Earnings of Note
Company/Estimate
ABS/.33
COO/.67
DCI/.33
EASI/.75
FCEL/-.40
ZLC/.13
Splits
CFC 2-for-1
HOC 2-for-1
Economic Data
Chicago Purchasing Manager for August estimated at 60.0 versus 64.7 in July.
Consumer Confidence for August estimated at 103.5 versus 106.1 in July.
Recommendations
None of note.
Late-Night News
Asian indices are mixed as weakness in Japan is being offset by strength in China. AOL is testing an Internet telephone service to let customers place calls over the Web, Cnet News reported on its Web site, Bloomberg said. Cautious U.S. companies are holding $1.17 trillion of cash, much of it accumulated from improved profits they are choosing not to spend, the Financial Times reported. A group led by Colony Capital LLC is close to an agreement to buy four properties from Harrah's Entertainment and Caesars Entertainment for about $1.26 billion, Dow Jones Newswires reported. Apple Computer may unveil a new version of its iMax personal computer at the Apple Expo 2004 that starts tomorrow in Paris, the AP reported. A fund that has collected more than $540 million for victims of the Sept. 11, 2001, terrorist attacks will close in December, the AP reported. Senator John McCain told delegates at the Republican Convention that the U.S. mission in Iraq was "necessary, achievable and noble," saying the U.S. "couldn't afford the risk posed by an unconstrained Saddam in these dangerous times," Bloomberg reported.
Late-Night Trading
Asian Indices are -.75% to +.25% on average.
S&P 500 indicated -.03%.
NASDAQ 100 indicated +.07%
BOTTOM LINE: I expect U.S. equities to open modestly higher in the morning on a better-than-expected Consumer Confidence reading and no acts of terror on opening night at the Republican Convention. The Portfolio is 100% net long heading into tomorrow.
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