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The Fokker Chronicles



World Markets:
European markets were modestly higher ahead the U.S. open. Asia, however, was notably weaker as Japan came back from holiday and closed down 0.44% and the Hang Seng finished down 0.93%. The U.S. markets were poised to open higher following a weak trading session yesterday and stronger corporate earnings results.

No economic releases to look out for, however, there are plenty of reports to sort through. Look out after the close today for earnings from such notables as Amazon(AMZN:NASD), Amgen(AMGN:NASD), Beazer Homes(BZH:NYSE), Broadcom(BRCM:NASD), Siebel Systems(SEBL:NASD) and Sun Micro(SUNW:NASD).

Brokerage Chatter:
Texas Instruments(TXN:NYSE) raised to overweight at Lehman Brothers. Lehman raised their weighting on the Semi Cap Equipment space to positive from neutral.

Goldman Sachs made some positive chatter on the baby bells and said they would be buying SBC Comm(SBC:NYSE), Verizon(VZ:NYSE), and Bellsouth(BLS:NYSE) in front of the upcoming quarter.

America Online(AOL:NYSE) had their price target raised at Deutsche Securities from $19 to $21 and had their buy rating reaffirmed. Lexmark(LXK:NYSE) was upped at Soundview to outperform from neutral. SAP AG(SAP:NYSE) was downgraded by Deutsche Bank to hold from buy. CNET(CNET:NASD) upped to outperform at Thomas Weisel.

Deere(DE:NYSE) was upgraded at UBS to buy from neutral. Cowan lowered their numbers for Sun Micro(SUNW:NASD). Deutsche previewed the quarter on Siebel Systems(SEBL:NASD) and said the stock is fully valued at these levels. Bear Stearns upped the 3rd quarter numbers for Taiwan Semi(TSM:NYSE) but lowered them on the 4th quarter. Amgen(AMGN:NASD) had its estimates raised at Solomon Bros and said the company may raise its guidance.

Financial Headlines:
Stories :
Lehman Bros announced that it will purchase Neuberger Berman(NEU:NYSE) for $2.63b and said the acquisition will boost Lehman's assets under mgmt to over $100b. Bloomberg

Dow Jones wire reported Hewlett Packard's(HPQ:NYSE) Carly Fiorina said she sees no sustained recovery in the IT space.

According to the New York Times, International Business Mach.( IBM:NYSE) said nearly 3million service jobs to shift overseas.

LG Electronics Inc., South Korea's second-largest electronics maker, had said 2nd quarter profit fell 24 percent due to the SARS virus in China. Bloomberg.

Bank of France chief Jean Claude Trichet, was nominated as the next president of the European Central Bank.

Texas Instruments(TXN:NYSE) reported upside results to their preannouncement and beat by a penny, also gave in line guidance for the upcoming third quarter.
Corning(GLW:NYSE) beat estimates by 3 cents and guided the third quarter higher.
Novellus(NVLS:NASD) reported in line but said 3rd quarter profits will be lower and said their revenues will be "down significantly."
Altera(ALTR:NASD) reported in-line results last night.
United Parcel(UPS:NYSE) beat by 2 pennies and guided the 3rd quarter in line with consensus.
Centex(CTX:NYSE) blew by the street by 42cents and boosted its estimate for 2004. Also announced they will spin off their construction unit.
Alcan(AL:NYSE) beat the street by 3 cents.
Cendant(CD:NYSE) beat by 2 pennies and guided in line.
Millennium Pharm(MLNM:NASD) beat their estimates but reduced its guidance for the full year.
Chicago Mercantile(CME:NYSE) beat by a dime.
Countrywide Financial(CFC:NYSE) missed by $0.11, however they boosted its forecast for full year 2003.
Ashland(ASH:NYSE) missed by 12 pennies.

Around the world in 80 ticks:
Arabic newspaper, Al-Hayat, has cited sources in Baghdad claiming that Shi'te clerics have called upon Iraqis to form an opposition army and more than one million people enrolled their names.

Associated Press reports that Russia is disgruntled with the U.S. over its new, stricter visa requirements, claiming they will only hamper relations between the two countries.

The Washington Post is reporting that the Bush administration is said to be considering granting North Korea formal guarantees that it will not come under U.S. attack as part of an agreement on dismantlement of its nuclear facilities.

Have a profitable day.


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