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The Fokker Chronicles

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World Markets:

European markets were trading higher this morning in lockstep with U.S. equity Globex futures. The CAC40 was leading the charge in the region adding 0.68% ahead of the U.S. open of trading. In Asia however, the Nikkei dropped 0.90% and the Hang Seng lost 0.21%. Spot gold was higher by nearly $2 per ounce while the dollar index was losing ground. Treasuries on the other hand were stronger following the economic numbers released earlier trading up nearly 1 point prior to the equity open on Wall Street.

Heads up:

The Bear Stearns Tech Conference continues today getting kicked off by keynote speaker and CEO of Cisco Systems(CSCO:NASD) John Chambers at 9amEDT. Fed Chairman Greenspan will testify in front of the Senate for his nomination hearing for his fifth term as Chairman at 11amEDT.

After the bell lookout for earnings from Oracle(ORCL:NASD). Tomorrow Bear Stearns(BSC:NYSE), Best Buy(BBY:NYSE), Lennar(LEN:NYSE), and KB Home(KBH:NYSE) will grace the Street with its earnings.

Brokerage Chatter:

Pfizer(PFE:NYSE) is getting some positive chatter this morning from Merrill Lynch citing its Lipitor patent should be protected until 2010 and the Street has overestimated its challenges. Piper Jaffray raised its price target on Check Point(CHKP:NASD) to $32 from $27 and had its estimates raised as well. Oppenheimer downgraded UTStarcom(UTSI:NASD) to neutral from buy. Deutsche Bank upgraded Marriot(MAR:NYSE) to buy from hold. Johnson & Johnson(JNJ:NYSE) was downgraded at Bear Stearns to peer perform from outperform. Red Hat(RHAT:NASD) was downgraded at Prudential to neutral weight from overweight. Meanwhile CSFB upped RHAT to outperform from neutral and raised its price target to $25 from $22.


Financial Headlines:
Stories :

Reuters reported yesterday that a source at AT&T(T:NYSE) said it plans to stop offering local telephone service in several states after it had lost a major court battle.

The Wall Street Journal reports that the cola wars have begun, as this summer Coca Cola(KO:NYSE) will be rolling out its C2 softdrink competing with Pepsi's(PEP:NYSE) Pepsi Edge. KO's C2 is reportedly selling well in Japan according to KO Asian's operations president and will be hitting the U.S. markets this week.

A General Electic(GE:NYSE) spokesman said the company would not be deterred from its work in Iraq and would remain in the country despite the tragic loss of three of its employees in a car bomb attack yesterday.

Earnings:
Lehman Brothers(LEH:NYSE) beat by $0.11 on revenues of $2.93 billion versus the $2.83 billion consensus.
Gateway(GTW:NYSE) guided its revenues above consensus estimates.
Circuit City(CC:NYSE) beat by 5 cents.



Around the world in 80 ticks:


ABC news reported yesterday that Somali immigrant Nuradin Abdi was charged on four counts with trying to blow up an Ohio mall. Abdi has been linked to an Al-Qaeda cell according to U.S. Attorney General John Ashcroft and said during a press conference that America's heartland was targeted for death and destruction. Over a dozen shopping mall managers are expected to meet today in the shopping mall mecca of Paramus, New Jersey to discuss how to provide better security in their own malls. In related terror news, the Washington Post reported that the 9/11 commission has found evidence that indicates that the now infamous 9/11 attack could have been originally scheduled for May or June of 2001 but was delayed because the head hijacker was not ready.

Iraq is asking for the return of their former leader Saddam Hussein within the next two weeks to be tried by the new Iraqi government according interim Prime Minister Iyad Allawi. According to CNN, Pentagon officials have no clue as to what Allawi is referring, adding that U.S. forces will continue to detain Hussein and thousands of others regardless of the hand over of power at the end of this month.

The Associated Press reports that yesterday the Army unveiled its newest fashions for the new millennium. It might not be something out of Storm Ship troopers or even Battle Star Gallactica, but it's the first time the Army's uniforms were updated since 1981. October 2005 new recruits can expect more Velcro, roomier fits, and donned with no-wrinkle fabric comparable to camouflaged Dockers. With the new uniforms running $88 per soldier compared to the $56 current battle dress uniform, the upgrade was not for style purposes as some may argue but to accommodate the latest body armor that soldiers are getting in Afghanistan and Iraq and to allow for additional add-on armor for greater protection.



Have a great day.


Fokker



position in orcl, leh, pfe, jnj, t, ko, ge
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