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The Fokker Chronicles

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Heads up:

Lookout at 10amEDT for the July Wholesale Inventory report. Lucent Tech(LU:NYSE) is hosting an analyst day today.


Brokerage Chatter:

AG Edwards cut US Bancorp (USB:NYSE) from buy to hold. UBS dropped Alltel (AT:NYSE) from buy to neutral on valuation. Bear lowered Apple Computer (AAPL:NASD) from outperform to peer perform after its price target had been reached. Merrill hammered Illinois Tool Works (ITW:NYSE) from buy to neutral on valuation. Lehman lowered China Telecom (CHA:NYSE) from overweight to equal weight.

Smith Barney punted the REIT sector citing valuation and says the possibility of a 10-15% correction exists for this sector. Lehman Bros says it expects either Delta (DAL:NYSE) agrees to a pilot deal or else bankruptcy with the possibility of $0 price target in a matter of weeks. Banc of America lowered its price target for SPX Corp(SPW:NYSE) to $30 from $35. Goldman Sachs raised its estimates for Texas Instruments(TXN:NYSE) after it lowered its revenue outlook on the mid quarter update.


Financial Headlines:
Stories :


Boeing(BA:NYSE) announced it received a contract from DirectTV(DTV:NYSE) to build 3 satellites. Terms have not been disclosed, but some speculate it could be worth up to $1 billion.

Spain's largest Bank, Santander Central Hispano SA, has announced it will sell as much as $2.26 bln in Royal Bank of Scotland Group Plc stock as it seeks buy Britain's Abbey National Plc according to Bloomberg.


Earnings:
Nokia(NOK:NYSE) boosted its guidance for the quarter on strong volume growth.
Rockwell Collins (COL:NYSE) reaffirmed '04 EPS guidance of $1.60-1.65 vs $1.65 cons on revs of $2.9 bln (in-line) and '05 EPS of $1.85-1.95 vs $1.83 cons on revs of $3.2 bln vs $3.16 bln cons
Nucor (NUE:NYSE) raised Q3 guidance from $3.20-3.40 to $4.40-4.60. The company also announced a 2-for-1 stock split and increased its quarterly dividend by 24% (pre-split).

Around the world in 80 ticks:

Hurricane Ivan, the next big thing to hit the Caribbean could prove to be the strongest yet of the summer. At category 5 strength (140mph to 160mph sustained winds) Ivan has left little standing in Grenada where CNN reports 90% of homes were damaged. The storm is currently approaching Cuba before making its way towards the United States where some experts are worried Florida could receive another knockout punch to already beleaguered residents still making their way home from the Frances evacuation.

A workplace germ study funded by Clorox(CLX:NYSE) said toilets are 400 times cleaner than office desks. Offices were tested for typical germ-coated surfaces and while desktops are huge carriers of many germs and bacteria, they rank as the second-dirtiest surface in the study to desk telephones holding over 25,000 individual germs. Toilets ironically had one of the lowest bacteria level at 49 germs per square inch and Collins' lunch bowl had even fewer after he polished off a meal.


Have a great day.


Fokker



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