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The Fokker Chronicles



Could the subways be any warmer at 6am? With one eye barely open and no extra shirt to change into, it occurred to me how bad the subways will smell in August. So much for my random thought.

World Markets:
Europe was off slightly in their midday trading. The German DAX was down 0.30% despite a June unemployment report that showed a decline for the second month in a row. Asian stocks however, finished stronger on their session led by Tokyo Electron and Samsung Electronics attributing much of their gains to a Goldman Sachs survey released yesterday. The GS survey indicated that U.S. companies may increase their spending on computer related equipment going forward. US markets are leaning weaker after yesterday's positive action.

(AA:NYSE) is due to report this morning and are looking for $0.24. The Consumer Credit report for May will be released at 3pEDT. The estimates are looking for $4.8billion versus its prior reading of $10.7 billion. Tomorrow look out for earnings from Nautica(NAUT:NASD), Genentech(DNA:NYSE), Juniper(JNPR:NASD) and Yahoo!(YHOO:NASD).

Brokerage Chatter:

Lehman out positive on Lowes(LOW:NYSE) and said they believe comps accelerated over past several weeks. Consequently, they raised their 2nd quarter for 2003 and full year estimate for 2004. Honeywell(HON:NYSE) had their 2003 and 2004 numbers cut at Merrill Lynch.

Soundview was positive on Intel(INTC:NASD) citing their expectation for the company to meet or exceed the midpoint of their guidance as a result of their fab processor product mix and are also looking for the company to gain share in flash memory for the 2nd half of the year.

JP Morgan raised their numbers for select biotechs this morning, specifically Genetech(DNA:NYSE), Amgen(AMGN:NASD), and IDEC Pharm(IDEC:NASD). Lehman Bros upgraded Broadcom(BRCM:NASD), Silicon Labs(SLAB:NASD), Agere Systems(AGR:NYSE), and Marvell Tech(MRVL:NASD). Morgan Stanley was negative on Disney(DIS:NYSE) however raised their numbers on JetBlu Air(JBLU:NASD) for 2003 and 2004 and also upped their numbers on Pixar(PIXR:NASD) for 2003 from $1.42 to $1.61. Solomon Bros was negative on Eastman Kodak(EK:NYSE) Alex Brown cut their numbers for Lucent(LU:NYSE).

Soundview was negative on Qualcomm(QCOM:NASD) but upgraded GM Hughes(GMH:NYSE). Bear Stearns lowered their eps guidance for Wendy's(WEN:NYSE) for both 2003 and 2004. Western Digital(WDC:NYSE) was downgraded to underweight over at JP Morgan. Ingram Micro(IM:NYSE) was upgraded by Merrill. Tellabs(TLAB:NASD) was upgraded to neutral from reduce. Goldman Sachs cuts Scholastic Corp(SCHL:NASD) to in-line following last nights negative pre-announcement. Merrill raised their price target on Dollar Tree(DLTR:NASD) to $44 from $33.

Prudential upgraded both NetScreen Tech(NSCN) and CheckPoint(CHKP) from hold to buy following positive channel checks on their firewall security spending. Prudential also had some positive chatter for the semi equipment names.

Financial Headlines:

Stories :

EMC(EMC:NYSE) to acquire LEGATO Systems(LGTO:NASD) - deal to be valued at $1.3bln in stock; EMC announces for their 2q that they expect to meet or exceed guidance by $0.01 and sees revenues at the high end of its range.

After the bell last night, Websense(WBSN:NASD) guided higher, Dollar Tree(DLTR:NASD) raised their 2nd quarter guidance and Scholastic Corp(SCHL:NASD) pre-announced negative.

The Pepsi Bottling Group(PBG:NYSE) beat by a penny and revenues were slightly better.

Around the world in 80 ticks:

The Associated Press reported that the militants from the Islamic Jihad had claimed responsibility for a bombing in central Israel that killed a 65-year-old woman and breaking the week long cease fire agreement. A fax to The Associated Press, apparently from the Islamic Jihad, threatened more violence if Israel fails to agree to a mass release of Palestinian prisoners. Islamic Jihad's top spokesman in Gaza, Nafez Azzam, denied any involvement, saying: "We have no knowledge about the claim of responsibility... and are still committed to this initiative and the truce. ... We stand by our word and our commitments." In related news, Palestinian Prime Minister Mahmoud Abbas postponed his meeting with Ariel Sharon, because of an internal crisis according BBC News.

The Washington Post is reporting this morning that the Bush administration acknowledged for the first time that the claim President Bush made in his January State of the Union address citing Iraq had sought to buy uranium from Africa was in fact a mistake.

Debka reports that a second Saddam audiotape has been aired after being found outside Lebanese ALBC TV station Tuesday. Hussein repeats he is inside Iraq, threatens an escalation of the war against Americans, and goes on to promise early victory. The CIA on Monday confirmed the first tape that was broadcasted by al Jazeera was genuine.

According to Reuters and a 2003 UN report, Norway, Iceland, Sweden, Australia and the Netherlands ranked as the best countries in which to live. The US ranked seventh and Canada was eighth in the report that includes factors such as educational levels, health care and life expectancy in making its determination.

Big shout out to my Fokker counterpart in West Palm, we almost found the mother to Fokker's children.

Have a great day.


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