Friday Watch

Earnings of Note
Company/Estimate
None of note.

Splits
PGTV 2-for-1

Economic Data
Preliminary 2Q GDP estimated up 2.7% versus 3.0% prior.
Preliminary 2Q Personal Consumption estimated up 1.3% versus 1.0% prior.
Preliminary 2Q Price Deflator estimated up 3.2% versus 3.2% prior.
Final Univ. of Mich. Consumer Confidence reading for August estimated at 94.0 versus 94.0 prior.

Recommendations
Goldman Sachs reiterated Outperform on MDT and Underperform on GCO. Shares of BE Aerospace(BEAV), the world's biggest maker of interiors for airlines, may rise more than 50% over the next year as airlines pick up spending on their fleets, Business Week reported. Shares of Angiotech Pharmaceuticals(ANPI), which licenses its stent-coating technology to Boston Scientific, may rise because the company is a pioneer in drug-coated medical devices, Business Week reported. Manpower(MAN) and Monster Worldwide(MNST) shares will rise after a sell-off from weak job reports in June and July left the stocks undervalued, Business Week reported.

Late-Night News
Asian indices are quietly mixed as optimism over falling energy prices is mostly offset by terrorism concerns. Lazard LLC Chairman Michel David-Weill and other partners who together control 36% of the investment-banking partnership would demand to be bought out as a condition for approving an IPO, Business Week reported. Microsoft will start an internet music store allowing customers to purchase and download music tracks to their computers, the Financial Times reported. Two Russia airline crashes minutes apart of Tuesday were probably caused by terrorism, the AP said. Crude oil's five-day plunge since failing to reach $50/bbl. has convinced more traders and analysts that the price will continue to fall, according to a Bloomberg survey. Tyco International CEO Breen, who runs businesses touching at least a dozen industries, said higher commodity prices are constraining profits and may reduce U.S. economic growth by about .5 percentage points, Bloomberg reported.

Late-Night Trading
Asian Indices are -.25% to +.75% on average.
S&P 500 indicated -.02%.
NASDAQ 100 indicated +.25%

BOTTOM LINE: I expect U.S. equities to open modestly lower on weaker economic data. However, stocks should rise into the afternoon on short-covering ahead of potential positive catalysts next week. The Portfolio is 75% net long heading into tomorrow.