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The Fokker Chronicles

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World Markets:
Europe as well as a handful of Asian markets are taking the Monday off today. Meanwhile, the Japanese Nikkei grabbed the spotlight and added 1.22%. U.S. Treasuries were off this morning while spot gold and crude oil were adding $1.27 and $0.99 respectively.


Heads-up:
A heavy dose of earnings this week are highlighted by Novells(NVLS:NASD), Johnson & Johnson(JNJ:NYSE), Merrill Lynch(MER:NYSE), Intel(INTC:NASD), Banc of America(BAC:NYSE), Delta(DAL:NYSE), Knight Trading(NITE:NASD) Advanced Micro(AMD:NYSE), Texas Instruments(TXN:NYSE), Apple Co.(AAPL:NASD) Citigroup(C:NYSE), EMC Corp(EMC:NYSE), Pepsico(PEP:NYSE), Intl Business Mach.(IBM:NYSE), Sun Micro(SUNW:NASD) and Nokia(NOK:NYSE).

Economic news will pick up tomorrow with the release of February business inventories, retail sales, and the treasury budget. Later in the week lookout for the CPI, NY Empire State index and Phila Fed, along with the PPI, and Michigan Sentiment figures.

Brokerage Chatter:

Banc of America upgraded Comcast(CMCSA:NASD) to buy from neutral. JP Morgan downgraded Abbott Labs(ABT:NYSE) to underweight from neutral. Flextronics(FELX:NASD) was upgraded to strong buy from outperform at Raymond James. Morgan Stanley downgraded Trimeris(TRMS:NASD) to underweight from equal weight. JP Morgan raised its numbers for Microsoft(MSFT:NASD) and Tell Labs(TLAB:NASD).

Barron's over the weekend gave some positive mention to 3Com(COMS:NASD) and reiterated the value of Nokia(NOK:NYSE). Raymond James upgraded Convergys(CVG:NYSE) to outperform from market perform. JP Morgan cut Occidental Petroleum(OXY:NYSE) to neutral from overweight. CSFB initiated coverage of Gillette(G:NYSE) with an underperform rating. ThinkEquity upped Intel(INTC:NASD) to overweight from equal-weight.


Financial Headlines:
Stories :

Mellon Financial(MEL:NYSE) announced an agreement to acquire Safeco Trust, a unit of Safeco(SAFC:NASD).

The Wall Street Journal reported the Victoria Secret fashion show announced it will be canceling its annual televised show as its parent company Limited Brands(LTD:NYSE) opted against raising any extra attention amid the indecency crackdowns in the country.

According to the Wall Street Journal, BEA Systems(BEAS:NASD) and Veritas Software(VRTS:NASD) announced a joint alliance in their engineering and marketing divisions to take on software titans Intl Bus Machines(IBM:NYSE) and Oracle(ORCL:NASD).

Earnings:

New York Times(NYT:NYSE) beat by 2 pennies.
Kimberly-Clark(KMB:NYSE) raised its 1st and 2004 guidance.
Entergy(ETR:NYSE) guided its 1st quarter below consensus.



Around the world in 80 ticks:

BBC news reports that seven Chinese hostages were taken from a road connecting Jordan and Baghdad as the kidnappings in crisis increases in Iraq adding to the Japanese citizens that have also been reported taken by the insurgents.

CNN reported that President Bush commented after the public release of his pre-9/11 memo he was satisfied that while he knew Osama bin Laden had been planning something, he never saw any intelligence reports which indicated the time and place of the infamous attacks.

The BBC reported internal rumblings over the weekend among scientists who have successfully identified the genes which cause Crohn's disease, the ailment which causes inflammatory bowels. Researchers commented that the discovery will ultimately lead to a much better diagnosis and treatment for those afflicted.

Have a great day.

Fokker


position in ibm, nok, nite, aapl, bac, dal, jnj, c
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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