Thursday Watch

Earnings of Note
Company/Estimate
ALOG/.36
CRMT/.55
MTZ/.14
NSM/.29

Splits
SID 4-for-1
MOGN 2-for-1

Economic Data
Import Price Index for May estimated +.8% versus +.2% in April.
Initial Jobless Claims for last week estimated at 335K versus 339K prior week.
Continuing Claims estimated at 2972K versus 3003K prior.

Recommendations
Goldman Sachs reiterated Outperform on SYMC, MUR, ETN, DVN and Underperform on VRSN.

Late-Night News
Asian indices are mixed as strength in Japan and Australia is offsetting weakness elsewhere. United Microelectronics, the world's no. 2 supplier of made-to-order semiconductors, expects chip prices that started rising this year to continue gaining in the second half because demand exceeds supply, the Commercial Times reported. China will allow domestic institutions to invest in overseas markets for the first time by the end of this month, the Hong Kong Standard reported. China is moving closer to enacting its first telecommunication law, which industry players hope will help clarify policy and ease the government's grip on the sector, the South China Morning Post said. Terrorists killed 10 Chinese construction workers in Afghanistan and injured six others, Xinhua news reported. The G-8 rebuked North Korea and Iran for pursuing nuclear weapons in violation of the international nonproliferation treaty, Bloomberg reported. U.S. prosecutors are investigating an alleged plot by American-Muslim activist Abdurahman Alamoudi to kill Saudi Crown Prince Abdullah, the Wall Street Journal reported. Japanese machinery orders jumped 11.8% in April, exceeding economists' estimates of 2.3%, as companies planned to increase investment in factories and equipment to meet rising overseas demand for electronics goods, Bloomberg reported.

Late-Night Trading
Asian Indices -1.25% to +.50% on average.
S&P 500 indicated +.19%.
NASDAQ 100 indicated +.41%.

BOTTOM LINE: I expect U.S. stocks to open slightly higher in the morning and then turn modestly weaker later in the day. Oil is down tonight, however interest rates will likely rise again tomorrow. The postponement of the inflation readings and market close Friday have thrown my game-plan off a bit. I may boost market exposure if the major indices can hold gains throughout the day. The Portfolio is currently market neutral.