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The Fokker Chronicles



Heads up:

At 10amEDT we'll review the Help Wanted index for July. After the bell lookout for OSI Systems(OSI:NYSE), Sports Authority(TSA:NYSE), TiVO(TIVO:NASD).

Brokerage Chatter:

Banc of America punted Advanced Micro (AMD:NYSE) from buy to neutral based on deteriorating pricing for NOR flash. UBS cut Capital One Financial (COF:NYSE) from buy to neutral based on slower growth. Piper dropped Career Education (CECO:NASD) from outperform to market perform. UBS cut Baxter (BAX:NYSE) from neutral to reduce based on a formidable restructuring ahead along with valuation. Goldman raised Electronic Data Systems (EDS:NYSE) from underperform to in line following a meeting with management. Jefferies tossed ADC Telecom (ADCT:NASD) to hold from buy.

Financial Headlines:
Stories :

According to the Wall Street Journal, Citigroup(C:NYSE) is being sued by the Bank of New York(BK:NYSE) over its relationship with Enron and the lawsuit could result in $2.5 billion worth of liability.

Career Education(CECO:NASD) might have to get taught another lesson and this time it will be coming from the U.S. Justice Dept who announced they are launching a probe into the company. The Financial Times reports that the charge comes after the SEC had already launched its separate investigation.

Bloomberg newswires report that Merck(MRK:NYSE) might have more fallout from the report yesterday that related its Vioxx drug to cardiovascular events as a major HMO might be reconsidering the use of the chronic pain drug.


Smithfield Foods(SFD:NYSE) beat by $0.02 revs were $2.65 bln vs the $2.79 bln consensus.
Dollar General (DG:NYSE) reported Q2 EPS of $0.19 vs $0.20 cons on rev's of $1.84 bln (in-line).

Around the world in 80 ticks:

The LA Times reports that heading into the Republican National Convention next week, President Bush has regained his edge on Kerry for the first time in its poll.

According to the Associated Press, a $1.63 million grant has been given to Arkansas Children's Hospital Research Institute, while doubtful the children are participating in the study, the study aims to further the research on the effect of alcohol on metabolism. The study which began 15 years ago will receive another 5 years worth and while the research will focus on the short and long term effects on the body, Dr. Badger aka Dr. Beer, according to some sources can be a belligerent drunk.

AP news reports that the University of Pittsburgh celebrated the 100th anniversary of the Banana Split. According to hearsay and year book documents, 1906 graduate from the Pitt School of Pharmacy David Strickler first struck banana in 1904.

Have a great day.


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