Tuesday, August 03, 2004

Tuesday Watch

Earnings of Note
Company/Estimate
ADBL/.00
CEPH/.39
CKFR/.29
EDMC/.18
EMR/.75
IACI/.21
MSO/-.32
MBI/1.30
Q/-.13
PRU/.78
PDLI/-.12
TYC/.41
VSH/.24
OATS/.07

Splits
None of note.

Economic Data
Personal Income for June estimated +.3% versus +.6% in May.
Personal Spending for June estimated -.1% versus +1.0% in May.
PCE Deflator(YoY) for June estimated +2.6% versus +2.5% in May.
PCE Core(YoY) for June estimated +1.7% versus +1.6% in May.
Total Vehicles Sales for July estimated at 16.8M versus 15.4M in June.
Domestic Vehicle Sales for July estimated at 13.3M versus 12.2M in June.

Recommendations
Goldman Sachs reiterated Outperform on GILD and AGN.

Late-Night News
Asian indices are mostly higher as strength in the U.S. markets boosted optimism in the region. U.S. Internet advertising spending will grow by 9.5% a year between 2004 and 2008, making it the fastest-growing advertising medium, Dow Jones reported. Taiwan's five flat-panel display makers' sales in July are expected to be about 15% lower than June's because of oversupply and declines in panel prices, Economic Daily News said. The National Aeronautics and Space Administration extended a $3.6 billion contract with United Space Alliance, a joint venture between Boeing and Lockheed Martin that prepares space shuttle for launch, Bloomberg said. New York Life Insurance, which has a partnership with Haier Group, China's largest household appliance maker, is seeking more investments in China public works projects, Oriental Morning Post said. Oil shipments on supertankers leaving the Persian Gulf surged 22% in July to a three-month high as OPEC boosted output to meet increasing demand, led by China and the U.S., Bloomberg reported.

Late-Night Trading
Asian Indices are -.25% to +1.0% on average.
S&P 500 indicated -.15%.
NASDAQ 100 indicated -.21%

BOTTOM LINE: I expect U.S. stocks to open modestly higher in the morning on stronger corporate earnings reports and better economic data. The Portfolio is 100% net long heading into tomorrow.

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