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The Fokker Chronicles

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World Markets:

The European markets were trading higher today as the CAC40 led the way higher gaining over 1% prior to open of trading in the U.S. In Asia the Nikkei gained 0.46% and the Hang Seng finished stronger by 1.72% on its session.

Heads up:

Earnings reports to focus on after the closing bell include Emulex(ELX:NYSE), MCI(MCIP:NASD), NVIDIA(NVDA:NASD), and Pixar Animation(PIXR:NASD).

Tomorrow's economic reports include the Unemployment rate for July, Non-Farm payrolls, and Consumer Credit to finish out the week.


Brokerage Chatter:
Duke Energy(DUK:NYSE) was upgraded to market perform from underperform at Sanford Bernstein. Lyondell Chem(LYO:NYSE) started with an overweight at Morgan Stanley and a $24 price target. Dow Chemical(DOW:NYSE) was also started with an overweight rating at Morgan Stanley.

CSFB downgraded Tidewater(TDW:NYSE) to underperform from neutral. Prudential upgraded Polo Ralph Lauren(RL:NYSE) to overweight from neutral-weight. Banc of America upped Raytheon(RTN:NYSE) to neutral from sell and raised its price target to $35 from $31.


Financial Headlines:
Stories :

Bloomberg newswires report that the Bank of England raised its key benchmark interest rate a quarter of a percent to 4.75%, its highest level in nearly three years.

Reuters reports that Google admitted to have potentially illegally issued employee's shares. Company officials said it sold 23.2 million shares to over one thousand current and former employees as well as consultants, not to mention granting 5.6 million stock options to over 300 people from September of 2001 up 'till this past June. In order to rectify its apparent mistake, Google said it would pay $25.9 million plus interest to repurchase the shares and options it prematurely released. Several of those recipients said they intend to sue the company rather than accept the buyback. Reuters added that it was not known whether this would delay its IPO tentatively scheduled for next week

PeopleSoft(PSFT:NASD) announced it was awarded its largest contract in company history after the Mexican government contracted the company to upgrade its tax systems.

Earnings:

Clorox(CLX:NYSE) beat by $0.03.
Abercrombie(ANF:NYSE) July comps decreased 9.0% but guided its 2nd quarter EPS above consensus.
1-800-FLOWERS(FLWS:NASD) beat by a penny.
Sara Lee(SLE:NYSE) beat by a $0.01 and guided its 1st quarter of 2005 above consensus.
Alcan Aluminium(AL:NYSE) missed by $0.02 on lighter revenues than expected
.
Wal-Mart(WMT:NYSE) reported comps of +3.2%

Around the world in 80 ticks:

Reuters reports that an Albany mosque was raided last Thursday night after two Muslim men were thought to be affiliated with Al Qaeda and attempting to launder money to buy a shoulder-fire rocket. Officials said that the arrests which preceded the terror alert over the weekend were unrelated.

The Washington Times reports that British police arrested a senior Al Qaeda operative today purportedly in the final stages of planning an attack on London's Heathrow Airport.

AP news reports that convicted child rapist Mary Kay Letourneau was released from prison yesterday after a 7 ½ year prison sentence for having sex with her sixth grade student, Vili Fualaau, now 21 years old. At her civil trial in 2002, the former elementary school teacher and mother of four who moved away to Alaska following the incident, not to mention the two she had with her 12 year old boyfriend at the time, told the court she engaged in sexual relations with the boy in the gym, the girl's bathroom and in her classroom. Fualaau said that he is a 21 year old man and still wishes to be friends with the now 42 year-old mother of his children. Letourneau who attempted to sneak away after her release from prison last night was unceremoniously greeted by reporters and dozens of rowdy teenage boys donning tees that read "I'm 18, Baby!"

Have a great day.


Fokker


position in duk, dow, lyo, psft, sle
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