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The Fokker Chronicles



World Markets:

Europe was trading modestly lower today with the Spanish IBEX bucking the trend gaining 0.30%. In Asia, the Nikkei added 1.92% while the Hang Seng finished slightly in negative territory. Spot gold was trading up over $1 while the dollar index edged up slightly. Brent crude in London indicated a firmer start to oil trading today.

Heads up:

The economic calendar will be relatively quiet this week with no major releases until Thursday. On Wednesday the weekly MBA Mortgage Applications data will paint the tape. Thursday we get durable goods orders and new home sales for May, as well as the weekly unemployment claims.

Brokerage Chatter:

Barron's over the weekend cited Goldman's' Abbey Joseph Cohen saying the market overall is 15% undervalued and highlighted the IT sector positively. Prudential is talking up Dell Computer(DELL:NASD) saying it could post an upside to its 2nd quarter. Lehman Brothers cut its target for Cabot Micro(CCMP:NASD) to $42 from $59. Smith Barney is talking up Motorola(MOT:NYSE) and telling its clients to buy MOT shares while raising its 2004 handset estimates however Bear Stearns is breaking in this morning and adding caution on the name. Bear Stearns upped France Telecom(FTE:NYSE) to outperform from underperform. Merrill Lynch lowered Intl. Game Technology(IGT:NYSE) price target to $42 from $52. Intel(INTC:NASD) had its 2nd quarter revenue estimates raised at JP Morgan.

Financial Headlines:
Stories :

The Financial Times reports that General Electric(GE:NYSE) plans on competing with Citigroup(C:NYSE) and HSBC(HBC:NYSE) in retail banking. The paper suggests that GE will consolidate its consumer finance business under one single brand called GE Money and aggressively expand its operations.

Bloomberg newswires report that Wachovia(WB:NYSE) has agreed to purchase SouthTrust(SOTR:NASD) for $14.3 billion allowing the bank to expand its reach into 9 southeastern states. The deal represents a 20% premium from where SOTR closed on Friday.

Simon Properties(SPG:NYSE) announced it would acquire Chelsea Property Group(CPG:NYSE) at a deal valued at $3.5 bilion.

According to Dow Jones news citing a senior official in the gulf on Sunday, Saudi Arabia can continue to export oil without the Americans and other Westerners present within the kingdom.

United Airlines(UALAQ:U) will reduce its requested loan of 1.6 billion that was denied last week and according to the Wall Street Journal, the flailing airliner will ask for $500 million in loan guarantees.

The Wall Street Journal is reporting that Banc of America(BAC:NYSE) will sell its 50% stake in the San Francisco building that bears its name to a New York led group of investors.

Dow Jones news reports that Bacardi has confirmed its plan to buy Grey Goose Vodka.

The Times reports that the European Union has given the go-ahead to grant admission to Croatia.


Monsanto(MON:NYSE) raised its 3rd quarter guidance above consensus.
Walgreen(WAG:NYSE) beat by a penny.
TASER Intl(TASR:NASD) boosted its full year guidance for 2004.
Goodyear Tire(GT:NYSE) beat by $0.09.

Around the world in 80 ticks:
9/11 commissioner John Lehman told NBC's "Meet the Press" yesterday that new intelligence alleged a high ranking member of Al-Qaeda served as an officer in Saddam's military and if proven true, could add credence to President Bush's claims of ties between Iraq and the terrorist network.

Militants threaten to behead a S. Korean hostage if South Korea fails to withdraw its troops from Iraq. Reports suggest that up to ten others are being held hostage.

AP newswire reports that the Al-Qaeda cell that kidnapped and brutally murdered American Paul Johnson Jr. claimed they were given assistance by sympathizers within the Saudi security force by supplying them with police uniforms and vehicles and creating fake checkpoints as well to support the abduction.

The BBC reported that according to Iranian news broadcasting, three British navy vessels were seized by the Iranian military, who are currently detaining eight British soldiers as well for apparently drifting into Iranian waters.

AFP news reported that India and Pakistan have agreed to set up a hotline to avoid nuclear confrontation and continue its ban on nuclear tests.

Have a great day.


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