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The Fokker Chronicles



World Markets:

World markets were taking a hit today following yesterday's sell off in the U.S. The DAX and CAC40 were leading Europe lower dropping 1.75% and 1.55% respectively. In Asia, stocks finished their session on the weaker side as the Nikkei lost 1.30% and the Hang Seng gave back 0.60% on the day. Spot gold was looking to open higher by $1 and the dollar index lost ground ahead of the open to equity trading on Wall Street.

Heads up:

Later this morning the government releases the data for Leading Indicators for June at 10amEDT.

After the close today the earnings parade continues as Broadcom(BRCM:NASD), Callaway Golf(ELY:NYSE), Coca-Cola(KO:NYSE), Computer Assoc.(CA:NYSE), Xilinx(XLNX:NASD), and TriQuint(TQNT:NADS) release their results.

Brokerage Chatter:

Tellabs(TLAB:NASD) was upped to equal weight from underweight at Morgan Stanley. JP Morgan Chase(JPM:NYSE) was cut to neutral from buy at UBS. Linear Technology(LLTC:NASD) was upped to hold from sell at Deutsche Bank. Schering-Plough(SGP:NYSE) was upped to buy from neutral at Merrill Lynch. Lam Research(LRCX:NASD) was upgraded to a buy from neutral at Banc of Amercia. Goldman Sachs raised its estimates for eBay(EBAY:NASD) as they expect a stronger 2nd half of the year.

Goldman raised EPS estimates for General Motors(GM:NYSE) and Eastman Kodak(EK:NYSE). Prudential upped BP(BP:NYSE) from underweight to neutral and raised its price target to $54 from $49. Burlington Resources(BR:NYSE) also got a raise from Prudential going from an underweight to neutral and a $31 price target up to a $42 target. Fannie Mae(FNM:NYSE) had its estimates lowered for the 2nd quarter reflecting a tougher outlook although keeping with its $95 target and overweight rating.

Financial Headlines:
Stories :

Bloomberg newswires reports that Yukos has about three weeks left of cash before the company goes belly-up after the sale of its main unit.

Clear Channel Communications(CCU:NYSE) has reportedly agreed to a $1 billion share buyback and boosted its quarterly dividend by 2.5 cents.


UPS(UPS:NYSE) beat by a penny.
SBC Comm(SBC:NYSE) beat the Street by $0.04 but was light on revenues.
Eli Lilly(LLY:NYSE) reported results in line with consensus and guided its 3rd quarter below consensus.
AT&T(T:NYSE) beat by $0.07
Chicago Mercantile(CME:NYSE) beat by $0.02.
Textron(TXT:NYSE) topped estimates by $0.13.
American Intl(AIG:NYSE) beat by $0.02.
Starwood Hotels(HOT:NYSE) topped the street by $0.13 and boosted its 3rd quarter estimates.
Viacom(VIA.B:NYSE) beat by $0.02.
Washington Mutual(WM:NYSE) missed by $0.03.
Burlington Res(BR:NYSE) beat by $0.16.

Around the world in 80 ticks:

According to the Washington Post, because billions of dollars have been poured into the technology for future weaponry instead of today's military needs, soldiers in Afghanistan and Iraq are running low on bullets.

The LA Times reports that the commission investigating the 9/11 attacks is expected to reject claims the Saudis provided money and assistance to the hijackers when it releases its final report today.

CNN reports that four of the five hijackers were originally caught by surveillance video cameras from Washington Dulles International Airport the morning of September 11, 2001. The footage showed some of the hijackers getting pulled aside for further scrutiny after first setting off metal detectors but then permitted to board the flight that would later crash into the Pentagon.

Reuters reports that if you're planning on heading to Malaysia to view Mel Gibson's "The Passion of The Christ" and you're of the Muslim faith, you might have trouble buying a ticket. The government is purportedly only allowing Christians to view the movie and not allowing Muslims to enter the theater.

Have a great day.

position in ca, jpm, gm, ebay, bp, br, fnm, t, lly, ups, wm
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