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The Fokker Chronicles

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World Markets:

Europe was feeling stronger today led in part by the German DAX and CAC40 which had gained 1.23% and 1.05% respectively before the opening bell on Wall Street. The Asian markets were mixed today as the Japanese Nikkei added 1.60% while the Hang Seng gave back 0.45%. The Dollar index was gaining $0.80 while spot gold was down nearly $5/per troy ounce.

Heads-up:
No economic data expected out of the government today however plenty of chatter from the figure heads. At 10amEDT Treasury Secretary Snow will testify before the Senate sub-committee on the Treasury Department budget for 2005. Following that, Treasury Assistant Secretary Abernathy will speak at a mortgage banker conference at 10:30amEDT. At 2:30pm, Fed Chairman Greenspan will testify on the condition of the U.S. banking to the Senate Banking Committee. Tomorrow morning at 10amEDT, Greenspan will be testifying before the Joint Economic Committee.

Lookout after the bell for Allstate(ALL:NYSE), Ask Jeeves(ASKJ:NASD), Motorola(MOT:NYSE), Sanmina(SANM:NASD), and Teradyne(TER:NYSE).

Brokerage Chatter:
EMC Corp
.(EMC:NYSE) was upgraded at UBS from neutral to buy and had its price target raised from $16 to $17. UBS was out with some positive chatter on Halliburton(HAL:NYSE) citing many of its important obstacles should be cleared up by the end of the year. CSFB lowered its view on the Cable sector to underweight from marketweight, individually cut Comcast(CMCSA:NASD) target to $32 from $36 and Cox Com(COX:NYSE) target to $32 from $34. CSFB however said it sees significant potential upside to Walt Disney's(DIS:NYSE) 2005 estimates. Thomas Weisel upgraded Panera Bread(PNRA:NASD) to outperform from peer perform. Smith Barney upped Amazon(AMZN:NASD) to hold from sell.


Financial Headlines:
Stories :
National Semi(NSM:NYSE) announced a 2 for 1 stock split.

Semi Equip Book to Bill came in at 1.10, slightly below the First Call consensus of 1.17.

Bloomberg newswires report that Janus Capital (JNS:NYSE) CEO, Mark Whiston will step down from his role at the mutual fund company amid the ongoing investigation into improper trading arrangements. Whiston will remain with the company as a consultant to the end of the year. The company added that a 4cent charge would be applied to the 2nd quarter earnings as a result of the departure. A more material fact could be its statement that its potential liability over the investigations could exceed its previously disclosed reserve.

Earnings:
Pfizer(PFE:NYSE) beat the street by a penny on lighter than expected revenues. They did however raise 2004 guidance to $2.13 versus First Call consensus of $2.10.
Golden West(GDW:NYSE) beats by a penny.
First Tennessee(FTN:NYSE) beat by $0.04.
Freeport-McMoRan(FCX:NYSE) beat by 15 cents.
Wells Fargo(WFC:NYSE) beat by $0.06.
Mellon Financial(MEL:NYSE) beat by $0.02.
Boston Scientific(BSX:NYSE) beat by a penny.
Forest Labs(FRX:NYSE) reported in line.
Bank One(ONE:NYSE) topped EPS by a penny.
General Motors(GM:NYSE) toppled estimates by 47cents and guided its 2nd quarter and 2004 full year estimates above consensus.
Safeco(SAFC:NASD) topped estimates by 27 cents.
Altria(MO:NYSE) beat by $0.03.
Lucent(LU:NYSE) beat by a penny.
Sony(SNE:NYSE) raised its 2004 outlook.
Check Point Sftwr(CHKP:NASD) beat by $0.02
TASER Intl(TASR:NASD) beat estimates by $0.02, and announced it had hired a full-time CFO.
CNF Inc(CNF:NYSE) topped the street by $0.09, topped revenue estimates and guided its 2nd quarter above consensus.

Around the world in 80 ticks:
According to the BBC, Italian Police have seized a substantial cargo of illegal arms out of Romania destined for the harbors of New York. U.S. Customs officers said the Italian southern city port discovered 7,000 Kalashnikov assault rifles worth up to $7 million upon noticing some irregularities in the ship's documentation. The $7 million cargo oddly enough was declared as arms for civilian use and not for military purposes.

Reuter's reported that Honduras could become the first fallout as a result of Spain's early withdrawal from the Iraqi coalition. Honduras cited yesterday that due to escalating violence in Iraq and pressure created by Spain's decision to leave its allies alone to fight terrorism without them. Honduras currently has fewer than 400 troops stationed in Iraq as peacekeepers, minesweepers, and medical support technicians with a mandate to exit the country by July. It should be noted that Spain was commanding troops from other Spanish speaking nations in the Iraqi coalition including Honduras, El Salvador, Nicaragua and the Dominican Republic.

According to Arabic newspaper Al-Hayat, the Palestinian Authority has plans to cancel the post of its prime minister and return all powers to President Yasser Arafat. Reports out of the Middle East suggest that after a few weeks of trying out peaceful democratic means of resolving its conflicts with Israel, the Palestinians will have decided its old ways were much more effective at accomplishing their goals. In related news, Jordanian King Abdullah II decided to postpone a meeting with President Bush over what the New York Times referred to as the U.S. continued support for Israel's West Bank territorial claims.

The New York Times reports today what health officials at the CDC confirmed last Friday that a Westchester County man had been infected with a strain of the avian flu or what's been commonly referred to as the bird flu. Currently just the second such human case found in America, CDC influenza expert Nancy Cox said it is still a enigma how he was exposed and why nobody around him contracted the illness as well.


Have a great day.

Fokker


position in all, mot, hal, dis, lu, wfc, fcx, gm, mo
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