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The Fokker Chronicles

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World Markets:
Europe traded weaker with the German Dax the standout laggard posting a 1.13% loss mid-day. The UK is on bank holiday and their markets are closed today. Asian markets closed mixed today. US markets were off slightly in pre-market trading as we enter into the last week of August.


Heads-up:
Existing Home Sales will paint the tape at 10amEDT with the Bloomberg's survey looking for a July reading of 5.9million. The earnings front is nearing its end. Only 3 of the last 11 companies in the SP500 that are left to report will be out this week.

Brokerage Chatter:
Wachovia reduces their outlook on the wireless industry and individually cut Alltel(AT:NYSE), Sprint PCS(PCS:NYSE) and Triton PCS(PCS:NYSE) to market perform from outperform. Solomon Brothers has initiated coverage on Microsoft (MSFT:NASD) with an outperform. Solomon also raised its price target for Intel(INTC:NASD) from $26 to $30 a share.

Prudential downgraded FleetBoston(FBF:NYSE) to sell from hold. Prudential downgraded Alcoa (AA:NYSE) to hold from buy. Banc of America upped PeopleSoft(PSFT:NASD) to buy from neutral and raised their target on the stock to $23 from $16 a share. JP Morgan has raised its PC unit forecast and cited a continued improvement in overall PC unit volumes. Legg Mason downgraded Caterpillar(CAT:NYSE) to hold from buy.

SoundView raised price targets on several semi equipment names following Intel's(INTC:NASD) guidance last week which it feels indicates a broad-based cyclical recovery in semis. Some of the newly raised targets include: Cypress(CY:NYSE) $18, Novellus(NVLS:NASD) $45, KLA Tencor(KLAC:NASD) $69, Applied Materials(AMAT:NASD) $27, Lam Research(LRCX:NASD) $39, and Texas Instruments(TXN:NYSE) $27. Soundview also upgraded Advanced Micro(AMD:NYSE) to outperform from neutral and raised their target to $13 from $7 a share.


Financial Headlines:
Stories :
Intel(INTC:NASD) CEO Craig Barret told a news conference today in Taipei, "It's too early to suggest it is a total turnaround."

Late Friday, Bloomberg newswires reported that Freddie Mac (FRE:NYSE) will replace its CEO Greg Parseghian following a search of a new CEO. This morning Fitch lowered their preferred stock and subordinated debt one notch to AA- while affirming their senior debt. Their ratings are said to remain on watch negative.

Bloomberg newswires reported late Friday that Lucent Technologies(LU:NYSE) is under investigation by the U.S. Department of Justice and the SEC into the company's operations in Saudi Arabia following allegations they paid bribes.


Earnings:
McDATA(MCDT:NASD) beat by $0.03, ex items, and issued 3rd quarter guidance in line with expectations. The company also announced acquisitions of Nishan Systems and Sanera Systems.
Wal-Mart(WMT:NYSE) upped their August same-store sales forecast to 4%-6% from 3%-5%


Around the world in 80 ticks:

According to the Associate Press, the Environmental Protection Agency has issued a report alleging the White House directed them to wrongly inform New Yorkers not to worry about the health risks of the debris-filled air from the World Trade Center collapse. President Bush's senior environmental adviser defended the White House involvement, and said it was justified by national security.

Sky News reports a series of large explosions were set off near a temple in the city of Mumbai, India leaving at least 44 people dead and more than 150 injured. Stock averages in Bombay lost 3% after the explosions occurred.

The Associated Press quoting the Lunberg Survey reported that over the past two weeks, supply shortages have pushed average retail gasoline prices up more than 15 cents a gallon nationally representing the largest retail price hike on record since the Lundberg Survey began keeping records 50 years ago.

The BBC reports that Mars will make its closest approach to Earth for almost 60,000 years on Wednesday. The Southern Hemisphere will likely get the best viewing.

ABC Sports which aired the 57th Little League World Series Championship last night reported the 10-1 Japan defeat over the United States. Japan's Yuutaro Tanaka hurled 14 strikeouts in six innings to lead his twelve year old squad from Tokyo to victory.


Have a profitable day.

Fokker
position in intc
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