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The Fokker Chronicles



World Markets:

World markets were attempting to rebound today after a grizzly day yesterday. Both the DAX and CAC40 were gaining 1.45% and 1.30% respectively. The Asian markets were not as strong however but managed to finish greener as the Japanese Nikkei and Hang Seng added 0.20% on its session. Currencies were mixed to flat and spot gold was down a couple dollars ahead of the open of trading on Wall Street.


A handful of reports after the bell today including bellwether Cisco Systems (CSCO:NASD), Abercrombie(ANF:NYSE), OSI Pharma(OSIP:NASD) which will all post results. Tomorrow the earnings reports continue to hit the wire from Federated(FD:NYSE), Ann Taylor(ANN:NYSE), Computer Associates(CA:NYSE) and Disney(DIS:NYSE).

Texas Instruments(TXN:NYSE) and Boston Scientific(BSX:NYSE) will both be hosting separate shareholder meetings today. Looking ahead, Yahoo!(YHOO:NASD), Qualcomm(QCOM:NASD), Amgen(AMGN:NASD) and Intel(INTC:NASD) will be hosting analyst meetings later this week.

The Fed's Moskow will be speaking on the US economy in the early afternoon today. After the bell tonight the ABC Consumer Confidence number will be released at 6:30pEDT.

Brokerage Chatter:

CSFB is out positive on Bed Bath and Beyond(BBBY:NASD) citing its share weakness as a rare opportunity to build a position and added that its business model is the best in the retail sector. Dow Jones(DJ:NYSE) was upped to buy from hold as well as its target raised to $64 from $48 at Smith Barney. Smith Barney UBS likes Disney(DIS:NYSE) today and upped them to a buy from neutral. Brocade(BRCD:NASD) was upped to neutral at Thomas Weisel. Exxon Mobile(XOM:NYSE) was upped from buy to hold at AG Edwards.

Prudential downgraded Pacific Sunwear(PSUN:NASD) to underweight from neutral-weight and cut its target to $19 from $25. Wachovia upped Symbol(SBL:NYSE) to an outperform from neutral. Smith Barney removed Westwood One(WON:NYSE) from its Small & Mid-Cap Focus List. Goldman Sachs upgraded the paper/forest products sector to attractive from neutral and individually upped Intl Paper(IP:NYSE) to an outperform from in-line. Fulcrum upgraded Viacom(VIA.B:NYSE) to buy from neutral and raised its estimates for 2004-05. Goldman Sachs is out positive on Yahoo!(YHOO:NASD) recommending its clients buy the stock on the heels of its recent weakness. Merrill Lynch upgraded Coventry Health(CVH:NYSE) to buy from neutral.

Raymond James dropped the homebuilders due to interest rate concerns and overall market risk naming Centex(CTX:NYSE), Lennar( LEN:NYSE), Pulte Homes(PHM:NYSE), Ryland Group(RYL:NYSE) and Toll Brothers(TOL:NYSE) to list a handful of stocks they think are susceptible to weakness. Lehman Brothers moved around its holdings in the semi-cap space by raising National Semi (NSM:NYSE) and Micrel(MCRL:NASD) to overweight from equal-weight while cutting Intersil(ISIL:NASD), Linear Tech(LLTC:NASD) and Maxim(MXIM:NASD). ThinkEquity upgraded Intuit(INTU:NASD) to overweight from equal-weight.

Financial Headlines:
Stories :
A spokesman for the Senate Banking Committee Chairman, Senator Dick Shelby told Bloomberg newswires that the committee will ask the SEC to investigate the big brokers such as Citigroup(C:NYSE), Merrill Lynch(MER:NYSE) and other major banks as to whether they intentionally filled customer shares into mutual funds during the bubble decline of the past few years. Bloomberg also cited Morgan Stanley(MWD:NYSE) and Credit Suisse First Boston(CSR:NYSE) as other banks that could be included in the investigation.

Bloomberg newswires report last night that Electronic Arts(ERTS:NADS) and Microsoft(MSFT:NASD) have signed a definitive agreement that will allow players of EA Games titles to compete and play online through the Xbox Live console. Some analysts are viewing this as a negative for Activision(ATVI:NASD) as 20% of its sales are derived from Mr. Softy and its game console.

Texas Industries(TXI:NYSE) boosted its 4th quarter expectations.
May Dept(MAY:NYSE) missed by a penny.
Mylan Labs(MYL:NYSE) reported 2 pennies worse than consensus.

Around the world in 80 ticks:

The Washington Post reports that according to many former prisoners, the Intl Committee for the Red Cross and Iraqi lawyers, the U.S. run prison in Iraq had problems that exceeded just the candid photos that have circulated the press. Officials cited thousands of arrests that were made without any evidence of wrongdoing and the abuse of those detained began from the moment of their arrest.

AP news reports the Cuban government went on state television last night with a statement that notified the communist country that all sales of goods at dollar stores will be "suspended until further notice." With the exception of food and personal hygiene products,(they're communists not savages) the Cuban government said the measures of attempting to ban dollar goods from the country must be taken to fend off the severe behavior of President Bush towards the island nation which could be a prelude to a possible invasion.

Have a great day!


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