Earnings Announcements
Company/Estimate
AEOS/.55
ADSK/.29
CPN/-.11
CHINA/.03
DECK/.08
EASI/.54
GPS/.37
JCP/.80
KSS/.69
MCDTA/.01
PWR/.04
TOL/.60
MRVL/.28
Splits
None of note
Economic Data
Durable Goods Orders expected to increase 1.4% in January vs. .3% in December.
Weekly Initial Jobless Claims estimated at 345K vs. 344K the prior week.
New Home Sales estimated at 1075K in January vs. 1060K in December.
Help Wanted Index estimated at 39 in January vs. 38 in December.
Late-Night News
Microsoft Corp.'s Japanese unit was raided by Japan's Fair Trade Commission for suspected violation of the nation's Antimonopoly Law. China warned of escalating tension if Taiwan President Chen Shui-bian holds a public referendum on China relations in tandem with the March 20 presidential election, the official China Daily reported. Japanese retail sales post biggest gain in 7 years. More Americans are traveling overseas recently, as passport applications rose 13% from Oct. to this week, on pace to set an annual record, the Wall Street Journal said. Samsung, Hynix, Infineon and Micron are among companies that are being investigated by a federal grand jury in San Francisco for accusations of price-fixing, the WSJ said. Soaring U.S. lumber prices shouldn't affect homebuilders because they buy at volume discounts and lock in prices as much as a year in advance, the Journal reported.
Late-Night Trading
Asian markets are mostly up, ranging from -.50% to +1.25%.
S&P 500 indicated +.10%.
NASDAQ indicated +.14%.
BOTTOM LINE: I expect to see a follow-through rally tomorrow on a strong durable goods report, better-than-expected earnings and a continuation of the oversold bounce from tech. I may take the Portfolio up to 100% net long, depending on the morning's opportunities.
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