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The Fokker Chronicles

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World Markets:
Europe is weaker half way through their trading session. The German Dax leading the way lower in Europe, down 1.70% on the heels of a Daimler Chrysler(DX:NYSE) downgrade from Lehman Bros. Asia closed slightly lower in quiet trading with Japan on holiday. Hang Seng finished down 0.37%.

Heads-up:
Look out for the Leading Indicators release for June at 10aEDT. Earnings stampede tomorrow from the likes of Tellabs(TLAB:NASD), United Parcel(UPS:NYSE), Amazon(AMZN:NASD), Amgen(AMGN:NASD), Broadcom(BRCM:NASD), Schlumberger(SLB:NYSE), Siebel Systems(SEBL:NASD) and Sun Micro(SUNW:NASD)

Brokerage Chatter:
Daimler Chrysler(DCX:NYSE) had its price forecast cut at Lehman Brothers. Yahoo!(YHOO:NASD) received an upgrade from Solomon Bros from inline to outperform. Credit Suisse First Boston downgraded Motorola(MOT:NYSE) and cut their price target to $7 a share. Wachovia(WB:NYSE) was upped at Morgan Stanley to overweight from equal-weight.
Deutsche Bank upgraded Nabors(NBR:NYSE). JP Morgan upped Vishay(VSH:NYSE) to overweight from neutral. Dresdner downgraded Altera(ALTR:NASD). Wachovia upped Country Wide Financial(CFC:NYSE) to outperform from market-perform. Cowan is out cautious this morning for Analog Devices(ADI:NYSE) next quarter. Lehman Brothers has taken up the price target on Cisco(CSCO:NASD) to $20 from $18. Despite impending legal action from some pension funds, America Online(AOL:NYSE) received positive chatter this morning out of Goldman Sachs saying they expect the company to meet or beat their estimates.

Financial Headlines:
Stories :
The Observer has learned that McDonalds(MCD:NYSE) is the target of a $100bln suit on behalf of obese Americans.

Ohio and California pension funds including pension fund behemoth Calpers, is suing America Online(AOL:NYSE) on fraud charges.

Imclone(IMCL:NASD) chief scientific officer Harlan Waksal announced his resignation from the company.

SBC Comm(SBC:NYSE) and EchoStar(DISH:NASD) have announced a TV and $500 million debt deal.

Computer Sciences(CSC:NYSE) said they are bidding for Schlumberger(SLB:NYSE) IT Units according to the Financial Times.

After the bell on Friday, Activision (ATVI:NASD) said they had been contacted by the SEC regarding an investigation of their accounting practices.

Earnings:
Merck(MRK:NYSE) missed by a penny and reported lower revenues of $13.28 bln vs. the $13.69 bln consensus.
3M Company(MMM:NYSE) beat the street by $0.05 and guided higher for the 3rd quarter and their full year.
Lexmark(LXK:NYSE) missed by $0.01 and guided the street below consensus.Southwest Air(LUV:NYSE) beat by 2 pennies.
Check Point Software(CHKP:NASD) matched consensus estimates but guided numbers lower.
Smith Intl(SII:NYTSE) beat by $0.04.

Around the world in 80 ticks:
MSNBC reports that U.S. officials believe the North Koreans may have built a second secret facility in order to produce weapons-grade plutonium despite claims by S.Korean president Roh that refuting this.

The Associated Press reports Democrats said on Sunday they will launch a television campaign accusing President Bush of misleading Americans on the Iraq threat.

The U.S. military has sent 41 Marines to Liberia to reinforce security at the American Embassy according to the Washington Post.

The Financial Times has said that Blair has signaled a slightly softer stance in regard to Britain joining the single European currency. Blair indicated that the UK could enter the European currency before any of conditions that have been laid out have been met.

Have a profitable day.

Fokker

No positions in stocks mentioned.
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