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The Fokker Chronicles


Fokker, wake me when your computer comes back to life, I find the anticipation rather exhilarating.


World Markets:
European markets were attempting to bounce off its lows after the less than expected US jobs data was released. The DAX was down just over a percent and the London FTSE and Spanish IBEX were also weaker today. The Japanese Nikkei lost 1.15% while the Hang Seng dropped 0.83% today. Whippy markets following the jobs data as the ten year futures were trying to pick themselves up off the ground after dropping off a cliff. Bonds spiked initially prior to the release but this time that "early info" was a bit misleading and treasuries promptly dropped 2 handles. The dollar index remained at the highs of the day leading up to the open of equity trading on Wall Street.

More economic numbers on the way for us to digest including the Wholesale Inventory data due out at 10amEDT as well as Consumer Credit report expected at 3pmEDT.

Brokerage Chatter:
RBC upped Activision(ATVI:NASD) while Banc of America was getting bulled up on Applied Materials(AMAT:NASD) and made some positive commentary. Wedbush Morgan upgraded Atari(ATAR:NASD) to buy from hold. Prudential cut Washington Mutual(WM:NYSE) to underweight from neutral-weight. Jefferies downgraded BJ's Wholesale(BJ:NYSE) to underperform from hold and cut its target to $20 from $23-$28. Banc of America while maintaining its buy rating on Echostar(DISH:NASD), removed its Top Pick rating and cut its target to $38 from $42. Thomas Weisel upgraded TiVo(TIVO:NASD) to peer perform from underperform . Soundview upgraded Verisign(VRSN:NASD) to outperform from neutral and raised its target to $21 from $17.

Financial Headlines:
Stories :
Late yesterday the Office of federal Housing Enterprise Oversight(OFHEO) told Fannie Mae(FNM:NYSE) it is giving the mortgage company till next Friday, May 14th, to recalculate the impairment it discovered on certain accountings on its manufactured housing and aircraft leasing.

According to the New York Post, Apple(AAPL:NASD) music downloaders may soon have to pay more per download when they use its iTunes digital music service.


Kripsy Kreme(KKD:NYSE) negatively preannounced for the first time in the public company's history citing this "no-carb" diet as the main culprit for its slumping earnings.

Around the world in 80 ticks:
USA Today reports that as a result of many asking for Secretary Rumsfeld's resignation for failing to inform Congress over abuses that were taking place in Iraqi prisons, an apology letter was drafted to Senators.

Reuters reports that a recording that was published on an Arabic website late yesterday purportedly from Osama bin Laden, offered bounties of gold for anyone who killed Iraqi administrator Paul Bremer or U.N. Secretary-General Kofi Annan. Several additional bounties were offered as well for other figures in the coalition such as 500 grams of gold for the killing of a U.S. national or any of its allies. Authorities were still examining whether the tape was authentic. In related terrorist news, the Associated press reports that a radical Shiite cleric that has quickly gained fame in Iraq told his worshippers today that anyone that captures a British female soldier can happily keep her as his slave.

Bloomberg newswires report that SARS can be found in sweat glands leading to concerns over shaking someone's hand.

According to Bloomberg news, there's a growing concern among NBA Owners that their players may be getting worn out from all the playing time and possibility of them missing playing time due to the Olympic games. With the considerable investment that the owners have put into these players, teams' management has been expressing concern about allowing their players to participate in this year's Olympic event in Athens.

According to the Newark Star Ledger, the FBI has reportedly detained an Oregon lawyer yesterday as a material witness after he was connected to the Madrid train bombing in March. The lawyer's fingerprints were discovered on the materials involved with the bombings although he has yet to be charged with anything.

Ross and Rachel are back together just in time for the 10 year finale of "Friends." Whew! The Fokker Chronicles news staff accidentally caught the final episode and needless to say, if anyone has seen Rachel's baby along with the two hours we lost last night, please ship it back from France.

Have a great weekend!


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