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The Fokker Chronicles


World Markets:

European markets were showing further weakness today led in part by the DAX which dropped 0.90% halfway through the German trading session. In Asian, the trading was light as the Nikkei lost 0.16% and the Hang Seng was closed for holiday. Spot gold was up less than a dollar per ounce and the dollar index trading in a tight range in positive territory.

Heads up:
Earnings after the bell includes 3Com(COMS:NASD). Tomorrow, FedEx(FDX:NYSE), Bed Bath & Beyond(BBBY:NASD), and Micron Tech(MU:NYSE) will release their earnings.

Economic activity remains light today. Tomorrow we will take a look at the weekly MBA Mortgage Applications first thing in the morning.

Brokerage Chatter:

Tyco(TYC:NYSE) price target was raised to $38 from $35 at Smith Barney while maintaining its buy rating. Lehman downgraded McKesson(MCK:NYSE) to equal-weight from overweight. Yahoo!(YHOO:NASD) had its estimates and price target raised at CSFB. The price target went from $33 to $45. Merrill Lynch upped Qlogic(QLGC:NASD) to buy from neutral. Banc of America raised its estimates for 3M(MMM:NYSE) for 2004 and 2005.

Financial Headlines:
Stories :

According to Bear Stearns research data, we can expect 17 IPOs to price this week. Keep in mind, 4 of this month's 10 IPOs have broken its first day issue price.

Speaking of IPOs, the New York Times reports that Google has revised its prospectus to add more clarity that because of the unusual auction process for its initial stock sale, shares could come under selling pressure following the offering.

Goldman Sachs(GS:NYSE) beat by $0.36 on revenues $5.51 billion versus the $5.09 billion consensus.
Morgan Stanley(MWD:NYSE) beat by $0.11 on revenues of $6.65 billion versus the $5.98 billion consensus.
palmOne(PLMO:NASD) beat EPS by $0.19 and topped revenue estimates as well. upped its 2nd quarter guidance last night.

Around the world in 80 ticks:
BBC news reported that the Islamic militants that have take the South Korean hostage in Iraq have extended their execution deadline. The militants released a video on Sunday that displayed the South Korean man screaming "Korean soldiers, please get out of here. I don't want to die. My life is important." The video which gave a 24hr deadline that was due to expire upon sunset yesterday extended the deadline but no word has come as to the length of the extension.

BBC news reports that according to Iranian TV reports, Iran will prosecute the eight British sailors for entering its marine borders. Currently the British sailors have only been interrogated and the Ministry of Defense said the men appeared unharmed.

Reuters reported that amid rumors that Egyptian President Mubarak was seriously ill, the Egyptian embassy in Berlin issued reassuring remarks denying any credence to the reports adding his health is good.

A recent Washington Post/ABC poll indicates that Bush's once comfortable lead over John Kerry in handling the war on terrorism is now gone. The poll showed that 50% of the country approves of the way the President is handling the war, which is down 13 points since April. Nearly two months ago Bush led Kerry on this issue by 21 points.

Former President Bill Clinton's widely anticipated autobiography, My Life is set to hit the stores today. Clinton's 957 page memoir covers his childhood, political career, two terms in office and of course his impeachment and the womanizing that led up to it. Already the predictions are for his book to exceed the 1.5 million copy first print run and potentially his wife's book that has sold more than 2.3 million copies world-wide according to Bloomberg news.

Have a great day.


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