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The Fokker Chronicles

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Good morning Minyans. I'm thankful to be back from assignment and recap the morning news for you. Hope everyone had a restful holiday.

World Markets:

Europe rallied big into the U.S. open. The German DAX up 2.3%, the French CAC 40 traded up 2.35% and the London FTSE was up 1.46%. Japanese stocks closed through 10 month highs finishing up 2.59% as a result of computer related shares such as NEC and Tokyo Electron. The Hang Seng closed up 2.65%.

Heads-up:

Nothing major on the economic front until Thursday. Dow component Alcoa Inc. (AA:NYSE) reports before the open tomorrow morning.

Brokerage Chatter:

Merrill upgraded Morgan Stanley(MWD:NYSE) to buy from neutral. MBNA Corp(KRB:NYSE) had their estimates raises over at Morgan Stanley. SAP AG(SAP:NYSE) received some positive chatter this morning at First Boston and JP Morgan following Friday's estimates slash from Deutsche Bank. Chesapeake Energy Corp.(CHK:NYSE) was downgraded at Credit Suisse First Boston. Yahoo!(YHOO:NASD) had their numbers raised at JP Morgan, they report on Wednesday. Both JP Morgan and Lehman Bros said they saw some upside to numbers for Juniper Networks(JNPR:NASD). Look for JNPR to report on Wednesday as well. Siebel Systems(SEBL:NASD) was upgraded over at Solomon Bros. Deutsche raised their numbers on Electronic Arts(ERTS:NASD). JP Morgan raises numbers and price target for Infineon Tech AG(IFX:NYSE). Alex Brown made some positive comments on Nokia(NOK:NYSE) following channel checks on the company and said they see sales in China are nearing pre-SARS levels. Goldman's Laura Conigliaro made positive comments this morning on IT spending citing an improving outlook for the second half of the year.

Financial Headlines:

Stories :
Canon Inc., raised its forecast for digital camera shipments this year due to a surge in demand and further said that it may ship as many as half a million more of the cameras than originally planned. Taiwan Semiconductor Manufacturing Company (TSM), according to Bloomberg newswire, said its June net sales rose 6.2% month-on-month as a result of increased wafer shipments and a better product mix. The world's second-biggest aluminum producer Alcan(AL:NYSE), made a hostile bid for Pechiney, the fourth-biggest - If deal goes thru, it would make AL the largest metal company surpassing Alcoa Inc.(AA:NYSE) (Bloomberg) - AA reports earnings tomorrow. V.F. Corp(VFC:NYSE) will acquire Nautica Enterprises(NAUT:NASD) for $17/share. Microsoft(MSFT:NASD) is trading much firmer this morning following a report from the Financial Times that the company will deliver a dividend up to about $10 Billion dollars. Negative blurb on AOL Time Warner(AOL:NYSE) in the New York Times, while Fannie Mae(FNM:NYSE) and Freddie Mac(FRE:NYSE) received a positive spin from the WSJ citing government support for the housing market.

Earnings:

Nothing of note due out today, however, a few preannouncements were delivered. Schering Plough(SGP:NYSE) reduced their outlook and now sees their 2nd Quarter coming in at 12cents verses Thomson First Call of 18cents. BMC Software(BMC:NYSE) guided lower and Redback Networks (RBAK:NASD) guided below consensus.

Around the world in 80 ticks:

The BBC is reporting that following the suicide bombings at a Moscow rock festival on Saturday which killed 15 people, Russian President Vladimir Putin vowed to destroy the Chechen separatists.

A widely publicized hacking contest which encouraged its participants to deface websites ended without causing any serious trouble reports the BBC News.

Reuters reports that Iran announced that it had completed its testing on a long-range, surface-to-surface missile which military analysts say could strike Israel. In other mid-east news, according to Reuters, the Palestinian security forces said they had detained an 18-year-old woman in the Gaza Strip who was planning a suicide bombing in Israel.

Thick Skin.


Fokker

position in fnm
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