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The Fokker Chronicles

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World Markets:

Global markets were mixed to edging down today as Europe traded mostly weaker ahead of the U.S. equity open. The DAX was down about ½ half a percent while the Spanish IBEX bucked the European trend and held on to its gains. In Asia, the Nikkei added 0.46% and the Hang Seng finished just barely in positive territory.


Heads up:

After the bell today, lookout for Intl Bus. Machines(IBM:NYSE), PMC Sierra(PMCS:NSAD) and Rambus(RMBS:NASD) to report earnings.

The last of the economic data for today is due out at 12pmEDT with the July Phila Fed looking for a 25.0 reading.


Brokerage Chatter:

AG Edwards downgraded Andrx(ADRX:NASD) to hold from buy. Check Point Sftwr(CHKP:NASD) was cut to hold from buy at Jefferies and had its price target cut to $24 from $29. CSFB dropped The New York Times(NYT:NYSE) to neutral from overweight and cut its target to $50 from $64. Banc of America upped Alberto-Culver(ACV:NYSE) to buy from neutral and raised its target to $56 from $48.

Banc of America upgraded Lyondell Chemical(LYO:NYSE) to buy from neutral. OmniVision(OVTI:NASD) was added to the JP Morgan Focus List. Commerce Banc(CBH:NYSE) was cut to underweight from equal weight at Morgan Stanley. Morgan Stanley raised its estimates for Cablevision(CVC:NYSE) and Bear Stearns raised estimates for Comcast(CMCSA:NASD). Bear Stearns also upgraded Apple Co.(AAPL:NASD).


Financial Headlines:
Stories :

Bloomberg newswires report that Harrah's Ent.(HET:NYSE) has officially announced the terms of the deal to purchase Caesars Ent.(CZR:NYSE) creating the largest gambling company in the world. HET will pay a total of $9.44 billion in cash, stock and debt for Caesars.

The Wall Street Journal reported that Microsoft(MSFT:NASD) could announce today a deal linking its instant message software to rival America Online, unit of Time Warner(TWX:NYSE) and Yahoo!(YHOO:NASD) allowing all three to communicate.

Walgreen(WAG:NYSE) increased its quarterly dividend 20% and authorized a $1 billion stock repurchase.


Earnings:
Citigroup(C:NYSE) beat by $0.05.
Cypress Semi(CY:NYSE) reported results in line for the 2nd quarter.
Labranche(LAB:NYSE) warned for its 2nd quarter blaming lighter trading volumes and lower volatility.
Dow Jones(DJ:NYSE) beat by $0.03 but guided 3rd quarter estimates below consensus.
SLM Corp(SLM:NYSE) reported in line results.
Fifth Third Bancorp(FITB:NASD) reported 2nd quarter results in-line with consensus estimates.
Wachovia(WB:NYSE) beat by $0.02.
Fairchild Semi(FCS:NYSE) beat by $0.03, light on revenues.
Shaw Group(SGR:NYSE) missed by $0.02 guides below consensus.
PepsiCo(PEP:NYSE) reported in line results but guided 2004 EPS below consensus estimates.
Comerica(CMA:NYSE) beat by $0.17.
Nokia(NOK:NYSE) topped estimate by a penny but guided its 3rd quarter below consensus.
UnitedHealth(UNH:NYSE) beat by a penny and raised its full year guidance.
Apple Computer(AAPL:NASD) topped EPS estimates by 2 pennies.
QLogic(QLGC:NASD) reported numbers in line but was a little light on its revenues.
Advanced Micro(AMD:NYSE) reports in line results.
Sandisk(SNDK:NASD) topped estimates by 8 cents and higher revenues.


Around the world in 80 ticks:

Microsoft(MSFT:NASD) is warning computer users today that they have discovered more "critical flaws" found in some versions of Windows, Internet Explorer and Outlook Express leaving PC's vulnerable to viruses and worm attacks.

AP news reports NASA has finally launched its $785 billion Aura satellite today after three failed attempts. Aura will orbit the earth for the next six years studying the condition of the ozone layer as well as the atmosphere and climate of earth. The satellite was contracted out to Northrop Grumman(NOC:NYSE) according to Bloomberg.com.

Reuters reports that Slim Fast has dropped Whoopie Goldberg in its ads after she made some off-color remarks against President Bush at a fund raiser in New York. According to Slim Fast, Whoopie offended many, especially Republicans after she spouted off several vulgar sexual jokes playing off the President's name as she drew on commonalities between the President and "female genitalia."



Have a great day.


Fokker



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