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The Fokker Chronicles

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World Markets:

Global markets were flat to higher today heading into the weekend. The DAX and IBEX traded lower while the London FTSE gained 0.10% halfway through its session. Meanwhile in Asia, stocks finished higher as the Nikkei gained 0.89% and the Hang Seng added 0.68%. Spot gold was trading lower by nearly $1 while the dollar index traded near unchanged ahead of the opening of trading in the U.S.


Heads up:

The lone economic data point today comes at 10amEDT with the release of May's Wholesale Inventories.

Next week's earnings parade will slam the markets with reports from Novellus(NVLS:NASD), Commerce Bancorp(CBH:NYSE), Johnson & Johnson(JNJ:NYSE), Merrill Lynch(MER:NYSE), Intel(INTC:NASD), Juniper(JNPR:NASD), Banc of America(BAC:NYSE), Advance Micro Devices(AMD:NYSE), Apple Co.(AAPL:NASD), Citigroup(C:NYSE), Nokia(NOK:NYSE), Pepsi(PEP:NYSE), Wachovia(WB:NYSE), and Intl Bus Machines(IBM:NYSE).


Brokerage Chatter:


Siebel Systems(SEBL:NASD) was upgraded at Sanford Bernstein from market perform to underperform. Piper Jaffray downgraded Computer Associates(CA:NYSE) to market perform from outperform and cut its target to $27 from $29. Pepsi Bottling(PBG:NYSE) was downgraded to hold from buy at Legg Mason. MBNA Corp(KRB:NYSE) was cut to outperform from strong buy at Raymond James. Labranche(LAB:NYSE) was upped to hold from underperform at Jefferies. Piper Jaffray downgraded 3Com(COMS:NASD) to market perform from outperform and cut its price target to $6 from $9.50. Wells Fargo upgraded Lattice Semi(LSCC:NASD) to buy from hold.

Financial Headlines:
Stories :

AMG data shows that equity funds received net cash inflows totaling $2.457 billion in the week ended July 7, with 76% going to funds investing in domestic securities.

AP news reports that McDonald's(MCD:NYSE) has been hit with a lawsuit alleging they shockingly used fat while preparing its food. In September of 2002, the fast food king pledged to reduce the trans-fat levels in its product. However that was delayed since their Big Macs were purportedly less tasty. A spokeswoman for the company gloated that their chicken McNuggets had less fatty acid levels.

The Financial Times has reported that insurance companies planned to withdraw their terrorism coverage for Airliners that included radioactive contamination and chemical and biological weapon attacks.

Earnings:

General Electric(GE:NYSE) beat estimates this morning, reporting 38 cents versus First Call estimates of 37 cents on much stronger revenues. GE also narrowed its full year guidance to 1.55-1.60 from previous 1.54-1.60.
Computer Associates(CA:NYSE) gave a mini warning last night reducing its revenue guidance by keeping its EPS forecast in line.
Storage Tech(STK:NYSE) guided its 2nd quarter revenues below Street consensus.



Around the world in 80 ticks:

According to the New York Times, citing government officials, Bin Laden is said to be somewhere along the Afghanistan-Pakistan border directing Al-Qaeda plans for an attack inside the U.S. sometime before the end of the year.

Reuters reports that as per a leaked copy of an International Court of Justice memo, that same court is set to rule today that Israel's security barrier inside the West Bank is illegal and must be dismantled.

Reuters is reporting that according to the Pentagon, President Bush's military records from 30 years ago cannot be recovered because they were inadvertently destroyed in 1996. This has become a recent point of contention by Democrats after Bush's military history in Alabama was called into question but was not confirmed when the White House released several hundred pages of military records.




Have a great day.


Fokker



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