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The Fokker Chronicles

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Heads up:

The highlight today comes this afternoon when the Federal Open Market Committee releases its decision on interest rate policy. The market is currently pricing in a 25bps rate hike at today's meeting.

Tomorrow's earnings releases include Bear Stearns(BSC:NYSE), FedEx(FDX:NYSE), Morgan Stanley(MWD:NYSE) and Bed Bath & Beyond(BBBY:NASD).


Brokerage Chatter:

JP Morgan removed Nike (NKE:NYSE) from its focus list citing fewer catalysts while Bank of America raised its '05 EPS estimate for NKE to $4.25 vs $4.57 cons and reiterated their buy rating following earnings reported yesterday. Prudential cut U.S. Steel (X:NYSE) from overweight to neutral weight and also reduced '05 EPS estimates to $5.27 vs $6.86 prior. FTN Midwest upgraded Wal-Mart (WMT:NYSE) from neutral to buy citing upside earnings potential and higher gross margin potential while dumping Target(TGT:NYSE) from buy to neutral.

AG Edwards cut FedEx (FDX:NYSE) to hold from buy citing increased debt from the Kinko's deal and valuation. Smith Barney upped BJ Services (BJS:NYSE) from hold to buy citing valuation and pricing. Banc of America raised Starwood Hotels (HOT:NYSE), Hilton Hotels (HLT:NYSE), and Host Marriott (HMT:NYSE)

Financial Headlines:
Stories :

According to the WSJ, federal regulators have found a pattern of earnings manipulation at Fannie Mae (FNM:NYSE) following an eight month investigation.

American Intl Group(AIG:NYSE) said it had received a Wells Notice from the SEC which indicates that civil action against the company could be recommended over transactions taken place with PNC Financial Services Group(PNC:NYSE) prior to 2003. AIG commented that any proposed action would be unwarranted.


Earnings:
Goldman Sachs (GS:NYSE) reported Q3 EPS of $1.74 vs. $1.42 cons on revs of $4.53 bln vs $4.12 bln cons
Lehman Bros (LEH:NYSE) reported Q3 EPS of $1.71 vs $1.55 cons on revs of $2.62 bln vs $2.54 bln cons
Teradyne (TER:NYSE) lowered Q3 guidance to $0.21-0.26 vs. $0.33 cons on revs of $450-470 mln vs $530-560 mln prior guidance.
General Mills (GIS:NYSE) reported Q1 EPS of $0.55 vs $0.60 cons on revs of $2.59 bln vs $2.58 bln.
RF Micro Devices (RFMD:NASD) lowered Q2 guidance to ($0.01-0.03) vs $0.04 cons on revs of $146-152 mln vs $164.9 mln cons citing weak Asian handset sales.
Intergrated Silicon (ISSI:NASD) lowered Q4 guidance taking rev's from $58-$61 mln to $30-$33 mln.

Around the world in 80 ticks:

In a potential political coup for President Bush, the Washington Times reports that Syria's ambassador to the U.S. said his country's forces in Lebanon will begin a major redeployment back to its own borders this morning.

Reuters reports that Iran will continue to defy the U.N. after it announced today that it would continue to enrich large amounts of uranium, which could be used for building atomic bombs. Iran defiance comes on the heels of the Intl Atomic Energy Agency(IAEA) resolution over the weekend which called on Tehran to suspend all enrichment activities. In related events, Israeli paper, Haaretz said the Israelis will purchase 5,000 smart bombs from the U.S., 500 of which include "bunker buster" bombs which could be used to destroy Iran's underground nuclear atomic facilities.



Have a great day!


Fokker

position in fdx, gs, mwd, x, wmt, fnm, aig, gis
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