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The Fokker Chronicles



Heads up:

Earnings period will be light until Wednesday when Corinthian Colleges (COCO:NASD) reports along with Vertias (VTS:NYSE). Cardinal Health(CAH:NYSE), Shuffle Master (SHFL:NASD) and Portal Software (PRSF:NASD) round out the rest of the week.

Brokerage Chatter:

SG Cowen cut '04 estimates for Teradyne (TER:NYSE) from $1.47 to $1.30 citing a slowdown in sub-contractors. Deutsche Bank dropped Performance Food Group (PFGC:NASD) from hold to sell as a function of a poor earnings visibility. Lehman raised its projections for oil prices from $36 to $40 / brl and from $30 to $35 / brl. The firm believes that consensus is too low for the integrated oils and too high for the refiners.

Prudential upped Blackrock (BLK:NYSE) from underweight to neutral weight following the $375 mln acquisition of State Street Research & Management from MetLife. CIBC upped Nextel (NXTL:NASD) from sector perform to outperform. Morgan Stanley Asia lowered the Japanese semiconductor equipment sector to in line based on slowdown in orders. Prudential raised BB&T Corp (BBT:NYSE) from underweight to neutral weight on fundamentals

Financial Headlines:
Stories :

Dow Jones news reports that Novartis (NVS:NYSE) has received an approval letter from the FDA over Certican (applicable to the prevention of rejection episodes after a heart/kidney transplant.)

The Wall Street Journal points to Fannie Mae(FNM:NYSE) and Freddie Mac (FRE:NYSE) citing both could soon be facing more competition. The Federal Home Loan Bank of Seattle has now applied for permission to start buying mortgage-backed securities from its member banks and the article suggests that others could follow suit.

Category 3 Hurricane 'Frances' is moving up through the Caribbean this week; expectations are for it to turn up north by the weekend. Keep an eye on the insurers as Frances takes hold, XL Capital(XL:NYSE) with exposure in the Caribbean and All State (ALL:NYSE) with exposure all along the east coast.

MedImmune (MEDI:NASD) was trading lower following an announcement that the company has decided to terminate Phase II trials of Vitaxin (for Psoriasis and RA).


First Industrial Realty (FR:NYSE) raised guidance for Q3 to $1.10-$1.20 (vs. $0.87 cons) and FY'04 guidance to $3.30-$3.50 (vs. $3.26 cons).

Around the world in 80 ticks:

In addition to putting New York City inexplicably and negligently in harm's way of more terror spotlight, more protest, and more kooks looking to make noise or worse while diverting more security resources, the Republican National Convention was set to kick off this week at Madison Square Garden. According to AP news, Bush plans to speak on reforms for social security at the convention and longtime adviser Karen Hughes hinted that the president would disclose a new plan for partial privatization of Social Security.

The little leaguers from California dropped the ball against Curacao last night in The Little League World Series 5-2. Curacao's Carlos Pineda struck out 11 in a winning effort but not before California pinch hitter Adam Justiniano came off the bench fulfilling mandatory league rules of playing every player and promptly hit a two-run homer which brought California to within 3. Congrats to the little leaguers from Curacao and the valiant effort of the California kids.

Have a great day.


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