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The Fokker Chronicles



World Markets:
Europe remained hot as it eyes its 5th straight positive session. German DAX again the standout performer posting a 1.3% gain half way through its trading day. US equity futures traded slightly higher following some strong economic reports especially in light of the positive revisions.

Business Inventories will be released at 10amEDT. Lookout at 10:30amEDT for the Weekly and Monthly API statistical data for a view on the oil markets. Also the 2003 Semiconductor Conference will start today and continue through tomorrow. Notables at the conference include Intel(INTC:NASD), Cypress(CY:NYSE), Novellus Systems(NVLS:NASD), and Teradyne(TER:NYSD).

Earnings of note tomorrow include Dell Computer (DELL:NASD), Analog Devices(ADI:NYSE), BEA Systems(BEAS:NASD), and Target Corp.(TGT:NYSE).

Brokerage Chatter:
Computer Sciences(CSC:NYSE) was downgraded to in-line from outperform at Goldman Sachs. Prudential downgraded Medtronic (MDT:NYSE) to hold from buy. Credit Suisse First Boston cut Abercrombie & Fitch(ANF:NYSE) to neutral from outperform.

First Boston also made negative chatter on Hewlett Packard(HPQ:NYSE) citing they will miss its top line estimates. Bear Stearns upped May Department Stores(MAY:NYSE). Apple Computer(AAPL:NASD) had positive mention over at Bear Stearns citing positive margins. Lehman Brothers cut American Intl Group(AIG:NYSE) to equal weight from overweight.

Financial Headlines:
Stories :
The Wall Street Journal reported this morning that in addition to the cloud currently hovering over the GSE's, Fannie Mae(FNM:NYSE) acknowledged that it used an environmental tax credit that is currently being scrutinized by the Internal Revenue Service.

Investors Intelligence Sentiment Survey(II), reported this morning its Bull/Bear readings for the week. Bulls were at 52 versus 51.5 last week. Bears dipped a little to 19 versus 20.8 last week.

AstraZeneca(AZN:NYSE) received an FDA approval for Crestor.

Gap Stores(GPS:NYSE) said Moody's increased its liquidity rating and changed their outlook to stable from negative.

Hot Topic(HOTT:NASD) declared a 3-for-2 stock split.

UBS surprised the street with a strong 2nd quarter net profit jump. UBS Wuffli said on Bloomberg that he sees a "cooling" to their fixed income business that could outweigh their equity gain.
Wal-Mart(WMT:NYSE) reported in line with estimates.
El Paso(EP:NYSE) missed by $0.15, and guided well below consensus for full year 2003
Fox Entertainment(FOX:NYSE) beat by $0.05
News Corp(NWS:NYSE) beat by $0.08
Applied Materials(AMAT:NASD) beat ex items by a penny, revenues were in line with consensus. Company guided their 4th quarter below consensus estimates for both EPS and revenues.
Abercrombie(ANF:NYSE) beat by a penny
Maxim Integrated(MXIM:NASD) reported in line, announced they will double their current dividend
Computer Sciences(CSC:NYSE) reported in line, ex items and guided 2nd quarter in line with consensus.
Federated(FD:NYSE) beat by $0.02

Around the world in 80 ticks:
BBC reported yesterday that three people, including one Brit, are being held in connection with an alleged plot to smuggle a Russian-made surface-to-air missile into the US that could be used for shooting down a commercial airliner. The British suspect was captured in Newark, New Jersey while the other two were arrested in New York. The international sting was a coordinated effort by the FBI, British and Russian intelligence.

Reuters reported that two American peace activists who went to Iraq as "human shields" to protest against the war will now face fines of up to $10,000 from the U.S. government for violating the travel ban to Iraq.

According to comments made from Australian intelligence, Reuters reports that another catastrophic attack similar to the 9/11 attacks is inevitable and Australia is a very likely target.

BBC news announced that Italy has caught lottery fever as tonight's draw will be the biggest ever jackpot in Europe. The first prize of 66 million euros or $75million has reached this level after six months of nobody successfully picking the six winning numbers.

Have a profitable day.


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