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The Fokker Chronicles

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Thankfully the Minyanville sweat shop, I mean editors shop, is back up and running again today after a fun-filled day of technical difficulties.

World Markets:

Europe weaker this morning as the German DAX got mashed again today posting a 2% decline. European shares fell on concerns that profit growth for BASF AG and Aegon are possibly slowing down. Asian markets were off again as well while Japan braces for its typhoon. US markets were slightly weaker following the economic data earlier this moring. Check out Brian Reynolds for more on that.


Heads-up:

Economic results for the Wholesale Inventories will be released at 10amEDT and Consumer Credit at 3pmEDT. Lookout for Nvidia(NVDA:NASD) and Pixar Animation(PIXR:NASD) after the closing bell. Natural Gas Inventory figures will be released later this morning.

Brokerage Chatter:
EMC Corp
(EMC:NYSE) was upgraded at Bear Stearns and Wachovia to outperform from peer perform and to outperform from market perform respectively. JP Morgan reiterates their underweight rating on Intel(INTC:NASD), their view being it remains the most expensive stock under their coverage. Taiwan Semi (TSM:NYSE) had Bear Stearns making negative comments this morning after the company said their July sales were down 1.1% over the month prior. JP Morgan also lowered its numbers on both Dell Computer(DELL:NASD) and Hewlett Packard(HPQ:NYSE). Goldman Sachs and Solomon Brothers making negative chatter on the PC names as well. Applied Materials(AMAT:NASD) target raised to $21 at Morgan Stanley.

Goldman Sachs upgraded their rating on the Healthcare Technology sector to neutral from cautious. Some of the names under their coverage include Amerisource Bergen(ABC:NYSE), Cardinal Health(CAH:NYSE), McKesson(MCK:NYSE), Advance PCS(ADVP:NASD), Caremark RX(CMX:NYSE), and Covance(CVD:NYSE). Broadcom(BRCM:NASD) was upped at Morgan Stanley to overweight from equal-weight. Emulex(ELX:NYSE) was upped at RBC Dain Rauscher.


Financial Headlines:
Stories :
According the New York Times, Fannie Mae(FNM:NYSE) could face much bigger losses from interest rate swings than it had publicly disclosed. This is according to an unidentified insider that cited computer models used by the company to estimate the value of its portfolio.

Bloomberg newswire reports that the European Central Bank (ECB) has pointed to more evidence that a second half recovery for the euro region could be in store and that at this stage, a cut in interests would not be necessary.

The AP newswire reported late yesterday that the Internal Revenue Service is proposing an increase to Intel's(INTC:NASD) tax liability by about $600 million.

Earnings:
AmeriCredit(ACF:NYSE) to delay its earnings results as they review accounting treatment.
Barr Labs (BRL:NYSE) beat consensus by $0.02
AnnTaylor(ANN:NYSE) raised 2nd quarter guidance above consensus, and reported a 7.6% increase in July comps.
Best Buy(BBY:NYSE) guided up $0.10 for their 2nd quarter and full year 2003.
Wal-Mart(WMT:NYSE) comps reported strong for July, guided 2nd quarter above consensus
JC Penney(JCP:NYSE) reported 3.7% increase in comparable dept store sales
Gap Inc(GPS:NYSE) guided 2nd quarter above consensus, reporting a 9% increase in July comps.
Tenet Healthcare(THC:NYSE) beat by 7 pennies ex items.


Around the world in 80 ticks:
Fox News reports that Amrozi bin Nurhasyim was found guilty today of planning and helping to execute the attacks in Bali that killed 202 people.

In a Reuters report, the Californian governor's race just got more interesting as the speculation that Arnold Schwarzenegger would run was cleared up. Not only will Californians have Arnold to pick from as an alternative to incumbent Gray Davis, but columnist Arianna Huffington, who was the first to announce her intention to run, Hustler publisher Larry Flynt, Different Strokes' Gary Coleman, and even Gray Davis' assistant, Lt. Gov. Cruz M. Bustamante just to name of few. Arnold said last night on Jay Leno's Tonight Show, "I will promise you when I go up to Sacramento, I will pump Sacramento up."

According to the New York Times and senior U.S. government officials, the Bush administration has sent teams of aviation safety investigators to major capital cities within Europe and Asia in order to determine if their commercial airports can be defended against terrorists using shoulder-fired missiles to take down airplanes.


Have a profitable day.

Fokker

position in fnm, intc
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