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The Fokker Chronicles



World Markets:
Europe noticeably weaker on the heels of earnings reports from Nokia(NOK:NYSE) and SAP AG(SAP:NYSE). The German DAX and French CAC are the standout losing indices thus far today in Europe. Japanese equities closed much weaker down 2.44% due to computer related issues after a disappointing report from International Business Mach.(IBM:NYSE) IBM cited a lack of recovery in PC demand on their conference call last. US futures off the weakest marks of the morning however were still poised for a much weaker start.

More earnings releases scheduled after the bell today including Microsoft(MSFT:NASD), Peoplesoft(PSFT:NASD), PMC-Sierra(PMCS:NASD), and Xilinx(XLNX:NASD). Also for the OIH and gas players out there, look out for the weekly natural gas inventory number to be released later this morning.

Brokerage Chatter:
Bear Stearns took 3rd quarter numbers down on Intl Business Mach.(IBM:NYSE) citing weak service signings and a weaker micro electronic business. Bear is looking for a rebound in their 4th quarter estimates and raised those numbers this morning. Home Depot(HD:NYSE) was upgraded to buy at AG Edwards.

Merrill upgraded America Online(AOL:NYSE) to a buy. Qlogic(QLGC:NASD) was upped to neutral on Credit Suisse First Boston. SG Cowen upgraded General Dynamics(GD:NYSE) to outperform from market perform. Solomon Bros upgraded Schering Plough(SGP:NYSE). Marvell(MRVL:NASD) was downgraded over at CIBC. Warburg upped JDA Software(JDAS:NASD) and Vishay(VSH:NYSE) was downgraded at UBS. Chevron Texaco(CVX:NYSE) downgraded at Banc of America to neutral from buy. Banc of America upgraded BP(BP:NYSE) to buy from neutral.

Financial Headlines:
Stories :
The story today is earnings, however, Baxter(BAX:NYSE) managed to eek out a story after the company said they were asked to provide information to the SEC regarding their recent earnings warning.

IBM reported last night with EPS numbers that were inline with consensus and revenues slightly better, ($21.63 bln vs the $21.43 bln consensus).

Several other Dow components painted the tape as well. Altria(MO:NYSE) beat by a penny. Coca-Cola(KO:NYSE) reported numbers in line. United Tech (UTX:NYSE) beat the street by $0.02. Caterpillar(CAT:NYSE) reports much better numbers of $1.15 versus $0.66 estimate. General Motors(GM:NYSE) blew out the street this morning reporting 39cents better than analyst expectations and raised guidance for next quarter and for the full year 2003.

Nokia(NOK:NYSE) reports in line although their 3rd quarter guidance was weak on sales and margins placing most of the blame on a weaker US dollar. Nextel Comm.(NXTL:NASD) beat by $0.04 and raised their full year 2003 forecast. Company also plans a $1 bln notes offering. Qlogic(QLGC:NASD) 2 pennies better than estimates.

The airline industry is apparently soaring this morning with impressive numbers from Delta Air Lines(DAL:NYSE) which beat by $0.09 and Continental(CAL:NYSE) which reported a loss of $0.32 per share that was much better than the Reuters Research consensus of ($0.88).

Capital One(COF:NYSE) beat the street last night by 12pennies. Honeywell(HON:NYSE) reported in line. Apple Computer(AAPL:NASD) also reported last night 2 pennies better than estimates, better revenues and said they see revenues increasing over the next quarter. Legg Mason(LM:NYSE) beat by $0.07. Out of Europe, SAP AG(SAP:NYSE) beat their numbers and reaffirmed their guidance, however, the company did cite very weak licensing numbers and that is putting pressure on the stock today.

Around the world in 80 ticks:
Another Saddam audio tape has surfaced on Al Arabia TV, the 3rd in the series and this one makes claims "WMD charges are baseless"... Reuters

The NY Times reports that the Senate defeated an effort to establish a bipartisan panel to examine the use of intelligence that lead up to the war in Iraq.

The Wall Street Journal reports the U.S. may call up the National Guard as the uprising in Iraq worsens. According to the article, about 10,000 soldiers might be headed to Iraq this winter.

According to an article in the Wash. Post citing British officials, the U.S. and British intelligence agencies had concealed information from each other consequently reached different conclusions about Iraq's attempt to obtain nuclear materials.

The NY Post cites The Recording Industry of America is demanding Verizon Communications (VZ:NYSE) comply with a subpoena and release at least 150 names in its attempt to go after those that have been trading copywritten songs.

Have a profitable day.


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