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The Fokker Chronicles



World Markets:

Global markets were trading higher today as the German DAX led the charge gaining 0.65%. In Asia, trading was muted as the Nikkei gained 0.23%while the Hang Seng dropped 0.92% on its session. Spot gold was weaker ahead of the US equity open losing nearly $6 while the Dollar index gained nearly 60cents.

Heads up:

Still to come, lookout for June's Monthly Budget Statement. Earnings later today include the bellwether Intel(INTC:NASD) along with Juniper Networks(JNPR:NASD) and Raymond James(RJF:NYSE).

Brokerage Chatter:

Smith Barney came close to throwing in the towel on the airlines this morning as it downgraded American Air(AMR:NYSE) to neutral and cut Delta's(DAL:NYSE) price target down to a buck. Banc of America started Yahoo!(YHOO:NASD) with a buy rating and a $39 price target. Intl bus Machines(IBM:NYSE) was upped to overweight from equal weight at Morgan Stanley and given a $100 price target. Gannett(GCI:NYSE) was upgraded to buy from hold at Smith Barney. LSI Logic(LSI:NYSE) was downgraded to reduce from hold at Dresdner.

Financial Headlines:
Stories :
Bank of America(BAC:NYSE) announced a deal to acquire National Processing(NAP:NYSE) for nearly $1.4 billion in cash or $26.60 a share following a $29.40 close on the NYSE last night.

Last night Bloomberg news reported that according to a regulatory filing by Google, it plans to list its $2.7 billion initial public offering on the NASDAQ Stock Market instead of the New York Stock Exchange (NYSE).

Morgan Stanley (MWD:NYSE) settled its sexual bias suit for $54 million yesterday before the first witness could even be called. The big winnings, other than the lawyers, went to former bond seller Allison Schieffelin with the lump sum of $12 million according to the Financial Times.

Qualcomm(QCOM:NASD) announced a 2-for-1 stock split and raised its dividend 40%.

Red Hat(RHAT:NASD) announced this morning in a conference call that it would need to change its method of revenue recognition and restate financial statements to reflect this change.

Merrill Lynch(MER:NYSE) missed estimates by $0.03 on lighter revenues than expected but defended its stock by increasing its share buyback to $2 billion.
LSI Logic(LSI:NYSE) reaffirmed its 2nd quarter EPS but revised its revenues warning they'll be below consensus.
Fair Isaac (FIC:NYSE) cut its 2004 guidance.
Commerce Banc(CBH:NYSE) beat by a penny.
State Street(STT:NYSE) reported earnings in line.
Johnson & Johnson(JNJ:NYSE) beat by $0.03 on inline revenues.

Around the world in 80 ticks:

Reuters reports that the Philippine government is apparently bowing to the captors of the Filipino truck driver held in Iraq. A message from the government said Philippine troops would leave the country as soon as it's immediately possible to save the life of the hostage. It has yet to be confirmed whether the insurgents have released the man following this move. Reuters cited Iraqi officials as urging the Philippine government not to kowtow to the kidnappers.

The summer of documentaries is heating up as AP news reports yet another "guerilla documentary" is making the rounds in theaters. "Outfoxed: Rupert Murdoch's War on Journalism," attempts to show the bias at Fox News, a subsidiary of News Corp(NWS:NYSE) as pandering to President Bush and Republican right wingers by interviewing four former employees and exposing internal memos.

USA Today reports that the problems with military absentee ballots have yet to be resolved from the 2000 election and the 160,000 soldiers currently serving overseas in Iraq and Afghanistan might have difficulty in getting their votes counted for the upcoming Presidential elections.

Have a great day.


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