Earnings of Note
Company/Estimate
ADI/.35
AEOS/.33
AMSC/-.23
BEAS/.08
DELL/.28
KSS/.33
LTXX/.07
MTZ/.11
TGT/.47
TIF/.27
URBN/.38
WMT/.49
Splits
ASBC 3-for-2
DNA 2-for-1
Economic Data
Producer Price Index for April estimated +.3% versus +.5% in March.
PPI Ex Food & Energy for April estimated +.2% versus +.2% in March.
Advance Retail Sales for April estimated -.2% versus +1.8% in March.
Retail Sales Less Autos for April estimated -.2% versus +1.7% in March.
Initial Jobless Claims for last week estimated at 325K versus 315K prior week.
Continuing Claims estimated at 2900K versus 2935K prior.
Recommendations
Goldman Sachs reiterated Outperform on ADP, CEN, PAYX, MERQ, BAX and BIIB. GS reiterated Underperform on HRB.
Late-Night News
Asian indices are lower on concerns that rising oil prices will crimp world economic growth. China scheduled a final test of a homegrown high-speed mobile-phone technology in Shanghai and Beijing on May 20. Nortel Networks and China Putian are supplying equipment for the test, China Daily reported. The U.S. issued an alert for U.S. citizens visiting next month's Euro 2004 soccer tournament in Portugal over possible terrorist attacks. China's industrial production grew 19.1% last month as factories made more computers, cars and cell phones to meet rising demand at home and abroad.
Late-Night Trading
Asian Indices -2.25% to -.25%.
S&P 500 indicated +.03%.
NASDAQ indicated +.04%.
BOTTOM LINE: U.S. stocks may open lower on weakness in Asia, however I expect shares to stabilize and rally later in the day, barring a significant rise in interest rates. The Portfolio is 125% net long heading into tomorrow.
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