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The Fokker Chronicles

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World Markets:
Europe taking a breather half way through its session. Across the board Europe is modestly lower while Asian markets closed mixed. The Japanese Nikkei lost 0.64% while the Hang Seng gained 0.33%. US markets were leaning slightly lower in early trading. Employment figures hit the tape earlier and despite jobless claims edging higher, equities haven't budged much. Check out Brian Reynolds piece for more analysis.

Heads-up:
Lookout for economic news at 10amEDT when Factory Orders and ISM non-manufacturing will paint the tape. National Semi(NSM:NYSE) are expecting to post their earnings during the day today. PeopleSoft(PSFT:NASD) hosts their analyst day today while Intel(INTC:NASD) will release its mid quarter update after the bell today.

Broker Conferences continue today. To highlight a few of the companies speaking, SG Cowen Tech Conference will host Texas Instruments(TXN:NYSE), Intl Bus. Mach(IBM:NYSE), Qualcom(QCOM:NASD), and Altera(ALTR:NASD). The Credit Suisse First Boston Global Software Conference includes Computer Assoc.(CA:NYSE) and Siebel Systems(SEBL:NASD). Lehman Brothers CEO Energy/Power Conference is hosting Baker Hughes(BHI:NYSE) and BJ Services(BJS:NYSE). Thomas Weisel Partners Healthcare Tailwinds 2003 conference continues today with Amgen(AMGN:NASD) and Pfizer(PFE:NYSE).


Brokerage Chatter:
Cisco Systems(CSCO:NASD) upped to outperform from in-line at Goldman Sachs. UBS upgraded the semi equipment stocks, individually upgrading Applied Materials(AMAT:NASD), KLA Tencor(KLAC:NASD), Lam Research(LRCX:NASD), Novellus(NVLS:NASD), to name a few, from neutral to buy. Dow Chemical(DOW:NYSE) cut to hold from buy at Prudential. Soundview intiated coverage of Ciena(CIEN:NASD) with an outperform rating and $8 target.

Soundview upgraded Foundry Ntwks(FDRY:NASD) to outperform from neutral. Network Associates(NET:NYSE) upgraded at Merrill Lynch to buy from sell. Check Point Software(CHKP:NASD) upgraded at Merrill Lynch to buy from neutral. Eli Lilly(LLY:NASD) was downgraded by Deustche Bank.


Financial Headlines:
Stories :
The Wall Street Journal reports Goldman Sachs(GS:NYSE) has agreed to pay approximately $9 million in an effort to settle civil charges filed by the SEC for not preventing its traders from taking positions ahead of news in 2001 that the Treasury Dept. was ending sales of 30-year bonds

The Bank of England left their key interest rate unchanged at 3.5 percent. The ECB also meets today and markets see no move to their rates as well.

Earnings:
Hovnanian Enterprises(HOV:NYSE) beat by 21cents, guided Y03 & Y04 above consensus
Wal-Mart(WMT:NYSE) same store sale gained 6.9%. This was above analysts' estimates of 4-6%
Costco(COST:NASD) announced Aug comps up 9%, which were above analysts' estimates of approximately 6-7% gain.
Federated(FD:NYSE) same store sales were down 0.8%. Analysts' estimates were looking for a loss of 1-2%.
Sears, Roebuck(S:NYSE) comps were up 3.9%. Analysts' consensus ranged from a loss of 1% to a gain of 4%.
Best Buy(BBY:NYSE) guided higher on Q2 revenues; issues upside preannouncement for Q2 (Aug),
JC Penney(JCP:NYSE) comp store sales increase 3.9%. Analyst estimates ranged from a loss of 3% to a gain of 3%.
Accredo Health(ACDO:NASD) beat by $0.04, and raised their full year outlook.
Corning(GLW:NYSE) reaffirmed their 3rd quarter guidance.
Pfizer(PFE:NYSE) reaffirmed adjusted EPS estimates for 2003 and 2004.
Cypress Semi(CY:NYSE) issued an upside preannouncement guiding their 3rd quarter above consensus.
Procter & Gamble(PG:NYSE) guided its sales and earnings outlook higher.


Around the world in 80 ticks:
The Associated Press quoting Israeli newspaper Haaretz claims Prime Minister Ariel Sharon has authorized Israel's Mossad spy agency to lead the country's efforts to stop Iran from acquiring nuclear weapons,

Interfax reports that the Russian defense minister said today that he will not rule out sending troops to Iraq.

Washington Post cites sources on Capital Hill that Bush has informed congressional leaders it is preparing a new budget request for between $60 billion and $70 billion to cover the costs of the reconstruction and military occupation of Iraq.

AP newswires reports Paul Hill, a former minister who murdered an abortion doctor and his bodyguard, was put to death by lethal injection today in Florida. He became the first person to be executed in the United States for anti-abortion violence.

Reuters reports that Comedy Central's "South Park" is exploring syndication deals that according to the Hollywood trade paper Daily Variety could reap Kyle, Stan, Cartman and the rest of the gang nearly $100 million, making it the highest-grossing series to come off cable.

The Terminator was pelted with an egg by an unknown assailant as Schwarzenegger walked through the campus at California State University, Long Beach. According to Reuters, Schwarzenegger told reporters, "This guy owes me bacon now," as he laughed off the incident.



Have a profitable day.

Fokker

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