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The Fokker Chronicles

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World Markets:
Global markets are much weaker today. The German DAX is the standout once again in Europe leading the averages with a 1.70% drop. Asian markets have given back ground as well, and the Hang Seng felt the most pain today. The Hang Seng dropped 2.14%. The US is taking its cue from the rest of world and is looking to open on a sour note.

Heads-up:
No economic releases scheduled for today, however lookout for the API weekly stat bulletin at 10:30amEDT. At the Lehman Brothers Financial Services Conference, JP Morgan(JPM:NYSE), Mellon(MEL:NYSE), SLM Corp(SLM:NYSE), and Capital One(COF:NYSE) will be on hand. The Prudential Storage Tour will have Brocade (BRCD:NASD) in attendance. After the closing bell today, Adobe(ADBE:NASD) will release its earnings results.


Brokerage Chatter:
Morgan Stanley upped Texas Instruments (TXN:NYSE) 2003 EPS view to $0.42 from $0.38 and 2004 view to $0.75 from $0.70. Goldman Sachs upped its EPS forecast on Capital One Financial(COF:NYSE). Southwest (LUV:NYSE) was upped at Morgan Stanley to overweight from equal-weight. Nokia(NOK:NYSE) was downgraded at UBS to neutral from buy and Soundview downgraded Micron Tech (MU:NYSE) to neutral from outperform and cut their target to $16 from $21.

SG Cowen downgraded Boston Scientific(BSX:NYSE) to market perform from strong buy. Solomon Brothers raised its target on Cisco Systems(CSCO:NASD) from $23 to $25 and raised its target for Juniper Networks (JNPR:NASD) from $15 to $18; however, they downgraded its rating to in-line from outperform.

First Boston upped Walgreens(WAG:NYSE) and JP Morgan cut its earnings forecast for DaimlerChrysler(DCX:NYSE). Goldman Sachs downgrades Univision (UVN:NYSE) to in-line from outperform based on valuation.

Thomas Weisel upgraded Emulex (ELX:NYSE) to peer perform from underperform. Foundry (FDRY:NASD) received some positive chatter out of Deutsche Bank following a meeting with its management. Nortel(NT:NYSE) was cut to underweight from in-line at Solomon. JP Morgan raised its handset numbers for 2004 and cited Motorola(MOT:NYSE) as the biggest beneficiary.



Financial Headlines:
Stories :
Today Treasury Secretary Snow will testify in front of Congress. Scheduled for 10amEDT and available via web cast, (http://financialservices.house.gov/index.asp) the Wall Street Journal reports that Senate Republicans will urge the Government to cut all ties to Fannie Mae(FNM:NYSE) and Freddie Mac(FRE:NYSE). In addition, the IMF is asking for stricter capital requirements. Snow is expected to recommend that oversight of the companies be transferred to the Treasury while the Bush Administration is expected to offer concessions to both FRE and FNM, such as granting a 5 year moratorium on changing capital requirements.

Genentech (DNA:NYSE) announced late yesterday that it had received FDA panel recommendation for Raptiva.

Earnings:
Texas Instruments (TXN:NYSE) on its mid quarter update raised the lower end of overall revenue guidance and raised its semi revenue range, the company also narrowed its EPS range. Stock lost ground after hours after some disappointment that there was not more upside to their guidance following positive trends and results from its peers.[RF Micro Devices(RFMD:NASD), National Semi(NSM:NYSE) and Intel(INTC:NASD)]
On the mid quarter update for Xilinx(XLNX:NASD), the company said September quarter revenues are expected to be flat to slightly up sequentially.
National City(NCC:NYSE) guided below consensus.
Cisco Systems (CSCO:NASD) reported a positive backlog in its 10-k.


Around the world in 80 ticks:
Reuters reports that the most recent Palestinian homicide bombings which resulted in 15 Israeli deaths triggered Israeli threats today against Yasser Arafat and suggested that he be placed in "solitary confinement" at his West Bank compound.

The Wall Street Journal reported that a federal judge has ruled in favor of the victims of the 9/11 hijackings, and opened the door for those victims to sue the airlines, the landlord and the aircraft maker involved.

Spring Break is coming early for the members of The World Trade Organization (WTO) as Cancun hosts this week's summit. According to the BBC news, the WTO warned that a failure of the World to reach an agreement on a global trade pact would cost the world economy severely.



Have a profitable day.

Fokker

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