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The Fokker Chronicles



World Markets:

World markets were mixed to lower today as the DAX lost 0.66% versus a Spanish IBEX that was gaining 0.60% halfway through their respective sessions. In Asia, the Nikkei posted a 1.39% gain as the Hang Seng finished just slightly in negative territory. Spot gold was drifting a bit lower early on as the dollar index held its ground and traded unchanged.

Heads up:
No economic data to view today but tomorrow lookout for the Trade Balance figures for May and the Monthly Budget Statement from June.

Tomorrow the earnings parade is set to pick up as we await the results from the current quarter from Commerce Banc(CBH:NYSE), Johnson & Johnson(JNJ:NYSE), Merrill Lynch(MER:NYSE), Intel(INTC:NASD) and Juniper Networks(JNPR:NASD.

Brokerage Chatter:

Citing the lack of clarity over interest rates and inflation, Goldman Sachs has cuts its global equity weighting and reduced the cyclicals sector from neutral to underweight. Symantec(SYMC:NASD) had its target cut to $48 from $52 at UBS. Thomas Weisel downgraded Avaya(AV:NYSE) to peer perform from outperform. Meanwhile, EMC Corp(EMC:NYSE) upgraded to outperform from perform at Thomas Weisel.

Deutsche Bank upgraded RadioShack(RSH:NYSE) to hold from sell. Depsite a Reuters' report that SEMI could raise its chip-equipment forecast Merrill is out with a cautious note and cut its view on the sector to neutral from overweight and individually dropped Intel(INTC:NASD) to neutral from buy.

Financial Headlines:
Stories :

The Financial Times reports that plans to finalize the details of its IPO and go public by the end of the month.


Novellus(NVLS:NASD) beat by $0.03 on slightly better revenues in its 2nd quarter.

Around the world in 80 ticks:

CNN reported that in light of some of the recent election/terror chatter, a spokesman for the Homeland Security Dept said yesterday a proposal of postponing election day could be an option should a terrorist event occur on or near November 2nd. According to Newsweek, the reason for the serious consideration given for election postponement stems from what counterterrorism officials cite as "alarming intelligence" over attacks within the U.S. this fall. In related news, AP news reports that an Arab-American advocacy group said yesterday that the Bush administration is dragging its feet in its endorsement of a plan to encourage mosques to take a more active role in teaming with law enforcement agencies to combat terrorism.

According to the UK Telegraph, British PM Tony Blair had to be talked out of resigning last month by his wife because of the mounting problems in Iraq and his standings of his party in the polls.

The Washington Times reports that France has claimed it was infuriated over the latest in a slew of anti-Semitic crimes committed last week. Over the backdrop of international outrage and national media attention regarding the growing ethnic violence in France, investigators have been ordered to hunt down the six youths that assaulted a woman believed to be Jewish on a train last Friday. According to the account, 20 bystanders on a train watched calmly as six young men robbed a 23 yr old woman on a commuter train with her baby and then after mistaking her for a Jewish woman proceeded to assault her by cutting off her hair and painting swastikas on her stomach. Chirac is expected to highlight this account during his address on Bastille Day, this Wednesday.

The Iraqi insurgents were still threatening to kill that poor Filipino hostage if the Phillipine government failed to pull its troops from the region. The militant group said they'd give them until Tuesday if their demands were not met, although a Philippine official offered that its troops are scheduled to depart on August 20th.

AP news reported that billionaire Laurence Rockefeller, philanthropist and leading venture capital figure died in his sleep yesterday morning. He was 94 and left behind David Rockefeller, John D. Jr. last remaining child.

Have a great day.


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