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The Fokker Chronicles



World Markets:

World markets attempted to rebound after a grim day yesterday. The DAX and London FTSE traded modestly higher ahead of the Wall Street open while the CAC40 edged lower halfway through its session. In Asia, the Japanese Nikkei added just under 2% while the Hang Seng gained 0.95%. Indian markets which have been crushed since Thursday dropping 6% on Friday and another 11% yesterday regained some ground today by adding over 8% in volatile trading. The spot gold and dollar yen trading was weaker early on while the dollar index had gained slightly. US treasuries were in negative territory on the heels of mixed housing data out this morning.

Earnings to lookout for after the closing bell include Applied Materials(AMAT:NASD), Autodesk(ADSK:NASD), Network Appliances(NTAP:NAD) and Hewlett Packard(HPQ:NYSE).

The ABC Consumer Confidence figure will be released tonight at 6:30pmEDT. Tomorrow lookout for the weekly data on MBA Mortgage Applications.

Brokerage Chatter:

Goldman Sachs made some positive chatter on the paper sector and reiterated its attractive rating on the group. Goldman also upgraded its view of the Integrated Oil, E&P, R&M sector to attractive from neutral but tamed its bullishness by cutting its rating on the machinery sector to neutral from attractive. Morgan Stanley upped Univision(UVN:NYSE) to overweight from underweight. Goldman Sachs upgraded Rite-Aid(RAD:NYSE) to in-line from underperform. Merrill Lynch upgraded BJ Services(BJS:NYSE) to buy from neutral. UBS upped THQ Inc.(THQI:NADS) to buy from neutral and raised its target to $26 from $21.

Financial Headlines:
Stories :
OPEC acquiesced today by saying that it is now seeing the fastest oil demand growth in 7 years. Despite raising its 2004 oil demand forecast, the U.A.E. ministers said the output hike should be delayed until June 3rd. According to Bloomberg newswires, ministers from Algeria and Qatar added that the output hike was not likely to lower oil prices.

The Wall Street Journal reported that Cisco(CSCO:NASD) said a portion of its software code was apparently stolen and published on the internet. The company said the code which has been verified as authentic and published on a Russian computer-security web site could allow hackers to utilize the code to embarrass CSCO not to mention disrupt or disable Cisco routers.


Home Depot(HD:NYSE) beat its EPS target by 9 cents as its net income grew 21% to $1.1 billion. HD also raised its 2004 growth outlook.
Barnes & Noble(BKS:NYSE) beat by $0.05 and guided its 2nd quarter below consensus.
Deere & Co(DE:NYSE) beat by $0.13.
Staples(SPLS:NASD) beat by $0.03 and raised its full-year guidance.

Around the world in 80 ticks:

Reuters reports that the Intl Olympic Committee(IOC) has announced today that it narrowed down the remaining five cities to host the 2012 games. The competition will heat up over the next year as Paris, New York, Moscow, London and Madrid have been chosen as candidates for the 2012 Summer Olympics, unanimously bumping Havana, Rio de Janeiro, Istanbul and Leipzig from the short list. The remaining cities will vie against one another until July 6th of next year hoping to convince the IOC to pick them as the host city.

According to Russian news agency Interfax, 11 Russian soldiers were killed yesterday in Chechnya following the assassination of the region's leader in a May 9th bombing. The Wall Street Journal said a Chechen warlord claimed responsibility for the killing and promised to target more high level officials.

A new Gallup Poll taken in Iraq found that although Iraqis have grown more impatient with British and American troops in their country, there has been no love lost for Saddam. When those polled were asked whether they thought Saddam was guilty of murdering Iraqis, 84% said yes; 83% said yes when asked whether they thought he tortured Iraqis. When asked as to what sentence should be carried out if an Iraqi tribunal found Saddam guilty of murder, 61% said he should be executed while one in five felt a life sentence was adequate.

Have a great day.


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