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The Fokker Chronicles



World Markets:
European markets traded lower early on led in part by the DAX and CAC40 which each were losing 0.66% heading into the US opening of trading. Asian stocks on the other hand continued to roll again today. The Japanese Nikkei gained 1.02% and the Hang Seng added 1.22%. US treasuries were rebounding today as was spot gold which was up $3 heading into the opening bell on Wall Street.


Alcoa(A:NYSE) will be reporting after the bell today and tomorrow we'll get reports from Genetech(DNA:NYSE), Research in Motion(RIMM:NASD), and Yahoo!(YHOO:NASD). After the bell tonight, lookout for ABC's Consumer Confidence figure.

Brokerage Chatter:

Moody's cuts Ciena Corp(CIEN:NASD) ratings to B2. Thomas Weisel upgraded Symbol Tech(SBL:NYSE) to outperform from peer perform. Wells Fargo raised its price target on Shuffle Master(SHFL:NASD) to $55 from $44. CSFB downgraded Fortune Brands(FO:NYSE) to neutral from outperform. CSFB downgraded Black & Decker(BDK:NYSE) to neutral from outperform.

Symantec(SYMC:NASD) had its target raised to $54 from $50 at Raymond James. Merrill Lynch upgraded Sprint(FON:NYSE) to buy from neutral. Yahoo!(YHOO:NASD) was cut to neutral from outperform at Schwab SoundView. Smith Barney initiated Jet Blu(JBLU:NASD), Delta(DAL:NYSE) with sell ratings and price targets of $22 and $7, respectively. American(AMR:NYSE) and AirTran(AAI:NYSE) were initiated with buy ratings.

Financial Headlines:
Stories :
Bloomberg news reports that Morgan Stanley(MWD:NYSE) announced it will purchase Barra Inc for $816 million in cash.

The Wall Street Journal reports that according to the Center for Financial Research and Analysis, Fannie Mae(FNM:NYSE) has relied on legal, but misleading accounting methods to fine tune its earnings. The CFRA also stated that FNM has not adequately adjusted the value of the $8 billion worth of mobile home loans on its books.

Bloomberg news reported that Goldman Sachs(GS:NYSE) has been officially named in a suit filed by holders of short positions of 30yr bond futures contracts. GS allegedly purchased the bond futures on non-public information.

bebe stores(BEBE:NASD) announced a 3-for-2 stock split.

Nokia(NOK:NYSE) guided its 1st quarter below consensus.
Adaptec(ADPT:NASD) guided the 4th quarter above consensus.
Cummins(CMI:NYSE) raised its 1st quarter, 2nd quarter, and 2004 guidance above consensus estimates.
Black & Decker(BDK:NYSE) raised its 1st quarter outlook.
Gabelli Asset Mgmt(GBL:NYSE) guided 1st quarter estimates above consensus.
Kellogg(K:NYSE) boosted its 1st quarter and 2004 guidance above consensus.

Around the world in 80 ticks:

The BBC reported that a chemical bomb threat had been thwarted in Britain by UK and US intelligence agents. The bomb plot was believed to be designed for confined spaces aimed at harming British civilians.

The Washington Times reports that according to a 45,000 word final policy paper presented by the former national security advisor under the Clinton administration to Congress made no mention of al-Qaida and referred to Osama bin Laden by name a mere four times.

Reuters reported that a prisoner who is currently serving a 30month sentence for bank robbery just received an extra 18 months after he threatened to kill former first lady and current Senator Hillary Clinton. The prisoner told psychologists that his intentions were to make his life a little more interesting and get some notoriety from the threats.

Have a great day.


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