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The Fokker Chronicles

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World Markets:
Europe is weaker this morning potentially ending its 9 day winning streak. Allianz AG led shares lower following a downgrade from Goldman Sachs. Japanese stocks traded higher again pushing the Topix index above 1000 for the first time since July of last year. US equities were poised for a weaker start following the poor showing of Hewlett Packard(HPQ:NYSE) last night.


Heads-up:
The API Weekly Statistics Bulletin will be released at 10:30amEDT. Hey Bardo, no economic releases scheduled for today. But stay tuned for earnings releases after the bell from OSI Systems(OSIS:NASD) and Synopsys(SNPS:NASD). Tomorrow brings us reports from Ciena(CIEN:NASD), Krispy Kreme(KKD:NYSE), Limited(LTD:NYSE), The Gap Inc.(GPS:NYSE), Marvell Tech(MRVL:NASD), and Shuffle Master(SHFL:NASD).


Brokerage Chatter:
Bear Stearns despite making cautious comments on Micron Tech(MU:NYSE) high level of inventory in the channel, took their numbers slightly up. Solomon Brothers drops Disney (DIS:NYSE) from its recommended list and adds Viacom Inc.(VIA:NYSE). Prudential initiated coverage on the Semi names including Intel(INTC:NASD), Broadcom(BRCM:NASD), Analog Devices(ADI:NYSE), Texas Instruments(TXN:NYSE), and Xilinx(XLNX:NASD) with buy ratings.

EMC Corp.(EMC:NYSE) upped to outperform from sector perform by RBC. RBC also upped Network Appliances(NTAP:NASD) from sector perform to outperform following a strong earnings performance last night. Dresdner upped STMicroelectronics while SAP AG(SAP:NYSE) had their numbers taken down by Credit Suisse First Boston.

Juniper Networks(JNPR:NASD) received positive mention from UBS citing the company's current guidance might be conservative. Photronics(PLAB:NASD) was upped at Soundview. Lehman is initiating Cabot Microelectronics(CCMP:NASD) with a buy rating. Valero Energy(VLO:NYSE) was cut to hold from buy at Prudential. Deutsche Bank upgraded Staples(SPLS:NASD) to buy from hold and also upped Sprint PCS(PCS:NYSE) to hold from sell.

Financial Headlines:
Stories :
The Semi book-to-bill was released last night and came in at 0.97. The number came in inline although Goldman Sachs thought the front end had nice growth.

The Wall Street Journal reports a spokesman for the Mexican billionaire Carlos Slim, who made an offer for Circuit City(CC:NYSE), intimated that he will not be increasing his bid in light of the recent run-up in the stock.

According to the Wall Street Journal, Echo Star(DISH:NASD) might possibly make a $1.5 billion bid for Loral Space & Communications Ltd(LOR:NYSE).

Bloomberg newswire reported late yesterday that an AIDS group has asked the FDA to withdraw US approval of GlaxoSmithKline's(GSK:NYSE) Trizivir. The company however, announced they received FDA approval for treatment of erectile dysfunction and is set to rival Viagra.

Reuters reports that S&P raised Charter Communications (CHTR:NASD) corporate credit rating to 'CCC+' from 'CC' and removed the company from Credit Watch with a developing outlook. This follows Moody's revised outlook down to negative yesterday.

Bloomberg newswire reports Nokia(NOK:NYSE) will acquire the assets of Sega's online and wireless gaming operation.


Earnings:
Hewlett Packard(HPQ:NYSE) missed the street by 3 cents with revenues a little light. The company did say the 4th quarter will be better.
Photronics(PLAB:NASD) beat by 7 cents
Network Appliances (NTAP:NASD) beat by a penny
Agile Software (AGIL:NASD) beat by a penny.
Intuit (INTU:NASD) beat by 3 cents with revenues higher, however guided the street lower going forward.


Around the world in 80 ticks:

BBC news reports that Israel will halt the handover of two West Bank towns and is cutting off contact with the Palestinians following the horrific suicide bus bombing yesterday. ABC news cites that Palestinian Prime Minister Mahmoud Abbas has ordered security services to arrest militants behind the Jerusalem bombing that killed 18 people.

In the Washington Post this morning, Islamic charities based in Northern Virginia and sponsored by the government of Saudi Arabia allegedly invested millions of dollars in a New Jersey based company suspected of funding Al Qaeda and the Islamic Resistance Movement. An affidavit which was made public in federal court in Virginia contends these Muslim charities gave $3.7 million to BMI Inc., a private Islamic investment company.

Reuters reports a new mass e-mail worm that attempts to download files from the Internet and leaves your computer vulnerable to further attack had been spreading around the world yesterday. The new worm, termed Sobig.F, is at least the fourth new, major Internet worm to hit computers in the past week, and anti-virus vendor F-Secure has stated that this has been the "worst virus week ever."



Prayers to the families of the victims murdered in Jerusalem yesterday.

Fokker

position in txn, nok
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