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The Fokker Chronicles



World Markets:

Europe is trading much stronger today on the heels of the financial companies such as Credit Suisse Group and Dutch insurer Aegon. The CAC40 led Europe higher posting a 1.70% gain. Asian markets closed slightly weaker on their session. The Japanese Nikkei finished its day down 0.74%. US Bonds futures trended lower erasing most of its early gains while US equities were making a feeble attempt to take the lead from Europe.


The ISM Non-Manufacturing number for July will be released at 10amEDT. Thursday will bring a lot more activity on the economic front. Lookout for Cisco Systems(CSCO:NASD) earnings results after the close today. Tomorrow will bring earnings from and AmeriCredit(ACF:NYSE).

Brokerage Chatter:
Mellon Financial(MEL:NYSE) was upped at Lehman Brothers to overweight from equal-weight. Wachovia upgraded Bear Stearns(BSC:NYSE) to outperform from market perform. Banc of America upgraded May Department Stores(MAY:NYSE) to buy from neutral. U.S. Steel(X:NYSE) was upgraded at Morgan Stanley. Solomon Brothers upgraded Metlife(MET:NYSE) to outperform from underperform and raised their target to $33 from $30.

Lehman Brothers lowered its numbers for Hewlett Packard(HPQ:NYSE) citing a weaker printing business. Teradyne(TER:NYSE) received positive chatter out of Soundview. Goldman Sachs was positive on Siebel Systems(SEBL:NASD) while Credit Suisse First Boston was slightly negative on Dell Computer(DELL:NASD) citing rising component prices and a weaker Europe. Warburg likes Micron Tech(MU:NYSE) feeling their contract prices are looking up for the 1st half of August and DRAM prices up over 1%.

Financial Headlines:
Stories :
Aegon, Europe's 3rd largest insurer sold Transamerica Finance to General Electric(GE:NYSE) for $5.4 billion
American Air(AMR:NYSE) canceled their $250 million convertible offering. Check out John Succo's post for more on this.
Merck(MRK:NYSE) has declared all of its shares in Medco Health a special dividend to its investors.
AngloGold(AU:NYSE) agreed to purchase Ashanti Goldfields(ASL:NYSE) for $990million
Alexion Pharma(ALXN:NASD) stock taking a 25% haircut in pre-open trading as their heart drug failed to meet its primary endpoint

Gillette(G:NYSE) beat numbers by $0.04
Expedia(EXPE:NASD) beat by $0.07
Tommy Hilfiger(TOM:NYSE) beat by $0.07
Oxford Health(OHP:NYSE) beat by $0.05
Costco(COST:NASD) lowered is earnings outlook for the 4th quarter and fiscal year 2003.
Edison(EIX:NYSE) beat their estimate by $0.12
MetLife(MET:NYSE) beat by $0.02
Odyssey Healthcare(ODSY:NASD) beat their estimates by $0.03 and guided their net income higher for 2003.

Around the world in 80 ticks:
Reuters reports a large car bomb tore through a luxury Marriott Hotel in Jakarta killing 11 people and wounding nearly 150 more. At least two Americans are said to be among the wounded in the explosion.

MSNBC reports that in refute of the story ran yesterday that Secretary of State Colin Powell and his deputy have given notice that they will not be serving a second term, Powell dismissed the allegations as "nonsense" and "gossip".

The BBC reported yesterday, that LA Superior Court Judge Alan Haber ruled that the topless photos taken of actress Cameron Diaz before she became famous will remain in the safe personal confines of the courts possession until the case ends. Diaz is fighting to keep the photos out of the publics view by suing the photographer who now wants to sell them. As the case gets firmer, more should become available.

Have a profitable day.


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