Thursday Watch

Earnings of Note
Company/Estimate
VOXX/.09
CSL/1.08
C/.97
CMA/.93
CY/.23
FCS/.23
ETN/1.02
DJ/.38
IBM/1.12
LEXR/-.19
LSS/.99
MAR/.61
NFLX/.13
PEP/.61
RMBS/.06
PMCS/.07
RDC/-.03
LUV/.16
SYK/.33
TRB/.61
UNH/.92
WB/.96

Splits
None of note.

Economic Data
Producer Price Index for June estimated +.2% versus +.8% in May.
PPI Ex Food & Energy for June estimated +.2% versus +.3% in May.
Initial Jobless Claims for last week estimated at 345K versus 310K prior week.
Continuing Claims estimated at 2883K versus 2872K prior.
Business Inventories for May estimated +.5% versus +.5% in April.
Empire Manufacturing for July estimated at 27.80 versus 30.17 in June.
Industrial Production for June estimated +.1% versus +1.1% in May.
Capacity Utilization for June estimated at 77.7% versus 77.8% in May.
Philly Fed for July estimated at 25.0 versus 28.9 in June.

Recommendations
Goldman Sachs reiterated Outperform on STN, IBM and UPS.

Late-Night News
Asian indices are mostly lower after a Citigroup downgrade of several semiconductor makers in the region. Former U.S. president Bill Clinton backed U.K. Prime Minister Tony Blair's decision to go to war with Iraq, the Financial Times said, citing an interview with Clinton. Harrah's Entertainment has agreed to buy Caesars Entertainment for $5.28 billion, the Wall Street Journal reported on its Web site. Nokia may report falling sales today, while Sony Ericsson Mobile will probably say revenue jumped by a fifth, underscoring the Finnish company's loss of market share this year, Bloomberg said. The U.S. free-trade agreement with Australia, approved by the U.S. House of Representatives yesterday, should spark support by Australia's parliament, Bloomberg reported.

Late-Night Trading
Asian Indices are -1.50 to +.25% on average.
S&P 500 indicated +.04%.
NASDAQ 100 indicated +.25%.

BOTTOM LINE: I expect U.S. stocks to open modestly higher in the morning on a rebound in technology shares, however a lot will depend on the numerous economic data releases. Higher-than-expected inflation readings and reports showing more evidence of slowing economic growth could send shares lower on the open. The Portfolio is market neutral heading into tomorrow.