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The Fokker Chronicles



World Markets:

World markets were in better spirits today as the European markets added healthy gains. The CAC40 was higher by 0.85% and the DAX gained 0.75%. The Spanish IBEX resumed trading today after its 3 day holiday and promptly gained nearly 1.5% on its session. In Asia, the Nikkei gained 0.36% and the Hang Seng was higher by 0.30%. Spot gold meanwhile was trading off nearly $1 while the dollar index was gaining and near its highs of the session after some whippy trading following the CPI reports.

Heads up:

After the bell look out for earnings from Applied Materials(AMAT:NASD) and Network Appliance (NTAP:NASD).

Meanwhile, after a slew of CPI reports hit the tape showing a few down ticks in this inflation index causing treasuries to take a quick snapper, the market will have data on Industrial Production and Capacity Utilization to assess.

Brokerage Chatter:

Burlington Northern Santa Fe (BNI:NYSE) was cut to equal weight from overweight at Morgan Stanley. CIBC started General Electric(GE:NYSE), Emerson Electric (EMR:NYSE) with a $38 and $72 price target respectively while citing limited upside for Honeywell(HON:NYSE) and Tyco (TYC:NYSE). Goldman Sachs maintains its view on Schering-Plough (SGP:NYSE) but took their estimates down.

Financial Headlines:
Stories :

Reuters is reporting that Google (GOOG:NASD) could start trading as early as tomorrow after they asked regulators for final go ahead on IPO price and end its auction process after the market closes today. Marketwatch however is reporting that the offering could get further delayed if the amount of bidders doesn't pick up.

Reuters reports that Motorola (MOT:NYSE) said it expects strong sales growth in the second half of the year.

Deere (DE:NYSE) reports 7 cents better on revenues of $4.85 billion versus consensus of $4.76 billion.
Lone Star (STAR:NASD) guided its 3rd quarter EPS below consensus estimates and now sees a range of $0.16-$0.20 from previous estimate of $0.27.
CarMax (KMX:NYSE) slashed its 2nd quarter guidance blaming the extent of the loss from recent hurricanes Bonnie and Charley.
BJ's Wholesale (BJ:NYSE) beat by $0.04.
Staples (SPLS:NASD) beat by $0.02 on lighter revenues.
Home Depot (HD:NYSE) topped estimates by 6 cents and raised its 2004 EPS growth target.

Around the world in 80 ticks:

Following the decision by President Bush to shift many of the global military bases redeploying many troops back home and in more strategic locations to fight terror, some local outcries have been heard. In Germany, Reuters reports that 30,000 troops that have been ordered to depart the former cold-war chess piece was said to likely cause a local economic reverberation if not economic disaster to nearby communities.

In an effort to fight the Palestinian prisoner self-imposed hunger strike, BBC reports that following a second day fast of nearly 1,600 inmates, Israel might have something cooking. Literally, Israeli prison officials are setting up barbecues outside the cells and will sit down to eat in front of the prisoners while the prisoners in turn will attempt to stick to liquids-only protest. Although organizers of the protest indicate another 7,500 of the prison community plan to join the strike, it has yet to be determined if the Fox Ent. Group (FOX:NYSE) has a pilot in the works to capture the standoff for its glut of "reality-TV" programming.

Have a great day.


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