASD) beat by $0.04 however the revenues numbers came in light of expectations.

Around the world in 80 ticks:
Reuters reports that nineteen Americans, soldiers and civilians, died on Sunday in Iraq representing the second deadliest day for U.S. forces since the Iraq war began. In one instance, a U.S. Chinook helicopter was shot down in central Iraq as it carried troops headed for vacation, killing 16 soldiers and wounding another 20.

Sky News reports that the "Green River Killer", Gary Leon Ridgway will be standing trial this week and if convicted, would make him the most prolific serial killer in US history. Ridgway is accused of 48 murders since the 1980's and considered just a suspect since 1984 until DNA testing from the remains of many women led investigators to finally arrest the Seattle based man.

MSNBC news reported that two British adventurers accomplished a marathon within a marathon last week. The two runners ran seven marathons in seven days on six continents, finishing up in at the New York City marathon on Sunday. Sir Ranulph Fiennes and Mike Stroud crossed the New York City Marathon finish line in 5 hours, 25 minutes, 46 seconds, ending their weeklong expedition. Congratulations to all those that ran on Sunday!



Have a profitable day.

Fokker

position in fnm, ibm
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