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The Fokker Chronicles



World Markets:
The Global casinos/markets were back in action and in full force this morning. In an effort to play catchup to the US and Japan from yesterday, the CAC40 and DAX were both showing strength half way through their session gaining 1.35% and 1.97% respectively. The Japanese Nikkei added to its gains from yesterday finishing up 0.71% while the Hang Seng added 0.95%. Dollar yen was up 1.15 while spot gold was off nearly $8.00. US 10yr treasuries were losing nearly 1 full point following the better than expected retail sales data. Check out what Brian Reynolds had to say on the data released earlier.

Business inventories for February are expected out at 10amEDT and March's monthly budget statement is due out at 2pmEDT.

After the bell look out for earnings reports from Intel(INTC:NASD) and Linear Tech(LLTC:NASD). Tomorrow morning earnings reports are kicked off by Banc of America(BAC:NYSE) and Delta(DAL:NYSE).

President Bush is scheduled to hold a formal press conference tonight at 8:30pmEDT and is expected to discuss the current situation in Iraq.

Brokerage Chatter:
US Cellular
(USM:NYSE) was cut to sell from hold at Legg Mason. Lehman Brothers out with a slightly negative comment for EMC Corp.(EMC:NYSE) citing checks that indicate they will come in at the low end of forecasted range. CIBC upgraded its Oil & Gas sector weighting. Thomas Weisel upgraded Crown Castle(CCI:NYSE) to outperform from peer perform.

Merrill Lynch upped Leapfrog Enterprises(LF:NYSE) to buy from neutral. Goldman Sachs became a little more bullish on the Telecom Services group and individually upped Quest(Q:NYSE) to in-line from underperform while cutting AT&T(T:NYSE) to underperform from in-line. Lehman Brothers raised its 2004 semi cap ex figures to up 41% year over year from 35%. Cowen also cut its numbers on Motorola(MOT:NYSE).

Financial Headlines:
Stories :
According to the Washington Post, the SEC is putting together a formal case against Time Warner(TWX:NYSE) alleging they booked questionable ad revenue.

Computer Sciences(CSC:NYSE) reportedly won a share of a Navy contract worth up to approximately $950 million.

Novellus(NVLS:NASD) beat by $0.02.
Merrill Lynch(MER:NYSE) beat by $0.15.
Jefferies Group(JEF:NYSE) beat by $0.06.
Dow Jones(DJ:NYSE) beat by $0.02.
Johnson & Johnson(JNJ:NYSE) beat by $0.03, topped revenue estimates and raised its 2004 EPS outlook.
State Street(STT:NYSE) beat by a penny.
Commerce Banc(CBH:NYSE) beat by a penny.

Around the world in 80 ticks:
Bloomberg newswire reports that the Foreign Ministry of Italy says four of its citizens have been taken hostage in Iraq. Al-Jazeera showed video of the four hostages taken by al-Sadr's terrorist group. This follows news yesterday that Russian citizens have fallen into the hands of Iraqi kidnappers.

The Associated Press reported that the Bellagio, one of the largest casinos on the Las Vegas Strip had to close yesterday after its main power line failed consequently forcing thousands of its guests to check into other hotels. Emergency power to the casino was able to be restored partially in areas that were vitally necessary; black jack tables and the slots thankfully remained on line.

Barry Bonds tied Willie Mays yesterday for third place on the all time homers list after his 660th home run of his career landed into McCovey Cove. Standing in Bonds' way of Baseball immortality in sports greatest record, is Babe Ruth, a mere 54 homers away and Hank Aaron who stands atop the list at 755. ESPN reports that Larry Ellison, the 53 year old portly gentleman that fished the ball out of the water from his inflatable raft returned the ball to Bonds following the game.

Have a great day.


position in cbh, jnj, t, q, bac, dal
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