Monday, July 19, 2004

Monday Watch

Earnings of Note
BLUD 3-for-2
Economic Data
NAHB Housing Market Index for July estimated at 67 versus 67 in June.
Weekend Recommendations
Forbes on Fox had guests that were positive on DSCP, ERES, IHP, MCD and mixed on ATG, FBC.  Bulls and Bears had guests that were positive on JNS, HOV, TASR, FIC, mixed on FII, CSGP, COGN and negative on MSO.  Cashin' In had guests that were positive on STZ, GE, FRO and mixed on ARO, GD, MGM, NT.  Louis Rukeyser's Wall Street had guests that were positive on PD, AET, BER, UNH, MCD, APD, CMCSA, DJ, VIA, KO, LLY, AMGN, IACI.  Wall St. Week w/Fortune had guests that were positive on LU, NT, CSCO, JNPR, CIEN, AV, CKR and negative on INTC, YUM.  Barron's had positive comments on LOJN, LCUT, MCRS, CGNX, MBT, VIP, TROW and negative comments on KMRT. Goldman Sachs reiterated Outperform on ITT, BSX and Underperform on DPH.
Weekend News
An al-Qaeda-linked group threatened Italy with terror attacks for the second time in two day, Agence France-Presse reported.  The U.S. Justice Department said it doesn't plan to examine federal laws to determine if the presidential election may be postponed because of the threat of a terrorist attack, the NY Times reported.  At least 50 people have died after being shocked by Tasers, including six people last month, the NY Times reported.  An Oracle victory in its antitrust dispute with the U.S. government might prompt consolidation in the software industry, especially after several companies missed sales targets, Barron's reported.  Iraqi Interior Minister al-Nakib expects Iraqi police forces to be able to enforce security in the country within eight months, al-Hayat reported.  Republican Senator McCain said he wouldn't serve in the Cabinet if Senator Kerry wins the election and he has no interest in replacing Dick Cheney as President Bush's running mate, Time magazine reported.  General Electric is offering medical equipment, consulting services and financing to hospitals, boosting revenue in the $2 trillion U.S. healthcare industry, the NY Times said.  Venture capital firms such as Sevin Rosen are attracting large numbers of investors, a change in course after a slump in the industry over the past 4 years, the NY Times reported.  The Chinese government is ordering hundreds of companies in Shanghai to switch their operations to night time due to power shortages, the BBC reported.  Philadelphia may replace Detroit as the largest U.S. urban city with full-scale gaming halls, the Philadelphia Inquirer reported.  The panel investigating the 9/11 attacks found evidence that officials in Iran helped some al-Qaeda operatives enter the country from Afghanistan, including eight of the men who took part in the attacks, Newsweek reported.  Adolph Coors and Molsen are in talks about a possible combination of the two breweries, the Wall Street Journal reported.  Intel is delaying the introduction of a chip it has called "the linchpin" of its new product line for notebook computers, Reuters reported.  Copper futures may rise for a sixth straight week in New York and London amid speculation that a week-old strike at Grupo Mexico SA's La Caridad complex will spread to sites in Mexico and the U.S., Bloomberg reported.  France denounced as "unacceptable" a call by Israeli Prime Minister Sharon for French Jews to emigrate because of increasing anti-Semitism, Agence France-Presse reported.
Late-Night Trading
Asian indices are mixed, -.25% to +.25% on average.
S&P 500 indicated +.18%.
NASDAQ 100 indicated +.36%.
BOTTOM LINE:  I expect U.S. stocks to open modestly higher in the morning on falling energy prices, an oversold bounce in tech shares and better earnings reports.  The Portfolio is 25% net short heading into the week.

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