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The Fokker Chronicles



World Markets:
Europe was weaker pre-US session, The French CAC led the markets on the downside posting a near 1% drop. Asian markets were mixed with the Japanese Nikkei slightly weaker and the Hang Seng on the upside. The US markets have been choppy since the closing bell last night. US futures traded weaker after eBay(EBAY:NASD) reported and regained its ground this morning prior to the Durable Goods Orders release.

Look out for economic numbers at 10amEDT. New Home Sales and Existing Home Sales will be released for the June period.

Brokerage Chatter:
Deere(DE:NYSE) was upped to peer perform at Bear Stearns. Bear is also upping Gateway(GTW:NYSE) to peer perform and raising estimates on Lockheed Martin(LMT:NYSE).

Plenty of chatter on Nortel(NT:NYSE) this morning. CIBC raised Nortel to a sector perform, Goldman Sachs raised them to outperform from in-line however, Bear lowering their numbers slightly citing disappointing revenues.

Financial Headlines:
Securities Industry Assoc. data indicates Wall Street is poised for its 3rd best year ever, citing strong revenue from i-banking, stock sales and trading. Bloomberg.

Dow Jones reported after the bell last night that the Air Force has suspended Boeing(BA:NYSE) from future contracts after is stole secret documents from Lockheed Martin(LMT:NYSE) and is shifting $1bln worth of rocket launcher contracts over to LMT.

CBS Marketwatch reports last night that Roche and Igen(IGEN:NASD) have agreed to merge and spin-off a new company. Roche said it would pay $47.25 per share, or $1.26 billion, in cash to acquire Igen. Igen shareholders in turn would also get shares in a new company that would be spun off and managed by Igen's current team. IGEN shares were up nearly 60% in pre-market trading.

Labranche(LAB:NYSE) announced that the NYSE has threatened the firm with sanctions for failing to produce e-mails associated with the NYSE investigation of specialist firms.

Microsemi(MSCC:NASD) beat by $0.01. beat by $0.06 and guided the street up.
eBay(EBAY:NASD) beat their estimates by 2 cents, raised 2003 guidance, and announced a 2-for-1 split
Starbucks(SBUX:NASD) beat by a penny and boosted their forecast for the 4th quarter, full year 2003 and 2004.
Flextronics(FLEX:NASD) missed by a penny
Silicon Graphics(SGI:NYSE) beat by $0.04
Western Digital(WDC:NYSE) beat by $0.02
KLA-Tencor(KLAC:NASD) reported in line with consensus
Nortel(NT:NYSE) reported break even
Gateway(GTW:NYSE) beat by $0.06
Pfizer(PFE:NYSE) beat by a penny
JetBlue(JBLU:NASD) beat 2nd quarter estimates by 10cents and raised their numbers.
T. Rowe Price(TROW:NASD) beat by $0.04
Cummins(CUM:NYSE) was 23 cents better and guided the 3rd quarter and full year 2003 estimates above consensus.

Around the world in 80 ticks:
CNN has reported that authorities will display the bodies of Saddam's sons Uday and Qusay to reporters today in an effort to help convince skeptical Iraqis that Saddam Hussein's sons are in fact dead.
The eighteen people suspected of having the SARS virus at a Hong Kong psychiatric institution yesterday have been determined to be just suffering from influenza.

The Department of Homeland Security thinks al-Qaida terrorists might try to land jobs inside U.S. financial institutions, and from there launch attacks on the nation's economy, has learned. Rumors are that the threat level may be raised. The AFP also cites the U.S. saying the terrorists may use stolen IDs and badges after the U.S. Department of Homeland Security said hundreds of official uniforms, badges and identification cards have been stolen this year.

Hey Toddo, I think I still have the Bruce ticket if you're interested? Who ever said I didn't love the boss?

Have a profitable day folks.


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