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The Fokker Chronicles

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Heads up:

Elmer will be testifying this morning at 10:30amEDT in front of the House Budget panel. After the bell today at 5:30pmEDT we'll be graced by the mid quarter update from Texas Instruments(TXN:NYSE).


Brokerage Chatter:

Bear Stearns is lowering their year end S&P 500 target from 1100 to 1050 and cutting their recommended equity exposure from 60% to 55%. CFSB cut Hershey Foods (HSY:NYSE) to neutral from outperform on valuation. Goldman downgraded the drug wholesaler sector from attractive to neutral following disappointments from McKesson (MCK:NYSE), Cardinal Health (CAH:NYSE), and AmerisourceBergen Corp (ABC:NYSE).

Thomas Wesiel dropped Fairchild Semi (FCS:NYSE) from outperform to peer perform noting slowing fundamentals and a lack of pricing power. Legg Mason cut Advanced Fibre Communications (AFCI:NASD) to hold from buy. CSFB lowered Dean Foods (DF:NYSE) from outperform to neutral after the company reduced its EPS forecast for FY'04 to $2.01 vs. $2.23 cons and for FY'05 to $$2.21 vs. $2.50 cons. JP Morgan Europe upped Alcatel (ALA:NYSE) from underweight to neutral on valuation. Merrill downgraded Motorola (MOT:NYSE) from buy to neutral based on weakness in wireless handsets in Q3 and Q4. Piper Jaffray cut Oracle (ORCL:NASD) from outperform to market perform citing lower growth expectations as well as uncertainty about management strategy.


Financial Headlines:
Stories :

The weekly Investors Intelligence(II) numbers showed a rise in bulls from 43.6% to 45.9% while bears fell from 27.7 to 26.5..

The weekly MBA Mortgage data for New applications on U.S. home loans showed a rise last week to their highest level in four months.

Bank of Canada raised its overnight lending rate by a quarter point up to 2.25% and cited higher oil prices as boosting the inflation of our northern neighbors.

Nokia(NOK:NYSE) said this morning it will consider a "sustainable increase" in its dividend for next year and could increase its share repurchase program as well.

The Wall Street Journal reported that a new FDA analysis of antidepressants has found that Wyeth's(WYE:NYSE) Effexor showed a strong link to suicidal thoughts as well as behavior in young people.

Delta Air (DAL:NYSE) has announced it will cut 6,000 to 7,000 jobs over the next 18 months.


Earnings:

Jetblue Airways (JBLU:NASD) is cutting Q3 profit estimates "significantly lower than our previous estimates" citing higher fuel prices and the two hurricanes that impacted Florida.
Coca Cola Enterprises (CCE:NYSE) guides Q3 to $0.38-$0.40 vs. $0.49 cons and FY'04 to $1.26-$1.30 vs. $1.39 cons on weak volume in North America and Europe.


Around the world in 80 ticks:

According to the New York Times citing top Pentagon officials yesterday, insurgents controlled a handful of important parts of central Iraq and that it was unclear when and how American and Iraqi forces could secure those areas. In separate news, MSBC reported that the Gay Republicans said they will not endorse Bush, nothing new here according to political analysts.

AP news reports that in a poll conducted in the UK, for whatever this would be worth, proved that Brits overwhelmingly preferred John Kerry to President Bush as its protector for the next four years.

Hurricane Ivan was reportedly devastating Grenada at this point with winds surpassing 135mph according to ABC News. The trajectory of Ivan is still difficult to ascertain but some experts cite a strong possibility that it heads into Texas and Louisiana potentially sparing Florida of another natural disaster.



Have a great day.


Fokker

position in mot, orcl, nok, dal, jblu, cce
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