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The Fokker Chronicles



World Markets:

European markets were mixed to lower today. The Asian markets continued to be active overnight as the Japanese Nikkei added 0.72% and the Hang Seng edged up slightly on the day as well. Spot gold was creeping higher this morning and the dollar index remained unchanged ahead of the open to trading on Wall Street. Brent Crude oil in London was also faring better today before NYMEX crude began trading this morning.

Heads up:
Alan Greenspan will address the International Monetary Conference at 9:15amEDT with a Q&A session to follow and Secretary Snow will speak in front of the Chicago Mercantile Exchange later this afternoon at 3:30pmEDT. The economic data will be light today but will be very heavy on Thursday in light of closed Federal offices on Friday. Keep in mind, the PPI data will get released at 3pmEDT on Thursday afternoon.

The American Society of Clinical Oncology(ASCO) will conclude its annual conference today in New Orleans.

Brokerage Chatter:

Smith Barney commented that Cisco Systems(CSCO:NASD) should beat July estimates when they report its quarter and recommends buying the stock. UBS lowered its targets on the radio stocks including Clear Channel(CCU:NYSE), Westwood One(WON:NYSE), and Cox Radio(CXR:NYSE) to name a few. UBS downgraded Allied Waste(AW:NYSE) to neutral from buy. Adobe Systems(ADBE:NASD) was cut to neutral from buy at Fulcrum. Banc of America downgraded Health Mgmt(HMA:NYSE) to neutral from buy and cut its target to $23 from $28. CIBC downgraded United Health(UNH:NYSE) to sector perform from outperform. Bristol-Myers(BMY:NYSE) was upped to neutral from sell at Oppenheimer. Shuffle Master(SHFL:NASD) was cut to neutral from buy at Fulcrum. JP Morgan adds Nextel Ptnrs(NXTP:NASD) to its Focus List and placed a $24 price target on the name. Deutsche Bank upgraded Guidant(GDT:NYSE) to buy from hold.

Financial Headlines:
Stories :

Reuters reports that CEO of ExxonMobile(XOM:NYSE) Lee Raymond said the US will be dependant on Middle East oil for the next several decades, however energy companies will still need more oil from the U.S. areas currently closed off to exploration.

According to Reuters, Tyco(TYC:NYSE) investors that were awarded stock in a 2001 settlement are now suing Tyco again. The lawsuit claims that management's mishandling of financial statements have caused the depreciation in share value over the year following the original lawsuit.

Texas Instruments(TXN:NYSE) updated its guidance last night and raised the lower end of its forecasted revenues which was inline with expectations.
Take-Two(TTWO:NASD) missed by $0.18 and guided the Street below consensus estimates.

Around the world in 80 ticks:
The Washington Post reports that according to a memo from the U.S. Justice Department, the White House and CIA were given legal counsel that advised that torturing of Al-Qaeda members in order to prevent terrorist attacks would be justified. The memo had been written in response to an inquiry in August of 2002 by the CIA.

Viacom's(VIA.B) MTV unit, which was slapped for producing Janet Jackson's wardrobe fiasco during last year's Super Bowl, apparently is trying to cover its "rear" this time for its upcoming movie awards show. During the taping of the show, Eminem dropped trau and bore his backside to the audience ultimately causing a stir among MTV execs. After playing with blur machines for countless hours, they decided to edit out his bare end before airing the show this Thursday night.

The Tampa Bay Lightening grabbed the Stanley Cup last night in a 2-1 Game Seven victory over the Calgary Flames. The Lightening melted Canadian spirits after being just the second team since 1971 to reverse a 3-2 series deficit and win the National Hockey League trophy according Reuters newswires. The Canadians have not had the Stanley Cup up on its side of North America since 1993 when the Montreal Candadians won it all.

Have a great day.


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