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The Fokker Chronicles



Heads up:

Lookout after the closing bell today for earnings from Oracle(ORCL:NASD). Tomorrow's economic data reports pickup with MBA Mortgage weekly applications, Empire Manufacturing, Business Inventories, Industrial Production and Capacity Utilization.

Brokerage Chatter:

UBS raised its price target on Kmart(KMRT:NASD) to $101 from $85 citing the company to be undervalued relative to asset and cash flow potential. Morgan Stanley dropped Banc of America (BAC:NYSE) from overweight to equal weight on valuation. AG Edwards cut Walgreens (WAG:NYSE) from buy to hold citing valuation. UBS lowered Fairmont Hotels & Resorts (FHR:NYSE) from buy to neutral citing valuation. UBS added Pfizer (PFE:NYSE) as a more defensive name and removed General Electric (GE:NYSE) based on recent outperformance from their Select 20 List. Morgan Stanley cut Broadcom (BRCM:NASD) from overweight to equal weight citing the company's reduced guidance and weak outlook for '05.

JP Morgan Europe upped Bayer (BAY:NYSE) to neutral from underweight. CSFB cut Jabil Circuit (JBL:NYSE) from outperform to neutral. JP Morgan raised Campbell Soup (CPB:NYSE) from neutral to overweight on valuation. Merrill Lynch cut Rockwell Collins (COL:NYSE) from buy to neutral citing valuation. RBC Capital upgraded QLogic Corp (QLGC:NASD) to outperform from sector perform on better visibility

Financial Headlines:
Stories :

According to an article in the New York Times, the FDA has linked antidepressant medications to suicidal tendencies in teens. FDA officials cited consistent links that were hidden from the public by the drug companies which sponsored the studies. Dr. Temple, director of the FDA, said "I think that we now all believe that there is an increase in suicidal thinking and action that is consistent across all drugs." In the UK British health authorities in December banned the use of most antidepressants in children and teens. Of the major pharmas that produce the medications, Pfizer(PFE:NYSE) produces Zoloft; GlaxoSmithKline PLC(GSK:NYSE) has Paxil and Eli Lilly (LLY:NYSE) makes Prozac.


LSI Logic (LSI:NYSE) became the latest victim of the chip slip guiding Q3 EPS to ($0.04)-($0.07) vs. ($0.05) cons while taking rev's to $370 mln - $400 mln range vs. $453.1 mln cons.
Office Depot (ODT:NYSE) guides Q3 EPS to $0.26-$0.28 vs. $0.33 cons while for FY'04 EPS to $1.08-$1.14 vs. $1.22 cons.

Around the world in 80 ticks:

AP news wires report that the 9/11 Widows were set to endorse U.S. Presidential hopeful John Kerry.

AP news reported that hundreds of people that worked on the World Trade center cleanup following the infamous attacks 3 years ago have filed a class-action law suit on Friday and made public yesterday. The suit will charge several construction companies as well as the leaseholder of the towers with billions of dollars in damages over the allegation that little was done to protect the workers from the asbestos and toxins in the air.

To kick off the Oprah Winfrey 19th anniversary show, the Detroit Free press reports that audience members, many of whom were invited for having one trouble or another, to their surprise were given a brand new Pontiac G6 in a promotion that amounted to nearly $7.8 million dollars by General Motors(GM:NYSE). 276 people of the studio audience, some husbands and wives, were each given a new $28,000(fully loaded) car to celebrate Oprah's premiere. At the moment of truth in the show, Oprah jumped up and down on the heavilly supported and braced stage yelling "everybody gets a car! Everybody gets a car!"

Have a great day.

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position in kmrt, pfe, lly, bac, gm
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