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The Fokker Chronicles



World Markets:

Global markets were slightly weaker today as the Spanish IBEX led Europe lower dropping 1.15% half way through its midday siesta. In Asia, the Nikkei dropped 0.25% and the Hang Seng lost 0.27%.

Heads up:

Existing Homes Sales data for July is expected to be released today at 10amEDT.

Later today look out for earnings from American Express(AXP:NYSE), Centex(CTX:NYSE) and Silicon Labs(SLAB:NASD).

The Democratic National Convention kicks off today in Boston.

Brokerage Chatter:

Amtech downgraded Taiwan Semi(TSM:NYSE) to hold from buy. Banc of America put out some negative chatter on Check Point Software(CHKP:NASD) citing license revenues and margins may disappoint the street. Motorola(MOT:NYSE) was upped to market perform from underperform at Sanford Bernstein. Pfizer (PFE:NYSE) was cut to market perform from outperform at FBR and had its price target cut to $34 from $40.

Smith Barney upgraded United Technology(UTX:NYSE) to buy from hold and raised its price target to $109 from $95. Friedman Billings upgraded Schering Plough(SGP:NYSE) to outperform from market perform and raised its price target to $25 from $18.

Financial Headlines:
Stories :

Bloomberg newswires reports that Google said it will offer 24.6 million shares in an IPO valued between $108 and $135 a share. Google registered with the Nasdaq stock market under the ticker 'GOOG.' reports Friday that along with the findings of the 9/11 Commission, the Securities and Exchange Commission said it uncovered no suspicious evidence that indicated anyone attempted to profit from advanced warning of the attacks.


Kellogg(K:NYSE) beat by $0.03.
Ashland(ASH:NYSE) beat by $0.35.
Boston Scientific(BSX:NYSE) missed by a penny.
Intl Paper(IP:NYSE) beat by $0.03 but was light on revenues.
BellSouth(BLS:NYSE) beat by a penny.

Around the world in 80 ticks:

The Washington Times reports that the Democratic National Convention kicks off in Boston today where nearly 5,000 delegates and alternates along with 30,000 in guests and press will listen to the clamor of political banter.

Yesterday in New York, New York Senator Schumer and Representative King called on Congress to declare September 11th an annual day of community service. AP news reports that politicians and community leaders said their goal was to send two million volunteers into the community this year.

AP news reports that cyclist Lance Armstrong completed his record sixth straight tour de France yesterday greeted at the finish line by Sheryl Crow. Just eight years ago Armstrong was diagnosed with testicular cancer and just two years after that he began his record setting accomplishment and domination of the Tour.

The Hollywood Reporter cites George Lucas film producers as revealing next year's third and final installment of the Star Wars prequel trilogy will be called "Star Wars: Episode III -- Revenge of the Sith." With any luck, the final installment will at least be half as amusing this time around as Triumph the comic insult dog taking on rabid Star Wars fans.

Have a great day.


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