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The Fokker Chronicles



World Markets:

Heading into the quadruple witch tomorrow, the trading in overnight U.S. futures and in Asia was reportedly thin. World markets were mixed to higher ahead of the US open to trading. While the Spanish IBEX and CAC40 were hanging in positive territory, the DAX was slowly creeping into the red. The Nikkei lost 0.29% and the Hang Seng finished weaker as well giving back 0.65% on its session.

Heads up:

Now that the PPI for May is finally out of the way, the remaining numbers today for us to focus on include May's Leading Indicators at 10amEDT and June's Phila Fed at 12pmEDT.

Brokerage Chatter:

Wall Street changed the station on the radio sector today. Goldman Sachs reduced its broadcasting coverage view to neutral from attractive individually cutting Clear Channel(CCU:NYSE), Westwood One(WON:NYSE), and Citadel Broadcasting(CDL:NYSE). Banc of America lowered its view on the radio sector dropping Emmis Comm(EMMS:NASD) and Entercom Comm(ETM:NYSE) to neutral from overweight. Wachovia downgraded Cox Radio(CXR:NYSE) to market perform from outperform and cut its 3rd quarter view below consensus estimates.

Jefferies while maintaining its buy rating on Countrywide Financial(CFC:NYSE), raised its 2004 EPS estimates above consensus and raised its target to $85 from $70. Wedbush Morgan raised Maxim(MXIM:NASD) 2005 revenues and EPS estimates above consensus and took up its price target to $80 from $75. Lehman upped Amerigroup(AGP:NYSE) to overweight from equal-weight and raised its target to $55 from $45. Lehman Brothers also upped Citizens(CZN:NYSE) to overweight from equal weight.

Financial Headlines:
Stories :

Proctor and Gamble(PG:NYSE) might arouse Wall Street investors this morning after the company announced late yesterday that its new testosterone patch for women successfully passed its second test of the phase III safety and efficacy study significantly boosting the sex drive in women.

Atmos Energy(ATO:NYSE) announced a $1.9 billion purchase of a unit of TXU Corp(TXU:NYSE).

According to Bloomberg newswires, Wells Fargo(WFC:NYSE) announced a tender of all of its 17 outstanding debt securities for the total principal amount $4.625 billion.

The Wall Street Journal reports that Bear Stearns(BSC:NYSE) may face SEC civil charges for improper mutual-fund trading by its clients.


Ford(F:NYSE) boosted guidance from 45cents to 50 cents ex items however now closer to inline with consensus but still below full year numbers.
CarMax Group(KMX:NYSE) beat by $0.03 however guided its 2nd quarter below consensus.
Winnebago Inds(WGO:NYSE) beat by $0.18.
Accenture(ACN:NYSE) guided its 3rd quarter above consensus.
Potash(POT:NYSE) raised its 2nd quarter EPS outlook above consensus estimates.

Around the world in 80 ticks:

More findings by the 9/11 commission continue to come out this week as the panel sets to close the hearings today. According to CNN, the latest discovery involves the original attack to include a wider assault than once thought. Khalid Mohammed, the mastermind of the attacks that was arrested in March of 2003 in Pakistan had originally planned for a 10 plane hijacking that would attack both coasts of the United States. The White House and the Capital buildings were also a part of the original strikes and potentially a coordinated strike against south east Asia and Israel but both the complexity and lack of terrorist pilot training forced bin Laden to scrap that plan. The commission also dispelled of the allegations that Iraq could have assisted in some role and while bin Laden did request some training support from Saddam, the requests were ignored.

The New York Times reports that CBS's '60 Minutes' show will broadcast this Sunday its interview with Bill Clinton and discuss in particular his infidelity. In one excerpt of the interview with Dan Rather, Clinton said of his affair with Monica Lewinsky that what he did was the "most morally indefensible reason anybody could have for doing anything." Clinton further called his actions an abuse of power and acted on those now infamous sexual relations because as he simply put it, he could. The interview will also discuss his family counseling sessions as well as his thoughts on the Kosovar war.

Have a great day.


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