Earnings of Note
Company/Estimate
AIG/1.11
AMZN/.19
AMGN/.59
ABC/.98
T/.07
AVID/.43
BRCM/.32
CME/1.64
CAT/1.74
DECK/.35
ERTS/.05
GDT/.58
MSFT/.28
NUE/2.94
ODP/.23
OSTK/-.14
VRSN/.15
XLNX/.28
Splits
None of note.
Economic Data
Initial Jobless Claims for last week estimated at 345K versus 349K prior week.
Continuing Claims estimated at 2930K versus 2971K prior.
Leading Indicators for June estimated unch. versus +.5% in May.
Recommendations
Goldman Sachs reiterated Attractive view of Lodging sector, favorites are FS, PFE, AMR, GLK, CVD, UTX, KMI, KMR, HOT, MAR and HLT. Goldman reiterated Underperform on SGP, FISV, DO, EK, AKS, AZR and PLXS. Goldman reiterated Outperform on ACS.
Late-Night News
Asian indices are mostly lower on broad-based weakness in technology shares. Verizon Wireless, Cingular Wireless and the mobile unit of Sprint reached agreement with 32 states, ending an investigation into alleged false advertising, the AP said. Monster.com may acquire a company to boost its market share in Singapore to 50%, the Business Times reported. LG Electronics of South Korea may receive billions of dollars in royalty payments from the U.S. until 2020 because of a digital broadcasting technology, Korea Economic Daily reported. A surveillance video from Washington's Dulles Airport shows four of the five Sept. 11, 2001, hijackers being checked before they boarded the airplane that crashed into the Pentagon, the AP reported. Avon Products won Chinese government approval to start direct selling in the country, the Oriental Morning Post reported. The NASD has stepped up its scrutiny of how brokerage firms are marketing hedge funds to their customers, the Wall Street Journal reported. Structural problems are limiting the ability of Europe's economy to grow without generating inflation and that suggests expansion has reached its limit, the Wall Street Journal reported. OAO Yukos Oil, Russia's biggest oil exporter, holds a briefing in Moscow today amid speculation the company may file for bankruptcy to prevent the state from seizing and selling its assets to help pay $3.4 billion in taxes, Bloomberg reported. Corning said a Taiwanese customer agreed to pay $510 million for products in advance to help Corning expand its glass production, Bloomberg said. SAP AG, the world's largest maker of business-management software, said second-quarter net income rose 14% as it won more mid-sized customers and took market share. The company said it is sticking to its full-year forecasts, Bloomberg said.
Late-Night Trading
Asian Indices are -1.25% to -.50% on average.
S&P 500 indicated +.06%.
NASDAQ 100 indicated unch.
BOTTOM LINE: I expect U.S. stocks to open lower in the morning on weakness in Asia, a weaker-than-expected leading indicators report and a continuation of today's sell-off. My short-term trading indicators are giving sell signals and the Portfolio is 25% net short heading into tomorrow.
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