Thursday Watch

Earnings Announcements
Company/Estimate
APCC/.19
ANDW/.11
CELL/.20
BOBJ/.15
CE/.17
COX/.05
DOW/.43
DUK/.37
ERTS/.21
XOM/.75
FIC/.42
FDRY/.17
FLML/.03
GR/.36
IM/.24
KROL/.30
MCK/.65
MGM/-.08
NTES/.37
PTEN/.26

Splits
None of note.

Economic Data
1Q Gross Domestic Product estimated +5.0% versus 4Q growth of 4.1%.
1Q Personal Consumption estimated +4.2% versus 4Q growth of 3.2%
1Q Employment Cost Index estimated +.9% versus +.8% in 4Q.
Initial Jobless Claims last week estimated at 343K versus 353K prior week.
Continuing Claims estimated 2987K versus 3019K prior week.
Help Wanted Index for March estimated at 41 versus 40 in February.

Recommendations
Goldman Sachs reiterated Outperform on AG, KMT, PPL, WON, DRE, BIIB, STLD, MO, OG, and NUE. GS reiterated Underperform on NFG, EQR, GSIC and HRB.

Late-Night News
Asian indices are down across the board after the Chinese government called on its banks to restrict lending and stopped construction of a $1.3 billion steel plant, as it escalates attempts to slow the economy, Bloomberg reported. China has already raised banks' reserve ratio, restricted lending to the steel, cement and aluminum industries and banned new construction projects to slow the economy and prevent inflation. Still, the second-largest economy in Asia grew at a faster-than-expected 9.7% in the first quarter with investment jumping 53% in the first 2 months, including a 173% increase in money invested in the steel industry, Bloomberg reported.

Late-Night Trading
Asian Indices -3.25% to -.50%.
S&P 500 indicated -.08%.
NASDAQ indicated -.10%.

BOTTOM LINE: I expect U.S. stocks to open lower tomorrow as an exceptionally strong GDP report will likely push interest rates higher. I expect US 1st quarter GDP growth of around 6%, versus economists' expectations of 5%. Commodity-related stocks will probably remain under pressure as investors panic-sell any stock that has benefited from China. It is possible that the major U.S. indices could see a substantial sell-off tomorrow as bonds fall more than I currently anticipate. I will analyze the situation on the open and decide whether to increase or decrease market exposure.