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The Fokker Chronicles

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World Markets:
Global markets were firmer today as the German DAX was clearly the winner thus far in the session gaining just over 1%. In Asia, Japanese stocks finished in positive territory while the Hang Seng was pummeled for 2.03% today. US treasuries were just off their highs and unchanged in the early going. Spot gold added $3 while the dollar index was losing some ground prior to the opening of trading on Wall Street.

Heads-up:

At 10amEDT, lookout for the New Homes sales data for March. Tomorrow the economic news will focus on the consumer confidence and the existing home sales data.

After the bell, Chubb(CB:NYSE), EDS Corp.(EDS:NYSE), Placer Dome(PDG:NYSE) and Silicon Labs(SLAB:NASD) report their earnings. Tomorrow look out for Baker Hughes(BHI:NYSE), Chicago Merc(CME:NYSE), Dupont(DD:NYSE), Imclone(IMCL:NASD), U.S. Steel(X:NYSE), Verizon(VZ:NYSE), Maxim Int(MXIM:NASD), McDonalds(MCD:NYSE), Network Assoc(NET:NYSE), and RF Micro(RFMD:NASD).


Brokerage Chatter:

Lehman Brothers is revved up on the motor stocks today and raised its price target for General Motors(GM:NYSE) to $57 from $54, upgraded Ford(F:NYSE) to neutral from sell and upped Daimler Chrysler(DCX:NYSE) to neutral ahead of its earnings announcement this week. Barron's over the weekend gave positive mention to Halliburton(HAL:NYSE) citing the stock to be undervalued. CSFB was out positive on Lowes(LOW:NYSE) and Home Depot(HD:NYSE) and raised its 1st quarter estimates respectively.

Merrill Lynch cut its numbers on Qlogic(QLGC:NASD) while Banc of America raised numbers for RF Micro Devices(RFMD:NASD). Mixed reviews on Apple(AAPL:NASD) as Barron's made positive mention over the weekend while Bear Stearns is slightly negative on the name today. Genentech(DNA:NYSE) target was raised to $180 from $150 at UBS. Goldman Sachs upgrades Xerox(XRX:NYSE) to outperform from in-line. Goldman Sachs also raised its view of the Gold sector to attractive from neutral. Schwab Soundview upgraded Corning(GLW:NYSE) to outperform from market perform and raised its target to $16 from $10.50 .


Financial Headlines:
Stories :
China announced they have canceled an $80 billion rollout of its third generation network. The Chinese government was expected to begin issuing licenses later in the year to many of the west's major cellular phone makers before shelving the development of the new network. Companies such as Motorla(MOT:NYSE), Ericcson(ERICY:NASD), Nortel(NT:NYSE), and Nokia(NOK:NYSE) have been expected to see a significant increase in their wireless capex in China by 2005 where most already derive approximately 10-20% of their total revenues.

Dow Jones reports that the G-7 Ministers said during their weekend sessions in Washington that they see strength in the global economic recovery.

Catepillar(CAT:NYSE) said it has formed a Chinese leasing company to help in its expansion into China. CAT sees sales in China to rise by about 35% to 1 billion in 2004.

Aventis(AVE:NYSE) has reportedly accepted Sanofi's improved bid by offering 5 shares for every 6 shares of Aventis making the total deal 53.5 billion euros or $63 billion. Both stocks have resumed trading and are trading considerably lower in Europe.

The Financial Times reports that Comcast(CMCSA:NASD) is said to be considering dropping its bid for the Walt Disney(DIS:NYSE) company.

The Wall Street Journal reports that TXU corp(TXU:NYSE) could possibly announce as early as today the sale of its Australian energy business to Singapore Power for $3.7 billion. Separately, TXU said it would buy back $1.8 billion in convertible preferred shares.

According to Bloomberg newswires, Boeing(BA:NYSE) has approved a formal order launch for the 7E7 dreamliner jet worth $6 billion.

Earnings:
AmericsourceBergen(ABC:NYSE) beat by $.04 ex items.
Ryder System(R:NYSE) beat by a penny.


Around the world in 80 ticks:

A truce was extended in the Falluja uprising as talks continued over the weekend. The cease-fire reportedly was extended for another two days; however the New York Times is reporting that Shiite rebels were stockpiling weapons in mosques, shrines and schools. Apparently, the rebels are enjoying the freedoms in Iraq and using the much needed break to rest and bolster their abilities to wage war.

Reuters reports that Beijing announced potentially four new cases of the SARS disease yesterday.

Reuters reports that according to a company spokeswoman, skin cream mogul Estee Lauder passed away at 97 years of age this weekend. Estee Lauder who took her family's skin cream recipe and created a $10 billion dollar cosmetics powerhouse, died on Saturday at her home in Manhattan.


Have a great day.

Fokker



positionin cat, txu, dis, nok, mot, gm,hal, cb, f, aapl, xrx, txu
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