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The Fokker Chronicles

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World Markets:
Europe was flat to mixed in early trading before the Intel(INTC:NASD) upside preannouncement was released. CAC40 leading the major averages higher in Europe. Japanese Nikkei closed down today 0.79%. US equities are set for a higher start on the heels of Intel.


Heads-up:
No economic releases for us today and the earnings front is light. Look out for the 1st post today from Saratoga Springs, N.Y. at 1pmEDT.

Brokerage Chatter:
Merrill Lynch upgraded Foot Locker (FL:NYSE) to buy from neutral and Credit Suisse First Boston has upped the stock as well. Freeport-McMoRan(FCX:NYSE) was downgraded at Morgan Stanley to equal-weight from overweight. Gap Inc(GPS:NYSE) was upped at Wachovia to outperform from market perform. Clear Channel(CCU:NYSE) got upped at Jeffries and had its target raised to $49 a share.

Financial Headlines:
Stories :
Intel(INTC:NASD) has announced that its 3rd quarter is trending above expectations. As a result, the company has raised its 3rd quarter forecast to $7.3-$7.8 billion compared with its previous guidance of $6.9-$7.5 billion.

The Washington Post is reporting that federal regulators have told Freddie Mac's(FRE:NYSE) board of directors that it must replace CEO Gregory J. Parseghian because of his involvement in improper accounting practices. According to the Wall Street Journal, Freddie Mac is apparently on the verge of yielding to these regulators however contrary to the article, the company has said it is still premature to discuss any management changes.

Yesterday Bloomberg newswires reported that the Defense Department awarded contracts valued at up to $28 billion to Health Net(HNT:NYSE), Humana(HUM:NYSE) and TriWest to manage its Tricare health system for five years.

Bloomberg newswires report Duane Reade(DRD:NYSE) has claimed the company was impacted from last weeks power outage. As a result of the black out, DRD lost approximately $3.3 million and will result in a loss of $0.03 per share off its 3rd quarter EPS.

Yesterday the gasoline futures contract for September delivery settled with the largest 1 day price gain for a non-expiring contract in 19 years and the largest percentage increase since Aug. 20, 1990. Traders attributed the spike in prices to fears of a severe gasoline shortage for the remaining days of the typical U.S. driving season.

Rayovac(ROV:NYSE) has announced its intentions to acquire Remington Products for approx. $322 million.

Home Depot(HD:NYSE) raised its dividend 24% and announced that it will increase its share buyback program to $1 billion.


Earnings:
TiVo(TIVO:NASD) beat by $0.06, and narrowed its full year 2004 guidance to in-line with consensus
Neoware Systems(NWRE:NASD) beat the street by $0.02.
Gap Inc(GPS:NYSE) beat by a penny
Autodesk(ADSK:NASD) beat by $0.01.
Marvell(MRVL:NASD) beat by $0.01.
Shuffle Master(SHFL:NASD) report in line
Schering-Plough(SGP:NYSE) warned last night for their 2nd half and said 2004 EPS will be lower than 2003. As expected, the company also cut their dividend by 68% and will cut jobs.


Around the world in 80 ticks:
Reuters reports that the internet worm, SoBig, that turns computers into spam machines has infected 30 percent of all e-mail users in China.

ABC news citing U.S. investigators, is reporting that a probe in under way into the bombing of the UN Baghdad headquarters specifically focusing on the possibility that former Iraqi intelligence working as guards in the compound may have assisted the attackers.



T minus 2 days and counting Toddo!

Have a terrific weekend.

Fokker

No positions in stocks mentioned.
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