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The Fokker Chronicles



World Markets:
Europe was trading modestly higher this morning. Asian finished much lower on the heels of the US equity performance yesterday. The Japanese Nikkei closed down 2.46% while the Hang Seng lost a percent and a half. Spot gold continued its slide and traded under the $400 level for much of the morning. Dollar yen was lower today after its 2% jump yesterday while the Dollar index was gaining ahead of the opening bell on Wall Street.

Philly Fed manufacturing survey is due out at noon EDT. After the bell, more earnings results from the likes of Intl Bus Machines(IBM:NYSE), PMC Sierra(PMCS:NASD), Siebel(SEBL:NASD), and SunMicro(SUNW:NASD). Tomorrow morning lookout for reports from E*Trade(ET:NYSE) and Nokia(NOK:NYSE).

Brokerage Chatter:
State Street(STT:NYSE) was upgraded at AG Edwards from hold to buy. UnitedHealth Group(UNH:NYSE) was cut to neutral from buy at Fulcrum. Banc of America upped Alliant Tech(ATK:NYSE) to buy from neutral. Merrill Lynch made some positive comments on Pixar(PIXR:NASD) this morning adding the fundamentals and investor sentiment will continue to show improvement over the course of the year. CSFB while maintaining its outperform rating on CNET(CNET:NASD) raised its price target to $17 from $11.

WR Hambrecht upgraded Lam Research(LRCX:NASD) to buy from hold and raised its target to $30 from $26. Texas Instruments(TXN:NYSE) was upped to outperform from neutral and had its price target raised to $39 from $36 at Schwab SoundView. Piper Jaffray upgraded Microchip Tech(MCHP:NASD) to outperform from market perform. Delta Air Lines(DAL:NYSE) was cut to underweight from neutral weight at Prudential. Network Associates(NET:NYSE) was upped to buy from hold at Legg Mason. Eaton(ETN:NYSE) was upped to peer perform from underperform at Bear Stearns.

Financial Headlines:
Stories :
Reuters has reported that Intl Bus. Machines(IBM:NYSE) and Manugistics(MANU:NASD) have signed an agreement in which IBM would help sell its software. There was some speculation around the Street yesterday that IBM might have been in takeover talks with MANU.
Aventis(AVE:NYSE) announced it had received FDA approval of Nasacort HFA Nasal Aerosol.

Delta Air Lines(DAL:NYSE) CFO, Michele Burns gave her two weeks notice and announced she will be leaving at the end of this month to join Mirant Corp.(MIRKQ:OTCBB)

The Washington Post reported that Amazon(AMZN:NASD) has apparently joined in the internet search engine business competing directly with Yahoo!(YHOO:NASD), Microsoft(MSFT:NASD) and Google.

Citigroup(C:NYSE) beat by $0.03.
Apple Computer(AAPL:NASD) beat by 4 cents and guided its 2nd quarter above consensus.
Continental(CAL:NYSE) reported a loss of $1.36, better than the First Call expected loss of $1.43.
Cypress Semi(CY:NYSE) beat by a penny.
SLM Corp(SLM:NYSE) beat by a penny.
EMC Corp(EMC:NYSE) beat by a $0.01 and guided its 2nd quarter revenues above consensus.
Unisys(UIS:NYSE) beat by $0.04.
Comerica(CMA:NYSE) beat by $0.03.
PepsiCo(PEP:NYSE) reported in line results.
Southwest Air(LUV:NYSE) also reported in line with consensus estimates.
Fairchild Semi(FCS:NYSE) topped estimates by 2 cents.
UnitedHealth Group(UNH:NYSE) beat by a penny however slightly below revenue estimates. UNH boosted its 2004 full year forecast.
Advanced Micro(AMD:NYSE) beat by $0.09.
Redback Networks(RBAK:NASD) missed by $0.01.
Texas Instruments(TXN:NYSE) reported in-line results but raised its 2nd quarter EPS estimates to $0.23-$0.26 versus $0.23 consensus.

Around the world in 80 ticks:
According to Bloomberg newswires, an alleged Osama bin Laden tape surfaced today offering a truce with Europe. Several nations rejected the offer on the tape and Italian Foreign Minister added that a peace deal with bin Laden is "unthinkable." The tape stopped short of offering peace with the U.S. and instead added that further attacks against the U.S. and Israel would continue.

Following the President's meeting with Israeli PM Sharon, Secretary of State Powell spoke with Palestinian PM Qurie. Qurie said the U.S. was guilty of "an absolute bias against the Palestinian position". President Bush told Israel that it should keep part of the West Bank in a future peace deal adding that Palestinian refugees should not be allowed to settle in Israel. Arafat jumped into the fray as well to offer his dismay at the President's endorsement of Israel's plan.

Newly elected Spanish PM Zapatero, after backing away from Iraq amid the fear of terrorism in his country, said yesterday that his government will make terrorism its priority fight. Zapatero said that Spain's strong commitment to international security will not be allowed to be "called into question" but reiterated that Spanish troops would be leaving Iraq.

Have a great day.


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