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The Fokker Chronicles



Heads up:

The University of Michigan confidence figure is due out around 9:50amEDT with expectations at 96.7.

The Best of ASCO Meeting (Day 1 of 2) is taking place up in Boston today and could add more volatility to the biotechs today.

Weather permitting, the all important Yankees/Sox series kicks off tonight in the Bronx, El Duque will match up against Bronson Arroyo for Boston.

Brokerage Chatter:

Lehman cut Cisco (CSCO:NASD) from overweight to equal weight. CIBC lowered Newmont Mining Corp. (NEM:NYSE) from sector outperform to sector perform. Deustche downgraded Anheuser Busch (BUD:NYSE) from buy to hold. Merrill trimmed numbers on Goldman Sachs (GS:NYSE) taking Q3 EPS from $1.40 to $1.35 (vs. $1.46 cons) while FY'04 goes from $8.23 to $8.19 (vs. $8.39 cons). Legg Mason dropped eBay (EBAY:NASD) from buy to hold and lowered '05 EPS estimates to $1.58 vs $1.60 cons. The firm also reduced projected rev growth for '05-'07 from 35% to 30%.

RBC upgraded the semiconductor sector from defensive to neutral saying it believes the leading indicators are close to bottoming and valuations are relatively cheap. Goldman Sachs lowered Nortel (NT:NYSE) from outperform to inline. UBS cut estimates on Tellabs (TLAB:NASD) on a weaker outlook for wireless taking Q3 from $0.13 to $0.12 (in line with cons).

Financial Headlines:
Stories :

AMG Data for the week ended 9/15 reported cash inflows of $1.722 bln with 71% going into domestic equity funds; Taxable bond funds reported inflows of $465 mln; HY inflows $458 mln; Investment grade $186 mln; Money market fund outflows $12.7 bln.

Cooper Tire and Rubber (CTB:NYSE) announced plans to sell its automotive unit for $1.165 bln.


Ford Motor (F:NYSE) has raised guidance for '04 based on improvement in financial services and improved cost performance in the automotive sector taking Q3 EPS to $0.10 - $0.15 VS. $0.09 cons while for the FY EPS estimates go to $1.90 - $2.00 vs. $1.99 cons.
Circuit City (CC:NYSE) reported Q2 EPS of ($0.06) vs ($0.11) cons on rev's of $2.35 bln vs $2.33 bln.
Qualcomm (QCOM:NASD) is raising its Q4 EPS guidance from $0.27 - $0.28 prior to $0.28 -$0.30 on rev's of $1.39-$1.41 bln vs. $1.41 bln but disclosed a serious royalty issue.
Carnival (CCL:NYSE) reported Q3 EPS of $1.23 vs $1.20 cons on rev's of $3.25 vs $3.15 cons.

Around the world in 80 ticks:

For those that are calling this summer in the orange state a rare event, they might be right for now but the forecast may indicate a soggy trend. Scientists say 65 million Americans living on the Gulf and Atlantic coasts should expect weather like this past month for at least another 30 years. According to meteorologists, since '95 when environmental conditions have shifted, the number of major hurricanes has more than doubled.

Reuters reports that the Chechen warlord Shamil Basayev has finally claimed responsibility today for the Russian school siege where over 320 hostages were killed, half of them children,. Basayev threatened further attacks by any means he saw fit.

According to USA Today, more men are crying foul and saying they have been sexually harassed at work. Meehan complains all the time about his office environment but in light of the Governor McGreevey scandal, the article cited a study by the Equal Employment Opportunity Commission (EEOC) comparing the 9% of all charges filed back in '92 that were from men but today that portion of complaints represents 15% of all harassment cases.

Have a great weekend!


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