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The Fokker Chronicles



World Markets:

Global markets were attempting to finish the week on a stronger note as the averages traded higher halfway through their respective sessions. The DAX gained 0.80% and the CAC40 was up over 0.70%. In Asia, the Nikkei added 0.24% today while the Hang Seng closed up a cool 1%. Spot gold was looking up $2 ahead of the U.S. equity open on Wall Street.

Heads up:

Still to come on the economic front today, at 9:50amEDT the University of Michigan releases its July figures.

Brokerage Chatter:

Motorola(MOT:NYSE)was cut to hold from buy at Smith Barney. PMC-Sierra(PMCS:NASD) was upgraded to buy from hold at Wedbush. Friedman Billings downgrades Fifth Third Bancorp(FITB:NASD) to underperform from market perform and cut its target to $47 from $61. Lehman downgraded the Wireless Equipment sector to neutral from positive.

Express Scripts(ESRX:NASD) was upped to outperform from market perform at Raymond James. CSFB upgraded Dow Jones(DJ:NYSE) to outperform from neutral. Hot Topic(HOTT:NASD) was cut to peer perform at Bear Stearns. Deutsche Bank started UPS(UPS:NYSE) with a buy and a $85 price target. Brocade(BRCD:NASD) was cut to neutral from buy at Merrill Lynch.

Financial Headlines:
Stories :

AMG fund flow showed that equity funds reported net cash outflows totaling $170 million.

Bloomberg newswires report that the U.S. Court of Appeals has agreed to review whether the government can seek $280 billion from tobacco companies. According to a Morgan Stanley analyst, tobacco companies will try to curtail the disgorgement to mirror the Carson standard of $2 to $4 billion in penalties.

As expected, Kevin Rollins will assume the CEO post at Dell(DELL:NASD) beginning today, filling the shoes of Michael Dell according to CNET news.

Dell Computer(DELL:NASD) guided its 2nd quarter EPS above consensus.
JB Hunt Trans(JBHT:NASD) beat by $0.09.
National City(NCC:NYSE) beat by $0.13.
IBM(IBM:NYSE) beat by $0.04 despite slightly weaker revenue figures.
PMC-Sierra(PMCS:NASD) beats by a penny.

Around the world in 80 ticks:

The Los Alamos National Lab in New Mexico has reportedly closed its doors, this time to its own researchers, suspending all activities after secret nuclear information disappeared. According to BBC news, one of the largest known labs reported lost keys, laptops, a van, not to mention misplaced vials of plutonium oxide. While there remains no evidence the missing data is even outside the facility, the site has been closed until the investigation has been completed.

USA Today reports Martha Stewart will learn today whether she'll need to decorate a 7 by 10 prison cell for the next 10 to 16 months when she awaits sentencing today.

Bobby Fischer, a chess recluse for many years, has been taken into custody by Japanese authorities since he's been wanted by the U.S. for over a decade. The former and often aloof world chess champ once appeared at a Yugoslavia chess match in 1992 despite international sanctions against that country and will now await extradition. When U.S. authorities attempted to prosecute him, Fischer skipped town and hasn't been heard of since, not until his capture at Tokyo's Narita airport for using an invalid passport.

Have a great day.


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