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The Fokker Chronicles



World Markets:
Europe was mixed in mid day trading as their markets eyed the U.S. open. The German DAX rallied modestly following positive economic data out of the U.S. See Brian Reynolds post for further analysis. Asia was a non event with the Japanese Nikkei closing down 0.05%. US markets looked ready to charge higher following some positive earnings reports and better than expected economic numbers.

The earnings parade continues as Intel(INTC:NASD) and Motorola(MOT:NYSE) come marching in this afternoon. Greenspan will give his semi-annual report on monetary policy and the economic outlook at 10aEDT in front of the House Financial Services Committee.

Brokerage Chatter:
Deutsche is took up numbers on Applied Materials(AMAT:NASD), Lam Research(LRCX:NASD), and KLA Tencor(KLAC:NASD). JP Morgan upgraded the Pharmaceuticals group to positive from neutral. Oppenheimer made cautious comments on Broadcom(BRCM:NASD).

JP Morgan said they see upside to the auto stocks. Qualcomm(QCOM:NASD) had their numbers cut at Credit Suisse First Boston while Lehman Bros upped Tech Data(TECD:NASD) to overweight from equal weight. JP Morgan made cautious comments on the valuation for Qlogic(QLGC:NASD).

Citrix Systems(CTXS:NASD) had their numbers raised over at Lehman. First Boston was slightly negative on International Business Mach(IBM:NYSE); IBM report earnings tomorrow. Cowan made positive comments on Analog Devices(ADI:NYSE) and JP Morgan raised Overture(OVER:NASD) to neutral from underweight. Univision(UVN:NYSE) was upped at RBC Capital to outperform from sector perform.

Financial Headlines:
Stories :
Altria (MO:NYSE) getting smoked in pre-market trading as an Illinois appellate court ruled late yesterday that a lower-court judge did not have the authority to slash the bond Philip Morris USA must post while it appeals a $10.1 billion verdict against it in a class-action lawsuit.

Metro-Goldwyn-Mayer(MGM:NYSE) was said to have increased its offer for Vivendi Universal U.S. entertainment assets to $11.5 billon according to Bloomberg.

Loral Space(LOR:NYSE) filed for chapter 11 bankruptcy.

HCA Healthcare(HCA:NYSE) warned on their 2nd quarter EP. HCA now sees EPS of $0.74-0.76 vs $0.77 estimate.

JP Morgan(JPM:NYSE) and Citigroup(C:NYSE) close to settlement with SEC over Enron - Blmberg

Imclone(IMCL:NASD) achieves two regulatory milestones in Erbitux in an agreement with Merck(MRK:NYSE) - Blmberg

Sony Ericsson (ERICY/SNE) said on Tuesday it gained market share in the second quarter and expected to return to profit in the second half of the year

Mirant(MIR:NYSE) files for Chapter 11 bankruptcy protection

The global trade association, Semiconductor Equipment and Materials International (SEMI), said that they predict strong revenue growth for the industry in 2004 and 2005.

Highlights from the earnings front include Merrill Lynch(MER:NYSE) which blew out numbers by $0.33 and revenues of $5.32 bln versus the $4.84 bln consensus.

State Street(STT:NYSE) beat their numbers by $0.05 while Fannie Mae(FNM:NYSE) missed by a penny this morning. FNM also raised their quarterly dividend last night after the bell. Wells Fargo(WFC:NYSE) missed by a penny while Fleet Boston(FBF:NYSE) beat by a penny.

Johnson & Johnson(JNJ:NYSE) reported numbers a penny better than consensus expectations. Rambus missed their estimates last night by a penny.

Around the world in 80 ticks:
According to the US News and World report, The Pentagon is developing contingency plans for a possible U.S. conflict with North Korea, plans so aggressive some in Washington believe they could lead to war.

Hurricane Claudette touched down on the Texas shore early Tuesday, hitting the coast with heavy wind and rain causing some evacuations. AP

Garret Anderson edged out Albert Pujols 9-8 in the final to win the Home Run hitting contest last night. Associated Press.

Have a profitable day.


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