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The Fokker Chronicles

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World Markets:
Europe traded higher with the London FTSE leading the way. The FTSE posted a 1% gain more than half way through their session. Asian markets however were weak as the Japanese Nikkei closed down 1.65% and the Hang Seng finished down 0.64%. US equity futures were modestly higher for most of the morning and shed its early gains leading up to the 9:15amEDT Globex futures break.

Heads-up:
The government releases its results on Factory Orders for June at 10amEDT. The earnings front has quieted down somewhat, look out for MetLife(MET:NYSE) and Odyssey Healthcare(ODSY:NASD) to report after the close today. Tomorrow's earnings will bring us Gillette(G:NYSE), Expedia(EXPE:NASD), Prudential(PRU:NYSE) and Cisco Systems(CSCO:NASD)

Brokerage Chatter:
Bear Stearns raised its semi forecast for 2003 from 6% to 8.7%. Seagate Tech(STX:NYSE) had its 2003 and next year numbers raised at Bear Stearns. Bear also made some positive chatter on Ciena(CIEN:NASD).

JP Morgan cut its numbers on Emulex(ELX:NYSE) after it previewed its current quarter. Oracle(ORCL:NASD) received positive chatter from Soundview, citing strong licensing revenues. Banc of America thinks Applied Materials(AMAT:NASD) will beat its top line when it reports next week. Goldman Sachs upped Novellus(NVLS:NASD) to outperform from in-line. TXU Corp(TXU:NYSE) was upped to overweight at Lehman Brothers.

Monsanto(MON:NYSE) was cut to neutral at Banc of America. Wachovia upped Ann Taylor(ANN:NYSE) to outperform. Cisco Systems(CSCO:NASD) was upped to strong buy at SG Cowen. CSCO reports earnings tomorrow afternoon.

Financial Headlines:
Stories :
General Electric(GE:NYSE) is potentially a seller of its Bond Insurer unit for $1.9billion according to Bloomberg newswire.

According to Bloomberg, First Tennessee National has taken over the 1st place slot as leading underwriter in the Agency Debt market.

London's The Independent, cites a rise in bankruptcies helping fuel household debt fears. Bankruptcies have hit their highest level since the last recession and this has triggered fears in Britain that they could be on the brink of a debt crisis that could possibly place millions of households into financial ruin.

AMR Corp plans to offer $250 million of convertible note securities

CV Therapeutics (CVTX:NASD) lost over 30% in pre-market trading following a decision by the FDA to push back it's review of the company's angina drug Ranexa.

Software mergers continue as Ascential Software(ASCL:NASD) will buy Mercator(MCTR:NASD) for $106 million, or $3 per share. The deal represents a 22% premium from Mercator's Friday close.

Earnings:
U.S. Steel(X:NYSE) beat by $0.04
Yellow Corp(YELL:NASD) reaffirmed Q3 guidance

Around the world in 80 ticks:
Over the weekend, an audio tape allegedly from top al-Qaeda official Ayman al-Zawahri has warned the US that it will pay a "high price" if any of the prisoners currently being held at Guantanamo Bay are harmed the BBC reports.

According to the Washington Post, Secretary of State Colin Powell and his deputy Richard Armitage have indicated to the White House that this is to be their last term and plan on stepping down if Bush is reelected.

The LA Times reports that Iran is said to be in the late stages of developing the capacity to build a nuclear bomb. In related news, the Associated Press cites Iran urging the US to withdraw its troops from the Gulf region.

SKY News reports that the Palestinian militant group, Al-Aqsa Martyrs Brigades has decided to end its truce on attacks against Israelis following the arrest of 20 of its members by Palestinian security forces. The militant group was quoted as saying, "We have ordered the resumption everywhere of our attacks and in particular suicide operations."

The Associated Press reports, A Municipal Court in New Mexico has decided to offer criminal offenders a choice in their sentencing, either they can join a tai chi class and meditate or participate in a community service program that involves picking up trash.


Have a profitable day.

Fokker

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