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The Fokker Chronicles



World Markets:
World markets are much stronger following positive economic releases from the US government on the employment sector. The German DAX showed great strength early on posting a 2% gain. Asian markets closed modestly higher amid positive technology earnings.

Earnings galore this afternoon. More than I could tell you about that's for sure. Check out the reports after the bell from EBAY(EBAY:NASD), Gateway(GTW:NYSE), JDS Uniphase(JDSU:NASD), KLA Tencor(KLAC:NASD), Microsemi(MSCC:NASD), Northern Telecom(NT:NYSE), Priceline(PCLN:NASD), Silicon Graphics(SGI:NYSE), Triquint Semi( TQNT:NASD), Verisign(VRSN:NASD) and Western Digital(WDC:NYSE).

Brokerage Chatter:
Veritas(VRTS:NASD) upped at Deutsche to buy from hold and raised their target price to $35 from $25. RBC upgraded Lam Research(LRCX:NASD) to outperform from sector perform. Wyeth(WYE:NYSE) was downgraded at Goldman Sachs in-line from outperform. LSI Logic (LSI:NYSE) received a couple of upgrades at Lehman and Wachovia. Computer Assoc(CA:NYSE) upgraded at Credit Suisse First Boston. Smith Barney initiating coverage on Merrill Lynch( MER:NYSE) and Morgan Stanley(MWD:NYSE) with outperform, Goldman Sachs(GS:NYSE) and Lehman(LEH:NYSE) with in-line, and Bear Stearns(BSC:NYSE) with under-perform.

Bear raised their 2003 oil price forecast from $26 to $28 due to supply outages and kept their 2004 estimate unchanged. AT&T Wireless(AWE:NYSE) was upped by Merrill Lynch to buy from neutral.

Financial Headlines:
Stories :
Initial Jobless claims broke its string of consecutive readings above the 400,000 level and came in at 386,000.

Biogen's(BGEN:NASD) Antegren failed to meet primary endpoint and that's putting some pressure on the stock in the early goings.

JP Morgan Chase(JPM:NYSE) is said to be acquiring Bank One's(ONE:NYSE) Corporate Trust Services biz for $720 mln.

Daimler Chrysler(DCX:NYSE) citing Euro as reason for weakness in their quarter still beat by $0.10.
Eli Lilly(LLY:NYSE) beat by $0.04
SBC Comm(SBC:NYSE) beat their estimate by $0.01
Biogen(BGEN:NASD) beat by 3 cents and reaffirmed their guidance for 2003.
Pulte Homes(PHM:NYSE) beat by 21cents raised their 2003 guidance.
American Intl(AIG:NYSE) beat the street by $0.02, boosted their quarterly dividend.
Veritas Software(VRTS:NASD) beat their numbers by $0.04 and guided the 3rd quarter revenues above consensus expectations. Board also approved a $300 mln buyback
AT&T(T:NYSE) blew out the street by $0.15
Computer Assoc(CA:NYSE) beat by $0.05 and guided expectations up
LSI Logic(LSI:NYSE) beat by $0.06, guided higher for the next quarter
Baker Hughes(BHI:NYSE) beat by $0.06, and guided higher for 2003
Taiwan Semi(TSM:NYSE) beat by $0.02
Cirrus Logic(CRUS:NASD) missed by $0.06
Lam Research(LRCX:NASD) reported in line with consensus.
Qualcomm(QCOM:NASD) beat by $0.03
JetBlu(JBLU:NASD) beat by 10pennies.

Around the world in 80 ticks:
According to the BBC, Congress is set to release a 900 page report that will highlight the failings of the US intelligence services that lead up to the 9/11 attacks. The report will go on to criticize the FBI and the CIA but will conclude they had no evidence that gave specific warnings about the attacks.

MSNBC reports that Iran said yesterday for the first time that it was holding top Al-Qaida members. Although none of the members were identified, senior US and Egyptian intelligence officials believe that the highest-ranking al-Qaida official in Iranian custody could be Saad bin Laden, the third-oldest son of Osama bin Laden.

Sky News is reporting that a mental institution in Hong Kong said that it is testing 11 patients suspected of contracting SARS.

Have a profitable day.


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