Earnings of Note
Company/Estimate
None of note.
Splits
WIT 3-for-1
Economic Data
Unemployment Rate for June estimated at 5.6% versus 5.6% in May.
Average Hourly Earnings for June estimated up .3% versus an increase of .3% in May.
Change in Non-farm Payrolls for June estimated at 250K versus 248K in May.
Change in Manufacturing Payrolls for June estimated at 30K versus 32K in May.
Average Weekly Hours for June estimated at 33.8 versus 33.8 in May.
Recommendations
Goldman Sachs reiterated Outperform on KO, MRVL, AGR/A and Underperform on FSS, QGENF. IRF will benefit from expanding its line of semiconductors used in specialized applications, Business Week reported. MRH may rise as the company buys back stock, Business Week reported. BTI will boost its earnings per share 15% by selling its U.S. unit to R.J. Reynolds Tobacco, Business Week reported.
Late-Night News
Asian indices are lower on weakness in U.S. technology shares. Jordan would send troops to Iraq if its interim government asked for military help, making it the first Arab state to agree to do so, Reuters reported. Merrill Lynch got approval to set up a fund-management venture with the investment-banking unit of Bank of China, the Shanghai Securities News reported. Marvell Technology took business away from China's Semiconductor Manufacturing International because it wasn't satisfied with quality and gave it to Taiwan Semi and Chartered Semi, the Commercial Times said. New Mexico Governor Bill Richardson told Senator Kerry he doesn't wan to be considered as a possible running mate, the AP reported. An astronomer using the Hubble Space Telescope found as many as 100 planets circling other stars, the BBC reported. Toyota Motor plans to add production of Prius hybrid-electric cars at a second plant in Japan to meet higher-than-planned demand, Bloomberg reported.
Late-Night Trading
Asian Indices are -1.75 to -.25% on average.
S&P 500 indicated +.10%.
NASDAQ 100 indicated +.07%.
BOTTOM LINE: I expect U.S. stocks to open modestly higher in the morning on a better-than-expected jobs report and a decline in the price of oil. My short-term trading indicators are giving mixed signals and the Portfolio is 75% net long heading into tomorrow.
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