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The Fokker Chronicles

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World Markets:

Crude markets received conflicting tides over the weekend as an American hostage said to have been taken in Saudi Arabia added more concern while news from Nigeria reported that its general strike ended without disruption.


Heads up:
Looking ahead on the economic front, tomorrow we'll receive the CPI data from May along with April Business Inventories, June's Empire Manufacturing, Michigan Confidence, and Housing Market Index numbers.

Earnings this week to lookout for include Lehman Brothers(LEH:NYSE), Oracle(ORCL:NASD), Circuit City(CC:NYS), Bear Stearns(BSC:NYSE), Best Buy(BBY:NYSE), and Adobe Systems(ADBE:NASD).


Brokerage Chatter:

Bear Stearns raised its sector weighting for IT Hardware to market overweight from market weight. Jeffries upped Novell(NOVL:NASD) to hold from underperform. Soundview cut its price target on Business Objects(BOBJ:NASD) to $23 from $30. Thomas Weisel is bullish on Pixar Animation(PIXR:NASD) citing an EPS that could triple by 2007. JP Morgan upgraded XL Capital(XL:NYSE) to overweight from neutral.

JP Morgan upgraded Host Marriott(HMT:NYSE) and to keep it easy upped Marriott(MAR:NYSE) as well to overweight from neutral. CSFB upgraded Sprint(FON:NYSE) to outperform from neutral. Anadarko Petro(APC:NYSE) was downgraded at Merrill Lynch to neutral from buy. JP Morgan added ASML Holding(ASML:NASD) to its Focus list. Wachovia downgraded Express Scripts(ESRX:NASD) to market perform from outperform. JP Morgan dropped Safeco(SAFC:NASD) to neutral from overweight.

Financial Headlines:
Stories :

AMG market data showed a $1.4 billion flow into equity funds for the week ending June 9th.

According to the Washington Post two Federal Reserve bank presidents warned yesterday that the risks of rising inflation may force them to raise interest rates faster than many investors might expect and added that they don't feel they must move at a "measured" pace.

The Wall Street Journal reports that U.S. drug and tech companies could receive a large tax relief from Congress on the profits they derive from overseas sales.


Around the world in 80 ticks:
The situation in Saudi Arabia heated up over this weekend after American, Kenneth Scroggs, was shot dead in a Ryadh suburb. The terrorist group that murdered Scroggs also kidnapped another on Saturday. The British government authorized all non-essential diplomatic staff to return home according to BBC News while the U.S. embassy reiterated its warning to Americans based in Saudi Arabia to withdraw.

The New York Times reports that Bassam Salih Kubba, Iraq's most senior diplomat was murdered over the weekend in the latest political assassination in the fragile country. In related events, terrorist mastermind in Iraq, Al-Sadr was said to be allegedly creating a party that would involve itself in the upcoming Iraqi elections.

According to the New York Daily News, Dreamworks' Shrek 2 has become the highest grossing animated movie of all time following this weekend. The movie has taken in over $354 million over the past four weeks.

This weekend became a milestone for dirty old men everywhere, and younger men too, possibly, as news spread of the Olsen twins reaching legal tender. Mary-Kate and Ashley Olsen, the actresses who began their tide of wealth and fame as toddlers on the late 80's sitcom "Full House" turned 18 yesterday. Speaking of wealth, the Olsen Empire is projected to do $1.2 billion in sales this year according to the Washington Post.

Have a great day.


Fokker



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