Earnings of Note
Company/Estimate
CPRT/.20
MIK/.37
RL/.78
TECD/.49
TOL/.87
VTS/.22
Splits
HNP 2-for-1
TLM 3-for-1
Economic Data
Durable Goods Orders for April estimated -1.0% versus +5.4% in March.
New Home Sales for April estimated at 1200K versus 1228K in March.
Recommendations
Goldman Sachs reiterated Underperform on VRTS. Goldman reiterated Outperform on BSX, CSCO and MDT.
Late-Night News
Asian indices are higher after a strong showing by U.S. stocks and optimism over economic growth in Japan. Members of al-Qaeda or other terrorists are in the U.S. and preparing for a major attack later this year, the AP reported, citing a senior U.S. counter-terrorism official. China doesn't need to take harsher measures to rein in the overall economy because only some industries are overheated, the Shanghai Securities News said. Wellington Management, which advises more than a dozen funds offered by Vanguard Group, is being investigated by the SEC, the NY Times said.
Late-Night Trading
Asian Indices +.50% to +1.75% on average.
S&P 500 indicated -.16%.
NASDAQ indicated -.14%.
BOTTOM LINE: I expect U.S. stocks to open modestly lower in the morning on terrorism-related concerns and a likely weaker-than-expected Durable Goods report. However, a rally may surface later in the day on falling interest rates and short-covering. I do not expect a significant move up or down tomorrow. The Portfolio is 125% net long.
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