Earnings of Note
Company/Estimate
CHS/.38
DG/.20
MCRS/.60
KKD/.22
SFD/.47
TSA/.44
TECD/.49
VIP/1.69
Splits
WOOF 2-for-1
ZBRA 3-for-2
Economic Data
Initial Jobless Claims for last week are estimated at 335K versus 331K the prior week.
Continuing Claims are estimated at 2885K versus 2904K prior.
Help Wanted Index for July estimated at 38 versus 38 in June.
Recommendations
Goldman Sachs reiterated Underperform on CMOS.
Late-Night News
Asian indices are mostly higher as crude oil futures had their steepest decline in three months. Career Education is the subject of a grand jury investigation by the U.S. Justice Department and could face criminal charges, the Financial Times reported. Toronto-Dominion Bank, Canada's second-largest bank by assets, may announce a deal as early as tomorrow to buy a majority stake of Banknorth Group, the Wall Street Journal reported. Taiwan's Nanya Technology Corp., ProMOS Technologies Inc. and Powerchip Semiconductor Corp. are expected to make a combined $440 million in the third quarter because a typhoon caused a worldwide shortage of dynamic random access memory chips and pushed up prices, the Economic Daily News said. Russian President Putin ordered security controls at the country's airports to be taken over by the Interior Ministry, Interfax reported.
Late-Night Trading
Asian Indices are -.25% to +1.0% on average.
S&P 500 indicated unch.
NASDAQ 100 indicated -.14%
BOTTOM LINE: I expect U.S. equities to open modestly higher in the morning on continuing optimism over falling energy prices and short-covering. It is likely the rally in U.S. stocks will pause sometime during the next 2 days as apprehension rises on terrorism fears ahead of the Republican Convention. However, barring any domestic terror acts, equities should resume their rise next week. The Portfolio is 100% net long heading into tomorrow.
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