Friday, April 23, 2004

Friday Watch

Earnings Announcements
Company/Estimate
AWE/.01
HGSI/.41
SLB/.47
STE/.43
SII/.42
WY/.56

Splits
None of note.

Economic Data
Durable Goods Orders for March estimated +.7% vs. +2.5% last month.
Durable Goods Less Transportation estimated +1.4% vs. -.3% prior month.

Recommendations
Goldman Sachs reiterated Underperform on TSG, SIAL, PYX and CR. GS reiterated Outperform on VIAB, ITT, AMGN, DHR and FORM.

Late-Night News
Asian indices are mostly higher on strength in U.S. stocks and strong corporate earnings reports. Shares of Doral Financial(DRL), the fourth largest Puerto Rican bank by assets, are worth buying amid a housing shortage on the island that is boosting mortgage demand, Business Week said. Walt Disney is in talks with China's Central Television and media companies in Beijing and Shanghai on a production venture for a network in the mainland, the South China Morning Post reported. China plans to scrap the ceiling on bank lending rates in its latest attempt to curb credit growth and excess investments that are fueling inflation. "We're seeing the beginning of a turnaround for the national market," with the volume of help-wanted advertising rising after 3 years of decline, said Kenneth Goldstein, chief economist of the Conference Board, a New York research group.

Late-Night Trading
Asian Indices -.75% to +1.0%.
S&P 500 indicated +.31%.
NASDAQ indicated +.77%.

BOTTOM LINE: U.S. stocks should extend recent gains tomorrow on strong corporate earnings reports after the close today. Rising Asian shares, declining interest rates and falling crude prices should also boost stocks on the open. The Portfolio is 125% net long heading into trading tomorrow.

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