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The Fokker Chronicles



World Markets:
Europe edged lower halfway through their trading session. The Asian markets closed mixed today. Canon Inc. and Sanyo Electric reported better 1st quarter results due to better sales of digital cameras and flat-panel televisions. Tokyo Electron however posted a wider 1st quarter loss adding pressure to the Nikkei. US markets reversed their course following better numbers across the board on the economic front.

This morning we'll get the Chicago Purchasing Mgr and Help Wanted index results at 10amEDT. Adobe(ADBE:NASD) will give their 3rd quarter and fiscal year update. Natural Gas inventories will be released later this morning. After the close, look out for earnings from Gilead Sciences(GILD:NASD), International Rectifier(IRF:NYSE), and Walt Disney(DIS:NYSE).

Brokerage Chatter:
Broadcom(BRCM:NASD) was downgraded at Wachovia to market perform from Outperform. JP Morgan upped EMC Corp(EMC:NYSE) to overweight from neutral but downgraded Network Appliance(NTAP:NASD) neutral from overweight. ConAgra(CAG:NYSE) was cut to underperform at Credit Suisse First Boston.

Merrill has moved their semiconductor sector weighting from neutral to a more positive outlook citing the underpinning now exists for a much more sustained and fundamentally based upward move in semiconductor stock prices. Firm consequently upgraded Intersil(ISIL:NASD), Linear Tech(LLTC:NASD), Maxim Integrated Prods(MXIM:NASD), Microchip Tech(MCHP:NASD), National Semiconductor(NSM:NYSE) and Semtech(SMTC:NASD) to buy from neutral. Morgan Stanley met with Intel(INTC:NASD) CEO Craig Barrett in a one-on-one meeting yesterday, no change in their overweight rating and price target of $28 per share.

Deutsche Bank made some positive chatter on Pepsi(PEP:NYSE). UBS AG upped some Oil Service names including Cooper Cameron(CAM:NYSE) to buy from neutral. McDonald's(MCD:NYSE) was upped to sector outperform at CIBC. Janus Capital(JNS:NYSE) was upgraded at CIBC.

Financial Headlines:
Stories :
Clayton Homes holders approved the Berkshire Hathaway deal.

Cox News service reports that following the scrapped plan for the Pentagon project to create a terror futures market, retired Adm. and supervisor of the project, John M. Poindexter, might be given the ax.

Halliburton (HAL: NYSE) beats by $0.06
Monsanto (MON: NYSE) beat by $0.10; guides for Y03
KOS Pharma (KOSP:NASD) beat by 26cents, guides for Y03
Comcast(CMCSK:NASD) beat estimates by a penny as their loss narrowed. Company also boosted their forecast for basic cable subs for the year.
Aetna(AET:NYSE) issued an upside preannouncement for Y03
ESS Tech(ESST:NASD) beat by .04 cents but guided lower.
Proctor & Gamble(PG:NYSE) beat by a penny
ON Semiconductor(ONNN:NASD) beat by $0.02
Ingram Micro(IM:NYSE) beat by .02 cents and guided in line. Newmont Mining(NEN:NYSE) beat by $0.02

Around the world in 80 ticks:
BBC News reports that the Roman Catholic Church has launched a global campaign to put an end to legislation allowing for same-sex marriage.

According to the BBC, the US administrator of Iraq, Paul Bremer, said general elections could be held by the middle of 2004 officially ending the US controlled state.

The Washington Post reported today that following several month CIA conducted interviews, four senior scientists and over a dozen others that worked in the Iraqi government have denied that Saddam had a redeveloped its program of weapons of mass destruction since United Nations inspectors left in 1998.

Have a profitable day.


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