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The Fokker Chronicles

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World Markets:
Europe trying to cool down as most of the major indices are hovering around mixed to flat for the day. The Japanese markets posted stronger gains this morning with the Japanese Nikkei gaining 1.72% and the Hang Seng rising 1.49%. US equities futures have reversed much of its gains from early this morning.

Heads-up:
Earnings due out tomorrow include Deere & Co.(DE:NYSE), JC Penny(JCP:NYSE), Applied Materials(AMAT:NASD), Computer Sciences(CSC:NYSE) and Maxim Integrated Prod(MXIM:NASD). Lookout for the FOMC (Federal Open Market Commitee) policy announcement tomorrow afternoon.

Brokerage Chatter:
Oracle(ORCL:NASD) upped at Merrill Lynch to buy from neutral. Solomon Brothers has raised its estimates for Applied Materials(AMAT:NASD) for both 2003 and 2004 going from $0.10 to $0.12 and from $0.37 to $0.47 respectively. Solomon also raised its target from $18 to $22 a share.

Deutsche Bank(DB:NYSE) was raised to in-line from underperform by Goldman Sachs. UBS raised its rating on the consumer staples sector to market weight from underweight and downgraded the utilities group to underweight from market weight. Seagate(STX:NYSE) upped at Lehman Brothers to overweight from equal-weight. Credit Suisse First Boston upped Siemens AG(SI:NYSE) to outperform from neutral. AG Edwards upgrades Broadcom(BRCM:NASD) to buy from hold.

Adobe Systems(ADBE:NASD) was upped at Pipar to strong buy from outperform. Tellabs(TLAB:NASD) received some negative chatter out of Deutsche Bank. Bank of America raised its price target on Electronic Arts(ERTS:NASD) Lehman downgraded Occidental Pet.(OXY:NYSE) to equal weight from overweight and also downgraded, Lehman upgrades EOG Resources(EOG:NYSE) to overweight from equal-weight. Lehman also raised its price targets on HCA Inc. (HCA:NYSE) and Health Mgmt Assc.(HMA:NYSE) to $39 from $35 and to $24 from $21, respectively.


Financial Headlines:
Stories :
Metlife(MET:NYSE) announced that it is cutting its 2nd quarter net income due to "Improper" expenses according to Bloomberg newswire. Revised its 2nd quarter eps down 5 pennies and will take a $31million charge.

Wall Street Journal reports that Freddie Mac(FRE:NYSE) is being sued by pension funds.

Baker Hughes Inc. (BHI:NYSE) said U.S. regulators have subpoenaed information about the company's activities in Angola & Kazakhstan.

Morgan Stanley (MWD:NYSE) is expected to face civil charges from Massachusetts accusing it of violating anti-fraud provisions according to the Wall Street Journal.

Bloomberg reports that Ameritrade(AMTD:NASD) has announced the NASD has recommended disciplinary action against the online trading company. IClearing and Datek Online have received similar recommendations according to Ameritrade.

Earnings:
Martha Stewart(MSO:NYSE) beat by 6 pennies and guided the 3rd quarter and full year 2003 below forecasts.

Around the world in 80 ticks:
Reuters is reporting that Israel is accusing Syria, for a weekend killing of an Israeli teen when Hizbollah guerrillas in Lebanon fired anti-aircraft shells across the border. Israel has asked Washington to enforce a U.S. demand that Syria rein in Lebanon based but Syria-backed Hizbollah.

Sky News reported that Britain reached its hottest day on record Sunday. The heat and drought-driven fires had spread across Europe and even prompted Pope John Paul II to urge people to pray for rain according MSNBC. The temperature in central London reached 36C (97F) on Saturday - the highest since 1911, but broke through yesterday when registering over 100F.

Associated Press reported that Actor Gregory Hines died of cancer on Saturday in Los Angeles at the age of 57.

According to MSNBC, with the candidates in place for California's October 7th recall election, 193 names will be listed on the upcoming ballot.

Have a profitable day.

Fokker
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