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The Fokker Chronicles



World Markets:
Markets are strong across the board this morning in Europe. The German DAX was a notable standout in Europe as the index rose more than 1.4% half-way through their trading session. Asia closed much stronger led by Tokyo Electron Ltd. and Samsung Electronics Co. Japanese Nikkei gain 1.25% and the Hang Seng rose 2.13%.

The earnings parade will get busier tomorrow as Fannie Mae(FNM:NYSE), Johnson & Johnson(JNJ:NYSE), Merrill Lynch(MER:NYSE), Wells Fargo(WFC:NYSE), Intel(INTC:NASD), Motorola(MOT:NYSE) lead the march.

Brokerage Chatter:
Intel(INTC:NASD) upped to buy from neutral at Merrill Lynch and had their target raised to $29 per share. Bear Stearns has taken up their numbers for the 3rd quarter, and for full year 2003 and 2004.

Solomon Bros is cautious this morning on Dell(DELL:NASD) and feel the stock can not sustain these current price levels. Solomon also cut Xilinx(XLNX:NASD) and Altera(ALTR:NASD) from outperform to in-line. UBS raised earnings estimates for Taiwan Semi(TSM:NYSE) and United Micro(UMC:NYSE). Johnson and Johnson(JNJ:NYSE) was upgraded to outperform from peer perform at Bear Stearns. Bear was also negative on Motorola(MOT:NYSE) in its preview of the company and believe that their 2003 numbers might be need to be lowered. JP Morgan upped Cooper Cameron(CAM:NYSE). Merrill Lynch Europe upgraded Deutsche Telekom(DT:NYSE) to buy from neutral. CIBC upgraded Merck(MRK:NYSE) to sector perform. US Bancorp was positive on National Semi(NSM:NYSE). JP Morgan upgraded Guidant(GDT:NYSE) from to overweight from neutral. Textron(TXT:NYSE) was downgraded to neutral from buy. Cephalon(CEPH:NASD) cut to Mkt Perform at UBS Piper Jaffray

Financial Headlines:
Stories :
Boise Cascade(BCC:NYSE) and OfficeMax(OMX:NYSE) agree to a $1.15 billion deal that values OMX at $9 per share.

Wal-Mart(WMT:NYSE) announced that it sees July sales at the high end of its up 2-4% forecast.

The Wall Street Journal is reporting that Treasury Sec John Snow, who will be testifying in front of the House committee on the accounting issues surrounding the Government Sponsored Enterprises(GSE), will be most likely critical of Fannie Mae(FNM:NYSE) and Freddie Mac(FRE:NYSE).

The Wall Street Journal and Reuters are reporting that Morgan Stanley(MWD:NYSE) was notified that it may be charged with illegal profit sharing on its IPO's. Friday, Morgan said the SEC was investigating its mutual fund practices. Attorney General Spitzer is scheduled to speak at 12pEDT and is said to be announce significant action against Morgan Stanley.

Clayton Homes(CMH:NYSE) said it did not expect a rival bid despite suggesting last week that Cerberus Cap. Mgmt. might try and block the $1.7b takeover bid from Berkshire Hathaway.

Sony(SNE:NYSE up 6% - shares could double in two years--Barron's cover story

Banc of America(BAC:NYSE) said second-quarter net income rose by 23 percent due to its strength in their mortage and credit card business. Revenues also beat analyst expectations.

Citigroup(C:NYSE) earnings beat EPS by .03 cents and also beat revenues.

Around the world in 80 ticks:
According to CNN, the new governing council in Iraq met Sunday for the first time, and as its first official acts, were to canceled all holidays that were linked to the old regime and declared April 9, the date which marked the fall of Saddam Hussein's, as a national holiday.

The Sunday Times is reporting that the UK Police have issued a national alert after 30lb of depleted uranium was stolen in a raid on a radioactive waste processing firm. While the officials have been playing down the implications, the paper cites nuclear experts that if the quantity of uranium in question had fallen into the wrong hands, a terrorist could build a "dirty bomb."

Have a profitable day.


position in fnm, intc, cam
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