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The Fokker Chronicles

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World Markets:
European markets were weaker thus far today as the DAX and CAC40 eyed a 1% loss on the session. The Japanese Nikkei finished unchanged while the Japanese government bond yields made 2 year highs following Greenspan's testimony yesterday. Two-year Treasury yields were up 8bps to 2.15%, the highest level since October 2002.


Heads-up:
Lookout for Elmer's testimony today at 10amEDT on the economy to the Joint Economic Committee. The lone economic data point arrives at 2pmEDT with the Fed's Beige book.

Brokerage Chatter:

RW Baird upgraded Foundry Networks(FDRY:NADS) to outperform from neutral. BMO Nesbitt Burns downgraded Freeport-McMoran(FCX:NYSE) to market perform from outperform and cut its target to $42 from $49. Merrill Lynch downgraded Seagate Tech(STX:NYSE) to sell from neutral. CIBC upgraded Sprint(FON:NYSE) to sector perform from sector underperform. US Bancorp(USB:NYSE) was upped to buy from neutral at Advest. Prudential downgraded its weighting on Semiconductor Sector to a neutral from favorable and individually cut Texas Instruments(TXN:NYSE) and Analog Devices(ADI:NYSE). RBC Capital upgraded Motorola(MOT:NYSE) to outperform from sector perform.

Financial Headlines:
Stories :
Data from Investor's Intelligence(II) showed that the number of Bulls were at 49.5% versus 50% last week and the Bears came in at 21.2% versus 22% last week.

Mortgage Bankers Association Application data showed that mortgage applications fell last week for the fifth consecutive week.

Wall Street Journal reported some positive news on Eli Lilly(LLY:NYSE) citing risk-taking culture at the drug maker that explains why its pipeline is overflowing with new medicines while its competitors are struggling to keep up with the loss of blockbuster meds that are coming off their respective patents.

Earnings:
Motorola(MOT:NYSE) reported EPS of $0.18 and revenues of $8.6 billion versus the street forecast of $.07 and $6.734 billion
JP Morgan Chase(JPM:NYSE) beat by $0.05.
Coca Cola(KO:NYSE) beat by 3cents on revenues of $5.08 billion versus First Call of $4.89 billion.
Teradyn(TER:NYSE) reported 6 cents better than consensus.
MGM Mirage(MGG:NYSE) beat by $0.23.
Sears, Roebuck(S:NYSE) beat by $0.02 and guided 2nd quarter estimates above consensus.
Northwest Air(NWAC:NASD) reported 11cents wider than expected loss.
PNC Bank(PNCD:NYSE) topped estimates by $0.17.
St. Jude Medical(STJ:NYSE) beat by $0.02.
Bank of NY(BK:NYSE) beat by $0.02.
General Dynamics(GD:NYSE) beat by $0.15, topped revenue estimates and raised its 2004 guidance above consensus.
SBC Corp.(SBC:NYSE) beat by $0.05.
MedImmune(MEDI:NASD) missed its revenue target and guided the Street below consensus.
United Tech(UTX:NYSE) beat by $0.02.
Kulicke & Soffa(KLIC:NASD) beat by 2 pennies.
Ford Motor(F:NYSE) beat by $0.52.
Eastman Kodak(EK:NYSE) beat by a penny.
Honeywell(HON:NYSE) beats by $0.04.
Wyeth(WYE:NYSE) beats by $0.08.


Around the world in 80 ticks:
Reuters is reporting that a car bomb exploded near Saudi government buildings in Riyadh today killing at least several people including the homicide bomber. In related news, AP news has reported that suicide bombers in Basra, Iraq killed at least 68 people including children and coordinated attacks on four police stations. The Basra Mayor said he believed Al Qaeda was behind the attacks.

Reuters reported that FBI chief Robert Mueller said today China faces similar risks from Al Qaeda. Mueller commented that there are people in China that share in the same ideology as Al Qaeda, warned the group that the United States was on high alert and we'll be watching every move by any potential terrorist.

According to the Washington Times, US military officials have been speaking up over Syria's involvement, if not aggressive, facilitation of transferring foreign fighters into Iraq as well as supplying them with arms. While the intelligence reports have clearly depicted this situation in Syria, sources say it remains unclear if Syrian President Bashar Assad is directly involved in ordering the aid.



Have a great day.

Fokker



positioin in mot, f, nwac, ko, jpm, lly, mot, fcx
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