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The Fokker Chronicles

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Heads up:

Lookout for August New Homes sales which are due out shortly at 10amEDT.

Slow week for earnings, however keep your eyes pealed for reports this week from Micron Tech(MU:NYSE) on Wednesday, Pepsico(PEP:NYSE) on Thursday, and Research in Motion(RIMM:NASD) this Friday.


Brokerage Chatter:

Prudential downgraded the communications equipment sector from favorable to neutral saying that the industry is in a more mature recovery period and that growth is likely to level out in the near future. Prudential downgraded Tommy Hilfiger (TOM:NYSE) from overweight to underweight. Morgan lowered Microchip Technology (MCHP:NASD) from overweight to equal weight on valuation as well as near term earnings and top line risk. JP Morgan reduced Nextel (NXTL:NASD) estimates below consensus based on analysis of the planned network expansion.

Bank of America upgraded WalMart (WMT:NYSE) from neutral to buy as a function of poor sentiment and potential for positive news flow. CSFB upgraded International Steel Group (ISG:NYSE) to outperform from neutral. Lehman dropped Pixar (PIXR:NASD) from overweight to equal weight on valuation. Thomas Weisel raised its Apple (AAPL:NASD) estimates citing increases to their iPod assumptions. Fannie Mae(FNM:NYSE) was cut to neutral from overweight at Prudential and Morgan Stanley took a shot as well reducing its rating to equal weight from overweight and cut its target to $55 a share.

Financial Headlines:
Stories :

According to a Bank of England study, the failure of just one bank could wipe out a quarter of the entire UK banking system. The study suggested that the loans made routinely from their banks to one another are so large that by default, one institution would have a "terrifying domino effect."

According to the Wall Street Journal, J.P. Morgan Chase (JPM:NYSE) will purchase a majority stake in the hedge fund, Highbridge Capital, which is valued at over $1 bln with annual management fees of $140 mln.

Tommy Hilfiger(TOM:NYSE) announced late Friday that the U.S. Attorney's office had issued subpoenas for company records.

Earnings:
Walgreen (WAG:NYSE) reported Q4 EPS of $0.32 vs $0.31 cons on revs of $9.4 bln vs $9.42 bln cons.


Around the world in 80 ticks:

AP news reports that Iran said over the weekend it had successfully test-fired a "strategic missile" and already delivered it to its armed forces. The Dow Jones newswires reported U.S. President Bush commented "all options are on the table" in his efforts to block Iran from developing nuclear weapons however reiterated his first choice would be to find a diplomatic solution.

The Wall Street Journal reports that Pakistani authorities have killed Amjad Hussain Farooqi, thought to be responsible for organizing the kidnapping and murder of WSJ reporter Daniel Pearl, who had been linked to 2 assassination attempts on Pakistan President Pervez Musharraf.

The Financial Times reported that Taiwan has disclosed for the first time that it is seeking offensive military capabilities to potentially launch strikes against China. Taiwan's premier, Yu Shyi-kun said "If you fire 100 missiles at me, I should also be able to fire 100 missiles at you or at least 50."

The Donald Trump marketing machine looks to be eclipsing its real estate prowess as another coup de pew looks to take hold. Aramis and Designer Fragrances, a division of high-end cosmetics firm Estee Lauder Cos(EL:NYSE) said last week it signed a multi-year deal with now TV star Donald Trump as the spokesperson for its new men's fragrance line known fondly as "Donald Trump, The Fragrance." I can smell it already, but that might be because Toddo left his door open.


Have a great day!


Fokker

position in tom, fnm, aapl, wmt, pep, wag
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