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The Fokker Chronicles



World Markets:
Europe was off to a weaker start prior to the US CPI data and proceeded to fall further following the report. The DAX was trading off 2.36% while the CAC 40 lost nearly 2% heading into the open of trading on Wall Street. Japan finished slightly in negative territory however the Hang Seng had a much weaker close and ended down 2.78% on its session. Spot gold was losing 1.5% and silver futures were losing over 4% early on. The US dollar was gaining 1.70 versus the yen prior to the start of equity trading in New York. 10 year futures lost over a point following the CPI number but have regained some ground since then. Check out what Brian Reynolds had to say on the CPI data.

Earnings reports to lookout for after the bell include Advanced Micro Devices(AMD:NYSE), Apple Co.(AAPL:NASD) and Texas Instruments(TXN:NYSE). Economic reports tomorrow include the regional manufacturing reports and jobless claims data.

Brokerage Chatter:
Endo Pharma
(ENDP:NASD) was upped to buy from hold at Jefferies.
Susquehanna upped Advanced Micro Devices(AMD:NYSE) to net positive from net neutral and raised its 1st and 2nd quarter estimates above consensus estimates. JP Morgan upgraded NetIQ(NTIQ:NASD) to overweight from neutral. Knight-Ridder(KPI:NYSE) was upped to overweight from neutral at JP Morgan. Banc of America downgraded Target(TGT:NYSE) to neutral from buy. CSFB raised its price targets for United Health(UNH:NYSE)to $80 from $63 and upped its target for Anthem(ATH:NYSE) to $111 from $85.

American Intl(AIG:NYSE) was upped to overweight at Lehman Brothers. Smith Barney downgraded Fair Isaac(FIC:NYSE) to hold from buy. McDonald's(MCD:NYSE) was cut to sector perform at CIBC. Pepsi Bottling(PBG:NYSE) was cut to equal weight from overweight at Morgan Stanley. Procter & Gamble(PG:NYSE) was cut to neutral from buy at Banc of America. Goldman Sachs raised Altria(MO:NYSE) to $76 from $70

Financial Headlines:
Stories :
Maxim Pharma(MAXM:NASD) announced it had received FDA approval for its malignant melanoma treatment.

Intel(INTC:NASD) revenues were slightly below expectations, however EPS and margins were both better. Its revenue guidance for the 2nd quarter called for a 2% quarter over quarter decline at the mid-point which was slightly below the Street.
Linear Tech(LLTC:NASD) reported EPS and rev of $0.27 and $209.1million versus the Street of $0.25 and $204.18 million.
Bank of America(BAC:NYSE) beat by 4cents on its EPS estimates however they were below revenue estimates.
Rowan Cos(RDC:NYSE) missed by $0.05.
Georgia-Pacific(GP:NYSE) boosted its guidance.
JB Hunt Trans(JBT:NYSE) topped estimates by $0.15.
Dupont(DD:NYSE) raised its guidance well above consensus for its 1st quarter.
HCA Healthcare(HCA:NYSE) reduced its 1st quarter outlook.
Take-Two(TTWO:NASD) reduced its 2nd quarter outlook.
Delta Air Lines(DAL:NYSE) missed by $0.10.
Eaton(ETN:NYSE) beat by $0.09 and guided its 2nd quarter and 2004 above consensus estimates.
Harley-Davidson(HDI:NYSE) beat by $0.04.
McDonald's(MCD:NYSE) said it sees its 1st quarter coming in above consensus.

Around the world in 80 ticks:
In a scheduled press conference last night, upsetting fans of the pre-empted 'American Idol' show, President Bush acknowledged how tough the past few weeks have been but added that if warranted, would send more troops to Iraq and reaffirmed his plan to transfer sovereignty to the Iraqis on June 30.

According to the Associated Press, seven civilian employees have now gone missing in Iraq. Over the past few days, the list of foreigners kidnapped in Iraq now spans 12 countries.

Have a great day.


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