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The Fokker Chronicles

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World Markets:


Global markets were feeling the weakenss from Intel's(INTC:NASD) fallout as the DAX and IBEX dropped over 1% and the CAC40 was losing nearly 1% halfway through their respective sessions. The Japanese Nikkei and Hang Seng felt the pinch as well as they lost 2.17% and 1.20% respectively. Spot gold was advancing ahead of the equity open in the U.S. adding nearly $4.

Heads up:

After the bell lookout for Advanced Micro Devices(AMD:NYSE), Apple Co.(AAPL:NASD), and Qlogic(QLGC:NASD) to report their earnings.

Tomorrow the economics data will be heavy as we focus on the PPI, initial jobless claims, Business Inventories, Empire Manufacturing, Industrial Production, Capacity Utilization, and the Phila Fed.


Brokerage Chatter:

Intel(INTC:NASD) was cut to equal-weight at Morgan Stanley, and Prudential dropped them to neutral from overweight cutting its target to $25 from $33. Shuffle Master(SHFL:NASD) was upgraded at Fulcrum to buy from neutral. Soundview downgraded OmniVision(OVTI:NASD) to underperform from neutral. Cummins(CMI:NYSE) was upped to in-line from underperform at Goldman Sachs.

U.S. Steel(X:NYSE) was upgraded to neutral from underweight at Prudential and finally lifted its $20 price target to $40. Merrill Lynch downgraded State Street(STT:NYSE) to neutral from buy. Deutsche Bank upgraded Texas Instruments(TXN:NYSE) to buy from hold . Biogen Idec(BIIB:NASD) was downgraded at WR Hambrecht to hold from buy.


Financial Headlines:
Stories :
The weekly Investors Intelligence(II) numbers showed a decrease for the bulls from 56.3% last week to 54.2%. Bears climbed to 18.8% versus the 17.7% a week ago.

The weekly MBA mortgage applications reported -6.3% versus 19.5% in the week prior.

The Wall Street Journal reported after the bell last night that Harrah's Ent.(HET:NYSE) is near an agreement to purchase Caesars Ent.(CZR:NYSE) making the largest gambling company in the world.


Earnings:
Intel(INTC:NASD) reported in line, but a little light on revenues and weaker gross margins and inventory results.
Juniper(JNPR:NASD) reported 4 cents better and guided above the 3rd quarter consensus. JNPR announced it would purchase $250 million shares in a buyback.
Genzyme(GENZ:NASD) beat by $0.04.
New York Times(NYT:NYSE) beat by a penny but cut its 2004 ad revenue guidance.
Harley-Davidson(HDI:NYSE) beat by $0.08.
Bank of America(BAC:NYSE) beat by 16 cents.
McDonald's(MCD:NYSE) guided its 2nd quarter EPS above consensus following its June same store sales report.


Around the world in 80 ticks:
Reuters reports that the acting chief of the CIA said in a phone interview that the quality of information is high enough to warrant that Americans need to be on guard as the severity represents the highest he's seen since 9/11

The Financial Times reports that Bin Laden's confident and glowing supporter of the 9/11 attacks, as seen in a videotape alongside the militant leader, turned himself into Saudi diplomats in Iran. Khaled bin Ouda bin Mohammed al-Harby, not to be said three times fast, appeared on TV in his wheelchair thanking the Saudi kingdom for the amnesty offered to him as part of July 23rd deadline for militants to turn themselves in. Al-Harby told the media, "...I called the embassy and we were very well-received" adding that he advised his fellow terrorist friends to turn themselves in as well.

In contrast to the Philippines government who was preparing to withdraw its troops early to save the life of a Filipino hostage, Reuters reports the Bulgarians will remain steadfast in Iraq keeping its 470 military personnel in Iraq. This decision by Bulgaria comes as one of its citizens serving as a truck driver in Iraq was beheaded and yet another awaits a savage execution by the same captors.

The Washington Times reports that Iron Mike Ditka, the often firey former football coach of the Chicago Bears and hard nose player for several years in the NFL could potentially run for Senator in Illinois. Ditka's wife might have something to say about it as she offered that her husband would be nuts to run for the senate.

According to the New York Daily News, Paris Hilton will finally get her piece of the sex tape sales, reaping $400,000 and a percentage of the sales for "One Night in Paris." Who knew the widely dispersed internet sex flick had a fancy title, never mind for sale? A friend of the heiress told reporters that she wasn't capitalizing on the tape and that an ample portion of proceeds would go to a charity. The Chronicle's staff is working feverishly to find out which charity would be the fortunate beneficiary of Hilton's proceeds from the filmmaking.



Have a great day.


Fokker



position in hdi, x, bac
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