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The Fokker Chronicles



World Markets:

Europe was weaker today as the DAX lost 1.15% and the London FTSE had dropped a percent ahead of the open of trading in the US. The Asian markets had given back some ground today with a 0.96% drop in the Nikkei and 1.13% loss for the Hang Seng. US treasuries were given a bid this morning following the weaker than expected job picture. US 10 year futures were gaining nearly a half a point before the open of trading in the equity markets. The dollar index was rebounding early on still resting on its 200 day moving average while spot gold in contrast lost $2 per ounce.


Looking ahead to some economic data points today, at 10amEDT we'll have a look at the Leading Indicators for April and the Philadelphia Fed will report its data for May at 12pmEDT. The Semi Book to Bill will be released later today at 6pmEDT. No economic releases are scheduled for tomorrow.

Earnings after the bell today include Gap Inc(GPS:NYSE), and McData(MCDTA:NASD). As with the economic events, there are no major releases planned for tomorrow.

Brokerage Chatter:

Praxair(PX:NYSE) was upgraded to buy from neutral at Banc of America. Intuit(INTU:NASD) was downgraded at Jefferies as its target went from $55 to $42. Jeffries also upped Cinergy(CIN:NYSE) to buy from hold. Banc of America downgraded National City(NCC:NYSE) to neutral from buy and cut its target to $35 from $38. Oppenheimer started Tenet Health(THC:NYSE) with a buy rating. Lehman upgraded Delta Air(DAL:NYSE) to overweight from equal-weight and raised its target to $10 from $9. Goldman Sachs lowered its view of the Airlines sector to neutral citing oil prices to remain at $40/barrel versus its former target of $30/barrel.

Hot Topic(HOTT:NASD) was upped to buy from hold at AG Edwards. JC Penney(JCP:NYSE) was upgraded at Morgan Stanley to overweight from equal-weight. Qualcomm(QCOM:NASD) was initiated with an overweight rating at Prudential. Deutsche Bank upgraded Brocade(BRCD:NASD) to buy from hold. Bear Stearns raised BRCD to peer perform from underperform and Merrill upped them as well. Prudential downgraded UTStarcom(UTSI:NASD) to underweight from neutral-weight and cut its target to $32 from $37.

Financial Headlines:
Stories :

Intel(INTC:NASD) shareholders passed its option expensing proposal yesterday.

Amazon(AMZN:NASD) founder, Chairman, and now apparent early bird Google investor Jeff Bezos apparently purchased Google stock back in 1998 for 6 cents a share according to Bloomberg news. Bezos, the 82nd richest man in the world, now stands to add to his $5.1 billion personal fortune when Google goes public which according to recent filings will be priced at about $91 a share. The filing does not indicate how many shares Bezos purchased.

Brocade(BRCD:NASD) reported in line results.
Ciena(CIEN:NASD) missed by a penny.
PETsMART(PETM:NASD) beat by $0.03.
Credence(CMOS:NASD) beat by $0.04 and guided its 3rd quarter above consensus estimates.
Intuit(INTU:NASD) topped estimates by 4 cents but guided the Street below consensus. The company also announced a $500 million stock buyback.

Around the world in 80 ticks:
Following the latest media-military-snafu, the Pentagon has been working on its damage control work citing the wedding that US troops in Iraq literally and figuratively "crashed" was an attempt to attack insurgents and not party attendees. A Pentagon spokesman added that "It is not our belief that there was a wedding party in the open desert." According to the Associated Press, Pentagon officials said yesterday that there was "actionable intelligence" from a variety of sources that something was amiss.

Bloomberg newswires report that U.S. soldiers had raided the home of Ahmad Chalabi, founder and head of the Iraqi Governing Council, in search of several of his aides wanted by coalition forces. Chalabi's home also serves as the party headquarters.

There were no funny words, no blinking, although possibly some sweating out of newly elected Taiwan President Chen Shui-bian when he gave his inauguration speech today according to the Associated Press. No surprises for many monitoring the event including the Chinese government and many of the stock market participants who had chosen to stay on the sidelines today ahead of the "vague speech" given.

Have a great day.


position in gps, dal
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