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The Fokker Chronicles



World Markets:

World markets were much stronger today on the heels of better earnings results and guidance. The German DAX was gaining nearly 1.5% and led the charge in Europe. The Japanese Nikkei added 1.17% and the Hang Seng gained 1.78% today. The dollar index was off a bit heading into the open of trading while conversely spot gold added a couple of dollars per troy ounce.


Some currency risk over the weekend to highlight as the G7 meeting in Washington resumes today and is expected to continue into the evening and culminate with meetings scheduled for tomorrow.

Lookout on Monday for Chubb(CB:NYSE), Silicon Labs(SLAB:NASD) and Humana(HUM:NYSE).

Brokerage Chatter:

Goldman Sachs raised a handful of full year estimates including Microsoft(MSFT:NASD) by 7%, Amazon(AMZN:NASD) 7% higher, and Catapillar(CAT:NYSE) up by 28%. Alltel(AT:NYSE) was upgraded at JP Morgan to overweight from neutral. Banc of America downgraded CarMax(KMX:NYSE) to neutral from buy and lowered its price target to $28 from $36. Microchip(MCHP:NASD) was upped to buy from hold at Legg Mason. Goldman Sachs downgraded Wendy's(WEN:NYSE) to in-line from outperform. Deutsche Bank upgraded Kohl's(KSS:NYSE) to buy from hold.

Amazon (AMZN:NADS) was cut to underperform from market perform at Piper and had its price target cut to $42 from $52. UBS downgraded Progressive(PGR:NYSE) to reduce from neutral and had its price target slashed to $80 from $91. UBS also downgraded Deere(DE:NYSE) and Ingersoll-Rand(IR:NYSE) to neutral from buy. Forest Labs(FRX:NYSE) was cut to neutral weight from overweight at Prudential. Thomas Weisel upgraded Celgene(CELG:NASD) to outperform from peer perform and raised its price target to $70 from $50.

Financial Headlines:
Stories :
AMG data flow showed that equity funds reported a net cash inflow totaling $3.3 billion in the week ended April 21 and 64% of which went to Domestic security funds.

The Wall Street Journal reports that Phillip Morris, unit of Altria(MO:NYSE) and at least four of its competitors face a lawsuit from the government over deceptions aimed at concealing the dangers of its Merit cigarette by claiming it caused fewer fires when just the opposite was true, could fetch up to $280 billion fine. According to the Journal, the trial could likely begin this September. Not new news to those that follow the litigations closely in the sector, however the fact that the negative highlight has once again hit the front burners of the media stove might pressure the group today.

The Financial Times reports that Daimler Chrysler(DCX:NYSE) has cut off its financial purse strings to its struggling car unit in Japan, Mitsubishi Motors. Following a management meeting between the companies' two boards, DCX decided it would not support the proposed cash infusion consequently jeopardizing its 37% stake. Ultimately, the paper points out this could pave the way for Mitsubishi to be banished to bankruptcy or takeover.

Charles Schwab(SCH:NYSE) filed $1.0 billion mixed shelf.

Microsoft(MSFT:NASD) released upside 3rd quarter numbers last night beating the Street by 5cents and boosting its EPS guidance. Rick Sherlund of Goldman Sachs pointed to a strong quarter but felt its revenue growth forecast was cautious.
PeopleSoft(PSFT:NASD) missed by a penny and its license revenues were likely to disappoint some as well.
Alaska Air(ALK:NYSE) missed by 20cents.
Intl Paper(IP:NYSE) beat by 2 cents.
Schlumberger(SLB:NYSE) reported in line.
AT&T Wireless(AWE:NYSE) missed by 3cents on its EPS.
Xerox Corp(XRX:NYSE) beat by $0.02.
Broadcom(BRCM:NASD) beat by 3 cents and guided its revenues higher for the 2nd quarter.
Callaway Golf(ELY:NYSE) missed by $0.06.
Vitesse Semi(VTSS:NASD) reported in line.
Providian(PVN:NYSE) beat by $0.16.
Xilinx(XLNX:NASD) beat by 3cents, guides 1st quarter revenues above forecasts and authorized a $250 million stock buy back plan.
Corning(GLW:NYSE) beat by $0.03 and guided the Street higher.
Mercury Interactive(MERQ:NASD) beat by $0.02. beat by $0.03 but offered some sour revenue guidance.
Amgen(AMGN:NASD) topped estimates by $0.02.

Around the world in 80 ticks:

Reuters has reported that the Chinese woman that was reported yesterday to have SARS died several days ago according to the country's ministry of health. Today the woman's daughter was reported by the ministry as one of two new Chinese citizens confirmed to have contracted the virus as a Chinese health official conceded that the possibility of an outbreak existed.

Reuters reports that a doomsday bill was passed in the House of Representatives yesterday that would create special speedy election procedures should a catastrophic situation occur similar to that of 9/11. In the event that more than 100 of the 435 members of the House were killed, their replacements would be at work within 45 days.

Have a great day.


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