Wednesday, April 14, 2004

Wednesday Watch

Earnings Announcements
Company/Estimate
AMD/.033
AAPL/.10
BAC/1.80
CEC/.78
DAL/-3.02
ETN/.79
EXTR/-.01
HDI/.64
LRCX/.10
PGR/1.77
RMBS/.05
SNDK/.32
TXN/.21

Splits
None of note.

Economic Data
Consumer Price Index for March estimated up .3% vs. up .3% prior month.
CPI Ex Food & Energy for March estimated up .2% vs. up .2% prior month.

Recommendations
Goldman Sachs reiterated Outperform on PH.

Late-Night News
Asian stocks are mostly lower on U.S. inflation worries. New York Attorney General Spitzer wants regulators to require that new telecommunications technologies such as Internet telephone calls be monitored, the Wall Street Journal reported. President Bush said a free Iraq is necessary to thwart terrorism and promote peace in the Middle East, and Muslim militants won't prevent the June 30 transfer of power to a new Iraqi government, Bloomberg reported.

Late-Night Trading
Asian Indices -1.50% to +.25%.
S&P 500 indicated +.06%.
NASDAQ indicated -.03%.

BOTTOM LINE: U.S. stocks will likely rise or fall tomorrow on the CPI report. The market is very sensitive right now to any signs of inflation. Intel's report may lead to early weakness, however a benign CPI reading should result in a positive day for U.S. stocks. The Portfolio is 75% net long and I will make a decision after the CPI report on whether or not to increase exposure.

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