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The Fokker Chronicles



World Markets:

Global markets were mean and green today as Europe was gaining ahead of the US equity open. The London FTSE led the charge gaining nearly 1% and the CAC40 trailed not far behind adding 0.75%. The Japanese Nikkei added 2.23% while the Hang Seng gained 0.92% on today's session in Asia.

Heads up:

The last economic number to lookout for today following the barrage we received so far this morning is the Fed's Beige book at 2pmEDT.

Earnings to highlight include Jabil(JBL:NYSE) and KB Home(KBH:NYSE) after the bell today.

Brokerage Chatter:

UBS raised its target on Harley Davidson(HDI:NYSE) to $72 from $64. Morgan Stanley downgraded Renal Care(RCI:NYSE) to equal-weight from overweight. CIBC upgraded Cox Comms (COX:NYSE) to sector outperform from sector perform. Deutsche upgraded a select handful of oil service stocks to buy from neutral including BJ Sevices(BJS:NYSE), Copper Cameron(CAM:NYSE), Nabors(NBR:NYSE), and Schlumberger(SLB:NYSE) to name a few. Merrill Lynch downgraded Knight(NITE:NASD) to neutral from buy and cut its 2004 EPS below consensus.

JP Morgan added Quest(Q:NYSE) to its Focus List based on valuation. CSFB downgraded Adobe Systems(ADBE:NASD) to neutral from outperform. Tyco(TYC:NYSE) had its estimates raised at Merrill Lynch and target raised to $42 from $35. Sanford Bernstein upped ACE Limited(ACE:NYSE) to outperform from market perform and raised its target to $50 from $47. Smith Barney is out pounding the table on Juniper Networks(JNPR:NASD) telling its clients to buy the stock ahead of its quarterly report in July.

Financial Headlines:
Stories :

Reuters reports that the Delta Air Lines(DAL:NYSE) CEO said it's "completely clear" the airline can not survive as is.

AP news reports that following attacks on Iraq's pipeline today from saboteurs, all oil exports have been halted.

Mandalay Bay(MBG:NYSE) approved the $4.8 billion MGM Mirage(MGM:NYSE) bid today according to the Wall Street Journal. The cash deal would value MBG shares at $71.

Oracle(ORCL:NASD) beat by $0.01 on slightly better total revenues and license revenues.
Sprint (FON:NYSE) reaffirmed its full year expectations and announced it will cut up to 1,100 jobs.
Best Buy(BBY:NYSE) beat by a penny and guided its 2nd quarter and 2005 in line.
Lennar Corp(LEN:NYSE) beat by $0.06 and topped revenues as well.
Callaway Golf(ELY:NYSE) cut its 2004 guidance.
Bear Stearns(BSC:NYSE) beat by $0.26.

Around the world in 80 ticks:
CNN reported that an Al Qaeda gunman posted a videotape online today that showed a blind folded man identifying himself as the American Paul Johnson that works for Lockheed Martin who has gone missing in Saudi Arabia since Saturday. The masked gunman armed with a automatic weapon threatened to kill the American within 72 hours unless the Saudi government releases the mujahedeen prisoners.

AP news wires reported that according to a study from Families USA, a Washington-based national lobbying group, found that nearly 82 million Americans or nearly one third of the population younger than 65 (the age government Medicare kicks in) were without health insurance over the past two years with many uninsured for over a nine month span of time. The group also added that a disproportionate amount of those uninsured Americans were under the age of 25.

Have a great day.


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