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The Fokker Chronicles


World Markets:
Europe weaker early with the CAC 40 and German DAX leading the way lower. The Asian markets had another positive session as the Japanese Nikkei closed up nearly 1% and the Hang Seng finished up 0.35%.

Wholesale Inventories for May is due out at 10amEDT. Oracle(ORCL:NASD) has an analyst day scheduled today. Lookout for earnings after the bell from Genetech(DNA:NYSE) and Yahoo!(YHOO:NASD).

Brokerage Chatter:
Intel(INTC:NASD) had their price target raised at UBS to $29 from $26 and had its buy rating reiterated. Alcoa(AA:NYSE) following their positive earnings report was cut to equal weight from overweight at Morgan Stanley. Prudential upped Citigroup(C:NYSE) to hold from sell. Credit Suisse First Boston downgraded Sealed Air(SEE:NYSE) to neutral and Deutsche Banc downgraded Carnival(CCL:NYSE) to hold.

JP Morgan upgraded Halliburton(HAL:NYSE) to overweight and upped NiSource(NI:NYSE) to neutral. Solomon upgraded BJ's Wholesale(BJ:NYSE) to outperform. The Great Atlantic & Pacific Tea Co(GAP:NYSE) was upgraded to neutral at Merrill. Lehman Bros upped a couple of bank holding companies, Unionbancal(UB:NYSE) and Hibernia(HIB:NYSE), to overweight.

Following an impressive move yesterday, Magna Intl(MGA:NYSE) was downgraded to hold from buy over at Deutsche. Intersil(ISIL:NASD) received a positive call from Bear Stearns and had their full year numbers raised. Alcatel(ALA:NYSE) had their numbers lowered at First Boston. Deutsche Banc made some positive chatter on KLA Tencor(KLAC:NASD) and Lam Research(LRCX:NASD) after they previewed their quarter and indicated here is additional upside to their numbers.

Goldman Sachs was cautious on Emulex(ELX:NYSE) however, slightly bullish on Intl Business Machines(IBM:NYSE). JP Morgan previewed the semi group and was positive on Intel (INTC: NASD) and Microchip Tech (MCHP: NASD) but remained cautious on RF Micro Devices (RFMD: NASD) and Texas Instruments (TXN: NYSE). Goldman Sachs cuts their 2003 est. for Eastman Kodak (EK: NYSE) to $1.45 from $1.75. Air Products (APD: NYSE) was downgraded from outperform to market perform at Sanford Bernstein.

Financial Headlines:
Stories :
Tenet Healthcare (THC: NYSE) announced the SEC is conducting a formal probe and received a document subpoena related to their financials dating back to May of 1997. Bloomberg newswire.

Cisco Systems(CSCO:NASD) CEO said this morning that he sees a recovery in the IT market within the next 4 months. Reuters

The Wall Street Journal reported that R.J. Reynolds(RJR:NYSE) and British American Tobacco(BTI:NYSE) have held discussions to possibly merge their U.S. tobacco operations.

Alcoa(AA:NYSE) beat their 2nd quarter estimate by 2 pennies last night. International Speedway Corp(ISCA:NASD) missed by 2 pennies for their 2nd quarter and guided down for next quarter.

Around the world in 80 ticks:
The BBC News is reporting that South Korea's intelligence agency said the North Koreans are getting much closer to possessing nuclear weapons. The officials cited North Korean reprocessing of a few of its spent nuclear fuel rods.

According to MSNBC, the Palestinian Prime Minister, Mahmoud Abbas, has formally quit his position at his own party and threatened to step down as premier following his canceled meeting with Sharon today.

Have a great day Toddo!


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