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The Fokker Chronicles



Heads up:

Lookout for July Factory Orders at 10amEDT and Energy Information Administration(EIA) and the Dept of Energy(DOE) natural gas data following at 10:30amEDT. Crude futures were continuing their gains from yesterday prior to the open outcry session on NYMEX up 60cents in the electronic session.

Intel(INTC:NASD) will host its much anticipated mid quarter update after the bell today.

Brokerage Chatter:

Morgan Stanley upped Marathon Oil Corp (MRO:NYSE) from equal weight to overweight noting growth and returns are improving. Wachovia dropped Constellation Energy Group (CEG:NYSE) from outperform to market perform on valuation. CSFB raised the Integrated Oil sector from underweight to market weight, taking their oil prices assumptions higher. CSFB also upgraded the E&P sector from market weight to overweight feeling commodity prices will remain strong and recent weakness has provided an attractive entry.

Wachovia cut Cypress Semi (CY:NYSE) from outperform to market perform citing weak seasonality and valuation. Bank of America added Cinergy (CIN:NYSE) and Progress Energy (PGN:NYSE) to its Utility Fresh Money Buy List and removed SCANA Corp (SCG:NYSE) and Ameren Corp (AEE:NYSE). Goldman Sachs lowered Trimeris (TRMS:NASD) from outperform to in line on a lack of near-term catalysts.

Financial Headlines:
Stories :

Digitimes is reporting that Intel(INTC:NASD) has informed its clients in Taiwan that the launch of its new Itanium 2 processor, codenamed Madison 9M, will be pushed out another quarter to the 4th quarter of 2004. In related news, the Semi Industry Association(SIA) released its July data which showed a deceleration in revenue growth month over month from 40.3% in June to 37.9% despite unit growth increasing. The SIA said the slower growth rate in July from the previous month was "not unexpected''.

The Wall Street Journal highlighted the potential slowdown in Starbucks(SBUX:NASD) business from its consumer base after the much talked about potential price hike that could happen before year end. The price increase is speculated to be in the neighborhood of 4-5% and mark the first time in 4 years of such an increase.

Commerce Bancorp(CBH:NYSE) said the NASD is pursuing an investigation into possible political contributions which violated the NASD rules of trying to win municipal bond biz through such contributions.

Today Google(GOOG:NASD) is ending its first lock-up period, already, according to the Wall Street Journal.

Around the world in 80 ticks:

Another slam dunk for Kobe Bryant after the prosecution asked the Judge yesterday to dismiss the sexual assault charge against the NBA star less than a week before opening statements were set to begin. The prosecution cited their client's inability to continue and take the stand. Bryant offered the following remarks in a bizarre admission of guilt stating; "I want to apologize to her for my behavior that night and for the consequences she has suffered in the past year."

Have a great day.

position in cbh, intc
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