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The Fokker Chronicles



World Markets:

World markets were on the shaky side today following terror alerts to the U.S. financial community. The DAX led the region lower as it dropped by 1.15% halfway through its trading session. In Asia, stocks traded off as the Nikkei gave up 0.91% and the Hang Seng lost 0.30%. Spot gold traded modestly higher gaining $1 while the dollar yen lost 0.57 prior to the open of trading on Wall Street. On the flip side of globex equity futures, treasuries were benefiting from equity and terror fears as 10 year futures gained 9/32nds in early trading.

Heads up:
Later this morning the government will release its data for June Construction Spending as well as July ISM Manufacturing at 10amEDT.

After the bell lookout for while tomorrow lookout for Mercury Com.(MRCY:NASD), Martha Stewart(MSO:NYSE), Qwest(Q:NYSE), Tenet Heathcare(THC:NYSE), and Prudential(PRU:NYSE).

Brokerage Chatter:

Barron's over the weekend favorably highlighted the cable companies saying it could be time to get into Comcast(CMCSA:NASD), Time Warner(TWX:NYSE), and Cox Com.(COX:NYSE). Barron's also made positive comments for the brokers individually naming Goldman Sachs(GS:NYSE), Merrill Lynch(MER:NYSE), and Morgan Stanley(MWD:NYSE) as good valuation plays. Bear Stearns(BSC:NYSE) also received positive mention in Barron's cover story. On the flip side, Banc of America lowered numbers on Lehman(LEH:NYSE), Goldman Sachs(GS:NYSE), Morgan Stanley(MWD:NYSE) and Bear Stearns(BSC:NYSE) due to lack of visibility.

American Express(AXP:NYSE) was cut to in-line from outperform at Goldman Sachs. Wachovia upped Healthcare Realty(HR:NYSE) to outperform from market perform. Soundview made some positive comments for EMC Corp(EMC:NYSE) saying the shares should be bought on pullbacks. CSFB downgraded First Data(FDC:NYSE) to neutral from overweight. Smith Barney upgraded Nortel(NT:NYSE) to buy from hold. Banc of America upgraded Qualcomm(QCOM:NASD) to buy from neutral, raised its 3rd and 4th quarter estimates and upped its price target to $90 from $71. Merrill cut its numbers for BEA Systems(BEAS:NASD).

Mixed chatter on the retailers this morning as Lehman Brothers increased its comps estimate for Kohl's(KSS:NYSE). Bear Stearns likes JC Penny(JCP:NYSE) as its favorite department store while Goldman Sachs reduced its 2004 and 2005 EPS estimates for Target(TGT:NYSE) and Prudential commented that the numbers at Gap Inc(GPS:NYSE) could look ugly.

Financial Headlines:
Stories :

Viacom(VIA.B) bought out its subsidiary at $1.75 a share, a 13% premium to Friday's close.

According to the Wall Street Journal, SunMicro(SUNW:NASD) may be interested in acquiring Novell(NOVL:NASD)


Procter & Gamble(PG:NYSE) beat by $0.02 on revenues of $12.96 billion versus the $12.86 billion consensus.
SPX Corp(SPW:NYSE) missed by $0.06.
Corinthian Colleges(COCO:NASD) warned for its 4th quarter and 2005 full year estimates. The 4th quarter EPS was originally for $0.28 and now sees EPS at $0.19 to $0.20.

Around the world in 80 ticks:

MSNBC reports that a terror alert has been issued from the office of Homeland Security Secretary, Tom Ridge indicating specific threats to financial institutions in Washington, D.C., northern New Jersey, and New York City. Ridge cited "new and unusually specific information" at a news conference yesterday afternoon marking the first time since 9/11 that specific threat warnings have been issued. Emphasizing the "considerable detail and quality of information," Ridge said that Al Qaeda was targeting the buildings of the International Monetary Fund headquarters and the World Bank in DC, the Prudential Plaza building in Newark, NJ as well as the offices of Citigroup(C:NYSE) and the NYSE in New York City. The New York Times reported today that terrorists might have performed dry runs on the Prudential building in Newark. AP news cited officials as saying that because of the large number of backup systems in place after 9/11, a terror attack against a large bank would have little impact on the country's banking system.

In related terror news, AP news reports that according to an Arabic newspaper, an Al Qaeda linked group issued its 4th threat in two weeks against Italy if they fail to remove their troops from Iraq.

A fire in the capital of Paraguay killed nearly 300 over the weekend according the Associated Press while local news reported 340 bodies have been recovered from a blaze that swept through a crowded multilevel supermarket. Officials were reportedly still trying to determine the cause of the fire.

Have a great day.


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