Earnings Announcements
Company/Estimate
AFFX/-.08
AGI/.27
ALTR/.13
AMR/-1.04
CDN/.10
EBAY/.26
ERES/.18
FFIV/.14
F/.44
GD/1.19
HET/.66
JPM/.87
JNPR/.08
PFCB/.27
QCOM/.48
SIRI/-.10
SBUX/.17
TDW/.18
Splits
MTLM 2-for-1
Economic Data
Fed's Beige Book
Recommendations
Goldman Sachs reiterated Outperform on BSX, CAKE, ZION, TRMS, USB, COH, AHC, MUR. GS reiterated Underperform on INFA, DO and FSS.
Late-Night News
Asian indices are mixed on strength in Korea and weakness in Hong Kong. Hynix Semi will be able to survive alone because of a stronger semiconductor industry, JoonAng Ilbo reported. Carlyle Group, a U.S. private equity company, plans to invest as much as $1B in China during the next 18 months, the Asian Wall Street Journal reported. PricewaterhouseCoopers is willing to certify that Bank of China's bad loans are just one percentage point higher than the level estimated by the bank, the Financial Times reported.
Late-Night Trading
Asian Indices -1.0% to +1.0%.
S&P 500 indicated +.18%.
NASDAQ indicated +.63%.
BOTTOM LINE: Tech stocks are trading higher late-night on the heels of Motorola's exceptionally strong report. I expect Greenspan to begin hinting at an impending rate hike tomorrow. The markets took his positive comments today very poorly. I expect we have further downside in the short-run as there is still too much investor complacency as evidenced by the Put/Call, Arms, Bullish % and VIX readings. The Portfolio is 25% net long and I will likely initiate new shorts on any significant strength in the short-run.
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