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The Fokker Chronicles



World Markets:

Global markets were much stronger today on the heels of generally better earnings results. The FTSE gained 1.10%, the CAC40 was up 1.25% and the DAX was gaining 1.60% ahead of the open to U.S. equity markets. In Asia, the Nikkei bounced back and added 1.56% while the Hang Seng put up a 2.24% gain.

Heads up:

The economic data will be light today with the highlight to be Fed Chairman Greenspan completing his Humphrey Hawkins testimony today when he meets with the House Financial Services Committee this morning at 10amEDT.

After the bell tonight, lookout for earnings reports from Altera(ALTR:NASD), Capital One(COF:NYSE), eBay(EBAY:NASD), Qualcomm(QCOM:NASD), Siebel Systems(SEBL:NASD), Starbucks(SBUX:NASD), and Washington Mutual(WM:NYSE).

Brokerage Chatter:

Kraft Foods(KFT:NYSE) was upped to hold from sell at Smith Barney and had its target increased to $34 from $29.50. Janus Capital(JNS:NYSE) was cut to neutral weight from overweight at Prudential. Foot Locker(FL:NYSE) was cut to neutral from buy at Banc of America with its target dropped to $23 from $28. RF Micro Device(RFMD:NASD) was cut to market perform from outperform at Piper and had its target cut to $7 from $10. Reebok(RBK:NYSE) was cut to neutral from buy at Banc of America and lowered its price target to $32 from $43.

Financial Headlines:
Stories :

MBA Mortgage applications fell for the 2nd consecutive week dropping 4% this past week after the prior week applications fell 6.3%.

The Investors Intelligence(II) numbers showed a drop in the percent bulls from last week to 52.6% from 54.2%. Bears gained traction by increasing from 18.8% to 20%.

DreamWorks Animation, an offshoot of Dream Works, founded by Stephen Spielberg and most notably known for its production of both Shrek flicks, announced it will file for $650 million IPO with both Goldman Sachs and JP Morgan serving as joint book-running managers.

In a simmering feud, Clear Channel Communications(CCU:NYSE) announced it is planning on filing a $3 million countersuit against Howard Stern and Infinity Broadcasting claiming that the on-air personality broke with the terms of his contract by broadcasting indecent material. Reuters reports that the original suit against CCU filed by Stern and Infinity claimed its contract was broken when Stern was dropped from its six stations.

In ongoing discussions between Delta Air(DAL:NYSE) and its pilots union, the DAL pilots offered last night to cut its wages by 23%, more than doubling its wage cut concession. The Wall Street Journal reports that this concession still lies a little short of what DAL execs said it would need.

Merck(MRK:NYSE) reported in line results.
Tupperware(TUP:NYSE) beat by $0.12.
Northwest Air(NWAC:NASD) topped estimates by $0.27.
General Motors(GM:NYSE) beat by 16 cents.
United Tech(UTX:NYSE) beat by $0.09, raised its full year guidance and upped its buyback program to $800 million.
Sprint FON(FON:NYSE) beat by a penny and raised its 2004 outlook above consensus.
Eastman Kodak(EK:NYSE) topped estimates by 29 cents and raised its 2004 guidance.
Fannie Mae(FNM:NYSE) beat the Street by 8 cents however reduced its 2004 earnings.
Lucent(LU:NYSE) beat by$0.02.
Nextel(NXTL:NASD) topped EPS by 5 cents.
JP Morgan Chase(JPM:NYSE) beat by $0.02 and announced a $6 billion stock buy back.
Pfizer(PFE:NYSE) beat by a penny and cut its 2004 revenue estimate.
Imclone(IMCL:NASD) beat by $0.04 but sales estimates might have been below Street's expectations.

Around the world in 80 ticks:

The BBC news reports that despite the recently received threats to both Bulgarian and Polish troops from Al Qaeda, both leaders have vowed to keep their combined 2,800 troops stationed in Iraq, in contrast to the Philippine withdrawal of its 51 member unit yesterday.

According to Arabian newspaper Asharq Al-Awsat which cited U.S. sources, 76 percent of the Al Qaeda-linked Web sites are run from inside the United States

In a recent survey by the New York Public Internet Group's Staphangers Campaign of New York City's subway system, when pressed to pick a train, the number 6 train plowed ahead of the other 22 lines earning a score of $1.65 out of $2.00. The city's worst train was the N train which scored $0.80, however some were surprised the other 20 lines were not far behind. Staff Attorney for the Straphangers noted that the overall trend is positive.

Have a great day.


position in fnm, ebay, wm, cof, dal, mrk, fon, gm, nwac, jpm, pfe
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