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The Fokker Chronicles



World Markets:

Global markets were getting a lift today as the German DAX added .80% and the CAC40 gained 0.70% ahead of the U.S. open to trading. The Hang Seng was closed for holiday today but the Nikkei had added 0.31% on its session. Spot gold and the dollar index was unchanged today heading into the open of trading on Wall Street.

Heads up:

Earnings will be light for the rest of the week. Later this morning we'll get economic reports for Construction Spending, ISM Manufacturing and Vehicle sales. Tomorrow we'll get a look at the unemployment numbers along with payrolls and May Factory Orders.

Brokerage Chatter:

Nokia(NOK:NYSE) was upped to buy at Deutsche. Time Warner(TWX:NYSE) had its estimates for 2004 and 2005 and price target raised from $20 to $22 at CIBC. Qualcomm(QCOM:NASD) target was raised to $90 from $75 at Merrill Lynch. Home Depot(HD:NYSE) was started with an underweight at JP Morgan while Lowe's(LOW:NYSE) was given an overweight rating. Activision(ATVI:NASD) had its estimates raised at Soundview. Boeing(BA:NYSE) was downgraded at Merrill Lynch to neutral from buy.

Financial Headlines:
Stories :

The European Central Bank(ECB) decided to keep rates unchanged today following yesterday's rate hike in the U.S.

The Wall Street Journal reports that Oracle(ORCL:NAD) CEO Ellison said that his company was still reviewing other candidates for acquisition despite the ongoing PeopleSoft(PSFT:NASD) trial. While not alluding to any individual names, Ellison suggested he would be interested in business intelligence, infrastructure and application firms.

Microsoft (MSFT:NASD) plans to unveil its new search engine today in a move that will ultimately replace its current use of Yahoo!(YHOO:NASD) technology by the end of the year.


Cardinal Health(CAH:NYSE) reported gave a negative June quarter warning last night and announced an expanded SEC investigation.

Around the world in 80 ticks:

The Washington Times is reporting that terrorist network in led by Abu Zarqawi in Iraq is attempting to kidnap U.S. female soldiers in an effort to "further horrify the U.S. public." According to two senior defense members, intelligence sources have discovered that several extremists' networks are trying to capture U.S. service women and have warned the military to take extra precautions. According to recent data, of the 140,000 troops stationed in Iraq, 11,000 are women.

Reuters reports that Saddam Hussein appeared in court today in Iraq and expectations are for the former dictator to be charged with crimes against humanity. While Saddam failed to sign a legal document in court according to CNN, he was given the chance to speak and defended his 1990 invasion of Kuwait.

AP news reported that Viacom(VIA:NYSE) said its twenty television stations owned and operated by CBS could face a total fine of $550,000 for the Janet Jackson wardrobe malfunction during this year's Super Bowl.

Have a great day.


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