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The Fokker Chronicles



World Markets:
Europe is in full charge this morning as the CAC40 and DAX Indices raced higher by 1.3%. Asia continues its steady climb finishing 0.69% and 1.61% in the Japanese Nikkei and Hang Seng respectively. US markets look set for a higher opening on the heels of positive comments from Intel's(INTC:NASD) CEO and a top arrest from Saddam's posse.

Leading Indicators are due out at 10amEDT and the Phila Fed at 12pmEDT. Lookout for the Natural Gas Inventory figures at 10:30amEDT. After the bell we get reports from Autodesk(ADSK:NASD), The GAP(GPS:NYSE), Marvell(MRVL:NASD), and Shuffle Master(SHFL:NASD).

Brokerage Chatter:
Monsanto(MON:NYSE) was upped to buy from neutral at Merrill Lynch. OSI Systems(OSIP:NASD) target was lowered to $17 from $19 at CIBC, but told clients that it should view large weakness as buying opportunity. Lam Research (LRCX:NASD) was upped to overweight at JP Morgan. Varian Semi (VSEA:NASD) was upgraded to overweight at JP Morgan.

RBC Capital upgraded Smith Intl(SII:NYSE), Rowan Companies(RDC:NYSE) and Schlumberger(SLB:NYSE) to outperform from sector perform. Pfizer(PFE:NYSE) was cut to in-line from outperform at Smith Barney. Q(CCMP:NASD) got cut at UBS from buy to neutral.

Lehman Brothers upgraded its sector view on European Semiconductors and Equipment to positive from neutral based. Specifically, Lehman upped ASML Holding (ASML:NASD) to overweight from equal weight.

Financial Headlines:
Stories :
In an interview with Dow Jones newswire in Taipei, Intel's(INTC:NASD) Barrett said that although it is still too early to say there has been a full recovery in corporate PC spending, he does sees some companies buying new PCs, Intel itself is in the midst of a PC upgrade.

The Wall Street Journal reports that the current attacks from the virus laden computer programs continue to disrupt computer networks including important commercial infrastructure such as railroad and airline traffic. CSX Corp(CSX:NYSE) reportedly halted its service temporarily due to interference with its operations and dispatching system. Air Canada and NASA's Marshall Space Flight Center have also reported bouts with the disruptive worm.

Bloomberg newswire announces that Openwave(OPWV:NASD) COO, Kevin Kennedy, will be leaving to join JDS Uniphase(JDSU:NASD) as CEO, replacing Jozef Straus who announced his retirement.

Cellular news citing a Strategy Analytics report claiming Nokia(NOK:NYSE) will gain 40% market share by year end.

Ciena(CIEN:NASD) beats by $0.01, also stated its intent to acquire Akara.
THQ Inc(THQI:NASD) lowers its September quarter guidance and announced it will be delaying its launch of 2 games.
Limited(LTD:NYSE) beat by 3 pennies.
OmniVision Tech(OVTI:NASD) beat by $0.03 with guidance in line to a little better.

Around the world in 80 ticks:
BBC news reported that Israeli helicopters have launched an attack in Gaza City, witnesses say killing a top Hamas leader. According to Dow Jones newswires, Palestinian PM, Abbas, condemned the killing and attack that was carried out by the Israeli troops today. Dow Jones quoted Abbas as saying, "There is no doubt that what the Israeli troops carried out today is an ugly crime." Palestinian militants reportedly announced that the end to the cease fire is over.

BBC news reports the Sobig Windows virus is now one of the fastest growing viruses ever. E-mail filtering firm MessageLabs said it had intercepted more than a million copies of the virus within a 24 hour period, more than for any other virus. At one point, every one in 17 e-mails intercepted by security firm was infected with the Sobig F virus. The only other e-mail virus to get close to these levels was the LoveBug which peaked at 1 in 28 messages in 2000.

The Washington Post reports that government minister for the elderly, Hubert Falco became the first government official to confirm estimates released a day earlier by France's largest chain of undertakers that the death toll could reach 10,000 as a result of temperatures topping 104 degrees Fahrenheit.

CNN reports Ali Hassan al-Majid, dubbed Chemical Ali, has been caught by American forces. He is number five on the most wanted list from Saddam's regime and the "king of spades".

Have a profitable day.

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