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The Fokker Chronicles



World Markets:
European markets were stronger today as the CAC40, DAX, and Spanish IBEX were gaining over 1% today. The Japanese Nikkei added 1.73% as the Hang Seng remained closed for holiday today. Spot gold added about $3 per ounce while the dollar lost more ground today. Brent crude in London edged up a bit ahead of the U.S. open of trading.

The New Homes sales data for April will get released at 10amEDT. At 2pmEDT today the FBI will give a new conference to discuss the new terrorist threat. On the earnings front, lookout after the bell for earnings releases from Dollar Tree(DLTR:NASD) and Tech Data(TECD:NASD).

Brokerage Chatter:

Banc of America downgrades Sports Authority(TSA:NYSE) to neutral from buy and cut its target to $36 from $40. Lehman upgraded Cooper Industries(CBE:NYSE) to overweight from equal-weight and raised its target to $70 from $65. BEA Systems(BEAS:NASD) was upgraded at Baird to outperform from neutral. Deutsche Bank upped Carnival(CCL:NYSE) to buy from hold.

UBS upped some of the paper stocks today including Abitibi-Consilidated(ABY:NYSE) and Bowater(BOW:NYSE) to buy from neutral. Thomas Weisel downgraded Starwood Hotels(HOT:NYSE) to peer perform from outperform. Lehman downgraded Rayovac(ROV:NYSE) to equal-weight from overweight. Smith Barney upgrades Eli Lilly(LLY:NYSE) to buy from hold and raised its price target to $82 from $72.

Financial Headlines:
Stories :
The Investor's Intelligence(II) data shows that bulls fell to 42.4% from last week's 43.6% and the bears gained company as they rose to 27.3% from last week's 26.7% reading.

According to European Energy Commissioner Loyola de Palacio, told those present at a news conference that the rise in oil markets was nothing more than a "speculative bubble" and that there was no serious shortage in the market place.

Bloomberg newswires report that Wells Fargo(WFC:NYSE) has agreed to purchase $34 billion in assets from Strong Financial.

The Wall Street Journal is reporting that the NYSE has officially launched a probe into Lehman Brothers(LEH:NYSE) after the broker allegedly overstated $1 billion worth of short interest in Viacom(VIA.B:NYSE) shares.

Computer Assoc(CA:NYSE) beat by $0.01 but was shy on revenues and guided the Street below consensus.
Polo Ralph Lauren(RL:NYSE) beat by a penny.
AutoZone(AZO:NYSE) beat by $0.06
Toll Brothers(TOL:NYSE) beat by a penny.
Semtech(SMTC:NASD) topped estimates by a penny and guided the 2nd quarter above consensus expectations.
Portal Software(PRSF:NASD) missed by $0.06.
TiVo(TIVO:NASD) beat by 9 cents on lower than expected revenues however the company noted that its subscriptions were well above guidance.
Agile Software(AGIL:NASD) beat by a penny.

Around the world in 80 ticks:

The biggest story circulating this morning has been the chatter of a major terrorist attack for the summer time in the U.S. The USA Today citing senior federal authorities said that photographs of terrorists along with outside intelligence indicated a possible threat in the coming months. The intelligence was not specific to the date, target or style of attack but the threat is considered credible and serious according to sources. Attorney General Ashcroft and FBI Director Mueller are scheduled to give a news conference at 2pmEDT from the FBI headquarters to offer more details on the threat.

ABC news reports that the U.S. forces have captured a key aide to Iraq terrorist cleric al-Sadr. However, the raids failed to capture the kingpin.

Have a great day.


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