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The Fokker Chronicles

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World Markets:

Global markets were mixed today as the DAX lost nearly a half a percent while the IBEX gained 0.60% ahead of the open to U.S. trading. The Japanese Nikkei lost 0.79% today but the Hang Seng added 0.29% and the Aussie All Ordinaries gained 0.24%. Spot gold was poised for a big move today as it gained $7.50 before US equities began trading today.

Heads up:

After the bell today, Yahoo!(YHOO:NASD), Alcoa(AA:NYSE), and Genentech(DNA:NYSE) are expected to report earnings and Street estimates are for $0.08 and $609million in revenues.

Looking ahead to tomorrow's economic news, lookout for the weekly Jobless Claims and Continuing Claims as well as the Consumer Credit data for May.

Brokerage Chatter:

Sun Microsystems
(SUNW:NASD) had its estimates raised above consensus at Merrill Lynch. Goldman Sachs lowered its converage of the newspaper industry to cautious from neutral and individually cut Knight Ridder(KRI:NYSE) to in-line from outperform. Sanford Bernstein upped EMC Corp(EMC:NYSE) to outperform from market perform. Raymond James downgraded JetBlue(JBLU:NASD) to outperform from strong buy and cut its price target to $31 from $35.

UBS swapped UnitedHealth(UNH:NYSE) into its Select 20 List replacing Intel(INTC:NASD). Merrill Lynch upped AK Steel(AKS:NYSE) to buy from neutral. Prudential downgraded the Internet and Commerce Sector to neutral from favorable and individually cut eBay(EBAY:NASD) to neutral from outperform.

Financial Headlines:
Stories :


The Mortgage Bankers Association(MBA) index reported weekly applications for mortgages saw an increase of 15% over the week prior.

JC Penny(JCP:NYSE) engineers have reportedly created the world's first odor-eating underwear. The NY Post reports JCP could unveil their briefs shortly in addition to its collagen-injected sock line.

The Wall Street Journal reports that in a memo to employees, MicroSoft(MSFT:NASD) laid out plans to slash costs by billions of dollars.

Earnings:

Knight Trading(NITE:NASD) lowered its 2nd quarter estimates to $0.06-$0.11 versus the Street estimates for $0.15. NITE will also be taking a pre-tax charge of $79 million to settle charges with the SEC and NASD.
PeopleSoft(PSFT:NASD) negatively preannounced this morning revising its estimates due to "disruptions" from the ORCL trial. PSFT estimates get revised to $0.13-$0.15 on revenues of $655-665 million below the Street of $0.21 and revenues of $689 million. No comments were made on current business trends.
Quest Software(QSFT:NASD) revised its 2nd quarter operating EPS towards the higher end of forecasts.

Around the world in 80 ticks:

CNN reports that a Yemeni court has charged six men with planning the October 2000 USS Cole bombing confirming that those men were also part of the Osama bin Laden terrorist network.

AP news reports that Brazil could revitalize its space program by 2006 when it plans to launch its first rocket. Brazil's first attempt last summer was dealt a huge setback after the launching platform exploded killing 21 employees of the space agency.

The Washington Post reports that gentlemen at the Southern Trace Country Club in Shreveport Louisiana lost their case against women eager to dine at the club's restaurant. Despite the old "the male members sometimes dine nude" defense, the courts ordered the male-only restaurant to open its doors to women hungry after an 18-hole course.



Have a great day.


Fokker


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position in yhoo, ebay, psft, orcl, jblu
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