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The Fokker Chronicles



World Markets:
European markets were notably weaker this a.m. and although caught a small bid after the Bank of England cut rates, the markets slumped thereafter. The German DAX leading the way on the downside with a 1.5% decline. Asian markets finished slightly weaker in their session.

Look out for Juniper(JNPR:NASD) after the close today. Natural gas inventory numbers will be released later today. On the economic front, the PPI for June is due out tomorrow morning.

Brokerage Chatter:
UBS upgraded Micron Tech(MU:NYSE) while out of JP Morgan Europe, Vodafone(VOD:NYSE) was cut to underweight. Wyeth(WYE:NYSE) was upgraded to buy at Banc of America. Credit Suisse First Boston is upping its weighting for the global autos.

Morgan Stanley is initiating Motorola(MOT:NYSE) with a neutral but mentioned a positive bias to the name. Morgan Stanley upgraded Brooks Automation(BRKS:NASD) and Lam Research(LRCX:NASD) to neutral from underweight. US Bancorp upgraded Andrew Corp (ANDW: NASD). Hilton Hotels (HLT: NYSE) was upgraded to strong buy over at Raymond James.

Financial Headlines:
Stories :
The Bank of England cut its benchmark interest rate 25 bps this morning to 3.50% while the ECB left rates unchanged.

After the close last night Texas Instruments (TXN:NYSE) said it has sold 24.7 million shares of common stock in Micron Tech(MU:NYSE)

Microsoft Corp.(MSFT:NASD), in an effort to help investors compare past and future results, announced plans to post adjusted income statements for the previous three years to include the cost of stock options.

OPEC Secretary-General Alvaro Silva said he expected oil prices to remain within the group's target range all year partly because of the Iraq's slower-than-expected return to the world oil market.

Medimmune(MEDI:NASD) announced a $500 million convertible offering and says they plan to use up to $150 million from the issue to finance a stock repurchase.
Nike(NKE:NYSE) has agreed to purchase Converse for $305million and assume liabilities.

According to Bloomberg, IGEN Intl(IGEN) which had been halted since yesterday afternoon received a court ruling that says Roche does not have to pay them over $486million. IGEN is trading off over 25% in pre market trading.

Yahoo!(YHOO:NASD) reported earnings in line with analyst expectations last night and despite boosting their full year revenue forecast. The stock slumped in after hours trading as it missed some analysts profit expectations.

Genentech(DNA:NYSE) beat estimates after the bell last night for the second quarter by 5 pennies and reaffirmed their long-term EPS growth target.

PepsiCo(PEP:NYSE) and Abbott Labs(ABT:NYSE) both reported in line.

June Same store sales out this morning. A few highlights for you include Gap(GPS:NYSE), Sears(S:NYSE), JC Penny(JCP:NYSE), Limited(LTD:NYSE), and Costco(COST:NASD) reported comps better than consensus while retailers Wal-Mart(WMT:NYSE), AnnTaylor(ANN:NYSE), and TJX Companies(TJX:NYSE) came in below analysts expectations.

Around the world in 80 ticks:
According to Reuters, Iran has firmly denied the accusation by Donald Rumsfeld that it had moved some border posts several kilometers into Iraq.

Citing private and government cost projections, the Washington Post reports the Pentagon is spending approximately $4 billion a month in Iraq, and that is likely to continue much longer than the Bush administration intended.

Have a great day.


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