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The Fokker Chronicles



Heads up:

Earnings period gets quiet again for this afternoon and tomorrow however the government will release its figures on August Durable Goods and Existing Homes before Wall Street heads into Yom Kippur. Beware of an illiquid afternoon tomorrow as some traders might try and beat the traffic into the closing bell.

Brokerage Chatter:

Lehman Bros dropped FedEx (FDX:NYSE) from overweight to equal-weight citing valuation. JP Morgan raised its global handset estimates for '04 from 605 mln to 620 mln and '05 estimates from 665 mln to 682 mln. Prudential upped its worldwide PC unit and revs estimates, believing the market will continue healthy growth for the rest of '04 due to strong demand and seasonal demand. Lehman Bros lowered EPS estimates for Maxim Integrated Products (MXIM:NASD) for Q2 to $0.44 vs $0.42 cons on revs of $478 mln vs $454.43 cons and for '05 to $1.83 vs $1.85 cons on revs of $1.97 bln vs $2 bln cons.

JP Morgan upgraded Sunoco (SUN:NYSE) from neutral to overweight believing the company will benefit from the tight winter heating market that the firm is expecting. Deutsche Bank downgraded Exxon-Mobil (XOM:NYSE) along with Royal Dutch/Shell (RD:NYSE) from buy to hold citing "less compelling" valuation.

Financial Headlines:
Stories :

In the 198 page report on Fannie Mae (FNM:NYSE) published yesterday, federal regulators suggested that CFO J. Timothy Howard is to blame for a violation of accounting rules that could have "potentially large" financial consequences according to Bloomberg. The report also mentions an accounting department that lacks the necessary skills and with inadequate internal controls necessary to handle the company's $895 bln mortgage portfolio.

Bloomberg newswires report that General Motors(GM:NYSE) is``way behind'' on a plan to break even in Europe and may even be forced to close a factory to cut costs, according to comments made by Chief Executive Officer Rick Wagoner. In an interview given from the Paris International Motor Show, Wagoner said `Pricing in Europe is much tougher than we had forecast, and structural costs are just too high.''


Bed Bath & Beyond (BBBY:NASD) reported Q2 EPS of $0.39 (in-line) on revs of $1.27 bln vs $1.29 bln cons. Q2 comps were up 4.8%.
AG Edwards (AGE:NYSE) reports Q2 EPS of $0.52 vs $0.55 cons on rev's of $614 mln vs. $651.22 mln cons.

Around the world in 80 ticks:

The Associated Press reports that Iran has warned that it will react "most severely" to any Israeli action against its nuclear facilities. Iran's reaction comes following the news of the Israeli military's latest purchase from the U.S. which included 500 bunker buster bombs.

AP newswires cited Japanese intelligence which indicated North Korea may be preparing to test launch a short-range missile. Reuters reported that the Japanese government said that with the help of Washington, they had detected suspicious activity after analyzing data from reconnaissance satellites and radio traffic.

The New York Times reports that the FCC has fined CBS Television, a unit of Viacom(VIA.B:NYSE) $550,000 over its Super Bowl halftime show last year in which Janet Jackson lost a piece of her wardrobe that had been concealing her right boob. CBS network called the fine indecent and said it would review all its options in response to the ruling.

Have a great day!

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