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The Fokker Chronicles



World Markets:
Europe was modestly higher across the board pre-US trading. Foreign shares gain on the heels of Microsoft(MSFT:NASD) and better numbers from Ericsson(ERICY:NASD). Shares of Ericsson gained over 15% mid-way through Europe's session. The German DAX added 1.0%. The Japanese Nikkei rose 0.30% and the Hang Seng gained 0.44%.

University of Michigan Confidence number out at 9:50aEDT. Survey is looking for 91.0, a rise from last months' reading.

Brokerage Chatter:
Goldman Sachs raised their fiscal 2004 EPS estimate for Microsoft(MSFT:NASD) to $1.11 from $1.05. JP Morgan downgraded Nokia(NOK:NYSE). UBS upped Xilinx(XLNX:NASD) to buy from neutral. Chubb(CB:NYSE) was upgraded to a buy from neutral at UBS. Deutsche Bank upped Atmel(ATML:NASD) from sell to hold after they reported earnings in-line with estimates. Deutsche also cut their ratings for Scientific Atlanta(SFA:NYSE) to a sell from hold.

Lehman Bros upgraded Wachovia(WB:NYSE) to equal weight from underweight. Morgan Stanley raised estimates for United Healthcare(UNH:NYSE), General Motors(GM:NYSE), Caterpillar(CAT:NYSE), All State(ALL:NYSE), and PMC-Sierra(PMCS:NASD). Morgan Stanley cut their estimates for Honeywell(HON:NYSE) and Xilinx(XLNX:NASD). Capital One Financial(COF:NYSE) which lost nearly 13% yesterday was added to JP Morgan's focus list. Banc of America upped Johnson Controls(JCI:NYSE) to buy from neutral. Delta Air Lines(DAL:NYSE) cut to neutral at Credit Suisse First Boston.

Financial Headlines:
Stories :
Bloomberg reports that America Online(AOL:NYSE) is selling it CD-making unit to Canada's Cinram for just over $1 billion in effort to further trim down its debt.

Reuters reports Ford Motor(F:NYSE) has said they are likely to cut approximately 2,000 U.S. workers later in the year in an effort to trim costs.

The Wall Street Journal is reporting that The Securities and Exchange Commission is looking into the practices on the American Stock Exchange in regard to their handling of customer options orders.

Treasuries poised for its worst week in four months. Bloomberg.

Yesterday, Senators demanded Treasury Secretary Snow look into allegations that China is deliberately undervaluing the Yuan. The Yuan does not flow freely in the markets as do other currencies. The action by the Chinese, argues several Senators, is what is artificially hampering the US manufacturing sector and resulting in many job losses at home. CBS Marketwatch.

Microsoft(MSFT:NASD) missed by a penny but revenues were better and raised their full year guidance.
Ericcson(ERICY:NASD) posted a narrower than expected loss. Sales were inline but earnings were better than many had expected.
PeopleSoft(PSFT:NASD) reports numbers in line and raised guidance for the 3rd quarter above consensus estimates. Microchip Tech(MCHP:NASD) beat estimates by a penny.
Yellow Corp(YELL:NASD) beats by $0.01 and guided their 3rd quarter numbers higher. Charter One Financial(CF:NYSE) beat by 6 pennies and guided their full year estimates higher.

Around the world in 80 ticks:
The BBC is reporting today that a body was found that could be that of missing British weapons expert Dr. David Kelly. Kelly was fingered as the mole in a story broke by the BBC that cited a dossier on Iraqi WMD had been "sexed up" leading up to the Iraqi war.

MSNBC is reporting that according to an article in the Asian Wall Street Journal, China believes the North Koreans have processed enough plutonium to produce a nuke.

In keeping with the nuclear theme, Reuters has reported that U.N. inspectors have found enriched uranium in Iran. This could potentially mean that they have been purifying uranium without ever disclosing that to the U.N.

Have a profitable day.


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