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The Fokker Chronicles



World Markets:

Europe was trading modestly higher as the DAX and CAC40 led the region into positive territory thus far today. In Asia, the Nikkei resumed trading after an extra day off yesterday and promptly lost 1.55% while the Hang Seng gave up 0.36%. Spot gold was trading off nearly $4 and the dollar index traded higher ahead of the open to trading on Wall Street.

Heads up:

Fed Chairman Greenspan will offer his Humphrey Hawkins testimony to the Senate Banking Committee this afternoon which begins at 2:30pmEDT.

After the bell we'll have a look at earnings from Cheesecake Factory(CAKE:NADS), E*Trade(ET:NYSE), Linear Tech(LLTC:NASD), Motorola(MOT:NYSE), SunMicro(SUNW:NASD), Teradyne(TER:NYSE), and Texas Instruments(TXN:NYSE).

Tomorrow we'll have a look at the MBA weekly mortgage application data.

Brokerage Chatter:

Genentech(DNA:NYSE) had its target raised to $60 from $50 at CSFB. CSFB started Countrywide(CFC:NYSE) with an outperform rating and an $85 price target. Adolph Coors(RKY:NYSE) was upped to in-line from underperform at Goldman Sachs. JP Morgan downgraded Delta Air(DAL:NYSE) to neutral from overweight, and raised their risk of Chapter 11 to 50% from 25% probability. Standard & Poors cut DAL credit rating and placed the airline outlook to negative.

Kraft Foods(KFT:NYSE) was upgraded to neutral from underweight at JP Morgan. CSFB started Imclone(IMCL:NASD) with an outperform rating and a $105 price target. UBS upped Lowes(LOW:NYSE) to buy from neutral. JP Morgan downgraded Baker Hughes(BHI:NYSE) to neutral from overweight. UBS upgraded JB Hunt(JBHT:NASD) to buy from neutral and raised its target to $48 from $40.

Financial Headlines:
Stories :

The Semi equipment Book to Bill ratio was released last night for June and came in at 1.08, missing the Street expectation of 1.11. Orders were up 3% month over month which was approximately in line with expectations.

According to Bloomberg news, Wal-Mart(WMT:NYSE) will be funding Bush while Costco(COST:NASD) is backing John Kerry for November elections.

Bloomberg newswires reports that Boeing(BA:NYSE) projects a $5.4 trillion market for new airplanes and services over the next 20 years.


Charles Schwab(SCH:NYSE) missed by a penny and came in light on revenues.
Golden West(GDW:NYSE) beat by $0.04.
Freeport-McMoRan(FCX:NYSE) beat by $0.10.
Boise Cascade(BCC:NYSE) reported $0.12 worse than expectations.
Forest Labs(FRX:NYSE) beat by $0.03.
Tenneco(TEN:NYSE) beat by $0.16.
Ameritrade(AMTD:NASD) reported in line and light on revenues.
EMC Corp(EMC:NYSE) reports in line with expectations.
Ford Motor(F:NYSE) topped estimates by $0.12 but guided forecasts below consensus.
Continental Air(CAL:NYSE) beat by $0.12.
TASER Intl(TASR:NASD) beat by a penny.
Everest Re(RE:NYSE) beat by 39 cents.
Allstate(ALL:NYSE) beat by $0.31 and guided its 2004 estimates up.

Around the world in 80 ticks:

Reuters reports that the Filipino truck driver held hostage in Iraq was freed today following yesterday's Philippine troop withdrawal. Bowing to the demands of the hostage takers, President Gloria Arroyo defended her decision to withdraw troops early commenting that a father of eight didn't deserve to die.

The New York Post reports that a small pipe bomb went off last night in the Eighth Avenue subway line at 43rd street in New York City. Although Secret Service and the Joint Terrorism Task Force are investigating the matter, police say it is not believed to be terrorist-related. An officer discovered a burning knapsack and reportedly pushed two commuters to safety before the bag exploded causing him burns to his leg and a hospital stay.

AP news reports that The "Guinness Book of World Records" can throw another record onto the grill as Don Gorske put away his 20,000th Big Mac sandwich of his eating career yesterday. The remarkable 6-foot 170 pounder, Gorske has somehow maintained his weight despite his fast food binge from the early '70's where burger experts estimate that he has polished off the sandwiches at a rate of one a day since 1972.

Have a great day.


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