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The Fokker Chronicles

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World Markets:
.
European markets were firmer today led in part by the DAX and CAC40 that traded up 0.70% and 0.60% respectively. Asian markets finished the week today mixed to flat on their sessions. Spot crude was gaining nearly $1 a barrel in early NY trading and both the spot gold and currency markets were trending higher.

Heads-up:
After the market open in NY, lookout for the University of Michigan confidence report at 9:50amEDT. Expectations are for 97.0.

Just a handful of earnings reports to shuffle through next week that we should note including 3M(MMM:NYSE), Fannie Mae(FNM:NYSE), Altria(MO:NYSE), Motorola(MOT:NYSE), Coca-Cola(KO:NYSE), JP Morgan(JPM:NYSE), SBC Comm(SBC:NYSE), eBay(EBAY:NASD), Juniper(JNPR:NADSD), KLA Tencor(KLAC:NASD), Qualcomm(QCOM:NASD), American Intl(AIG:NYSE), Catepillar(CAT:NYSE), Amazon(AMZN:NASD), Microsoft(MSFT:NASD), and Schlumberger(SLB:NYSE).

Brokerage Chatter:

Agilent(A:NYSE) upped to Overweight from neutral at JP Morgan. First Data(FDC:NYSE) was upgraded at FTN Midwest to buy from neutral. Piper upgraded Compuware(CPWR:NASD) to outperform from market perform. Charles Schwab(SCH:NYSE) was upgraded to market perform at Wachovia. Smith Barney downgrades Weight Watchers(WTW:NYSE) to hold from buy. JP Morgan added Dollar General(DG:NYSE) to its Focus list. Bera Stearns downgraded Continental(CAL:NYSE) to peer perform from outperform. Smith Barney downgraded Double Click(DCLK:NASD) to sell from buy.

Financial Headlines:
Stories :

AMG data report that equity funds report net cash inflows totaled $1.4 billion in the week ended April 14 with about 2/3 of those funds to invest in non-domestic securities.

Dow Jones has reported that ExxonMobile(XOM:NYSE) was awarded 2 million barrels of a 6 million barrel Kirkuk oil tender by Iraq's State Oil Marketing. The remaining 4 million barrels will be split between Turkey's Tupras, Greece's Hellenic Petroleum and Spain's Cepsa and Repsol.

According to the NY Post, the FCC is expected to issue a fine against Viacom's(VIA:NYSE) Infinity Broadcasting which could amount to $1.5 million for airing certain Howard Stern material. Infinity is expected to fight the fine.


Earnings:
Intl bus Machines(IBM:NYSE) reported in line with consensus.
Siebel Systems(SEBL:NASD) beat by a penny and guided 2nd quarter EPS and revenues in line.
McDATA(MCDTA:NASD) cut 1st quarter sales forecast.
PMC-Sierra(PMCS:NASD) beat by $0.02.
Sun Microsystems(SUNW:NASD) missed by a penny.
E*Trade(ET:NYSE) beat by 3 cents and raised its guidance above the consensus range.
Nokia(NOK:NYSE) reported 2nd quarter revenues below consensus.


Around the world in 80 ticks:
BBC news reports that UK Prime Minister Tony Blair will be in Washington today to discuss US policy on the Middle East with President Bush. UK Ex-Foreign Secretary Robin Cook offered his perspective and told reporters that Blair has been urged to be blunt with Bush and tell him that US forces in Iraq should not be acting as if they are still at war.

Fox News will be airing an interview this Sunday with outgoing Spanish Prime Minister Jose Maria Aznar in which he is expected to warn both U.S. President Bush and U.K. Prime Minister Tony Blair that they ought to be "very vigilant" before their elections because terrorists may try to strike.

The New York Times has reported the White House is weighing whether to pre-empt the 9/11 commission's final report due out this summer by implementing a new post of director of national intelligence.
Iraqi rebel cleric al-Sadr challenged the U.S. to kill him or capture him. According to Reuters, Sadr warned US forces that if they tried to take him down, the Iraqis would strike back with "unimaginable ferocity."

In a blow to the porn industry, two porn actors, who were unnamed, have reportedly tested positive for HIV and have forced several adult movie companies to temporarily shut down their productions. According to the LA Times, a spokesperson for Vivid Pictures told the paper that these are only precautions and their promiscuous behavior on camera is actually misleading. The spokesperson offered a firm endorsement to the industry by adding that porn people are in fact sexually healthier than non-porn people.


Apologies for the delay today folks, enjoy your weekend!

Fokker


positioin in ibm, cal, nok, fnm, mo, jpm
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