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The Fokker Chronicles

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World Markets:

Global markets were stronger today with most of the broader averages in Europe trading modestly higher. The IBEX was the leading gainer in the region up nearly 0.60%. In Asia, the Nikkei gained 1.20% and the Hang Seng finished up 1.37% on its session.

Heads up:

Stay tuned for more economic data today. At 10amEDT lookout for the Leading Indicators for July and then at 12pmEDT the Phila Fed will release its data. Semi Book to Bill Ratio is expected out this evening at 6pmEDT.

Lookout after the bell for GAP Inc(GPS:NYSE), McData(MCDTA:NASD) and Nordstrom(JWN:NYSE).

Brokerage Chatter:
CIBC has revised its crude oil price forecast from $35.50 per bbl to $39 per bbl for 2004 and from $32 per bbl to $37 per bbl for 2005. ThinkEquity is beginning coverage of today's IPO Google(GOOG:NASD) with a buy rating and a $120 price target. Monsanto(MON:NYSE) was added to Focus List at Merrill Lynch. Sanford Bernstein upgraded Siebel Systems(SEBL:NASD) to outperform from market perform.

M&T Bank(MTB:NYSE) was cut to hold from buy at Legg Mason. Talbots(TLB:NYSE) was cut to underweight from neutral at Prudential and had its price target cut to $25 from $35. Deere & Co(DE:NYSE) was added to UBS Select 20 List and removed Lockheed Martin(LMT:NYSE).

Financial Headlines:
Stories :

Google(GOOG:NASD) set it's IPO price at $85, well below its original $108-135 range and at the low end of its reduced $85-95 range.

Bloomberg newswires reports that Cisco Systems(CSCO:NASD) CEO John Chambers said in remarks he made last week that CEOs were ``more cautious'' over the economy reflecting a slowdown in demand in many companies due in large part to higher oil prices. It doesn't appear these CEO's will get any reprieve in the early goings today with IPE Brent crude already off to a firmer start by $0.70 in London's mid-day trading.

Dow Jones news reports that the French Industry Minister said $50 per barrel of oil could hit its GDP by 1 point if crude oil remains near $50 a barrel long-term.

Freddie Mac(FRE:NYSE) announced last night it had received a Wells Notice from the SEC, which indicates that a civil lawsuit against the mortgage giant could be in the cards according to Marketwatch.


Earnings:
Barnes & Noble(BKS:NYSE) beat by $0.09 and guided its 3rd quarter below consensus.
Navistar(NAV:NYSE) reports 5 cents better and guided its 2004 EPS above consensus estimates.
Ciena(CEIN:NASD) beat by a penny.
Limited(LTD:NYSE) beat by $0.04.



Around the world in 80 ticks:

Reuters reports that Shi'ite cleric and Iraqi trouble maker al-Sadr received a final warning from Iraq's government today. The Iraqi government threatened an imminent military strike against his militia if they failed to disarm within hours from Najaf. Meanwhile, one of Sadr's chief lieutenants has rejected the demands of the ceasefire.

AP newswires reports that the Big Apple will have its hands full when it hosts the Republican National Convention. According to the FBI's top terrorism official, the FBI was said to be anticipating violent protests at the upcoming RNC in New York despite not having enough evidence to move against any group or person.

Bloomberg newswires reports that Electronic Arts(ERTS:NASD) announced that its latest launch of Madden NFL Football game for 2005 has sold over 1.35 million copies in its first week of distribution making it the biggest first week in the 15 year history of the Madden NFL Football franchise.


Have a great day.


Fokker
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