Monday, September 20, 2004

Monday Watch

Earnings of Note
Company/Estimate
ADBE/.39
KMX/.27
KBH/2.73
LEN/1.34
NKE/1.11
PLMO/.20
RHAT/.05
SMSC/.03

Splits
None of note.

Economic Data
NAHB Housing Market Index for September estimated at 70 versus 71 in August.

Weekend Recommendations
Louis Rukeyser's Wall Street had guests that were positive on BMET, MON, COH, WSM, ACL and CMX. Wall St. Week w/Fortune had guests that were positive on CSV. Bulls and Bears had guests that were positive on WFC, LUV, XOM, AA, MAT, mixed on PFE, CSCO, GPS, VIA/B, MSO, NFLX and negative on DIS. Forbes on Fox had guests that were positive on BTU and XRAY. Cashin' In had guests that were positive on SUNW, STEI, AKS, PMCS, HD and negative on VIA/B. Barron's had positive columns on RIG, NEM, PDG, COP, CVX, BHI, MUR and FLYI. Goldman Sachs reiterated Outperform on CAT, EBAY and UST. Goldman reiterated Underperform on EK and F. Ken Fisher, writing for Forbes, is positive on CECO, CRL, CHD and APPB.

Weekend News
Mobistar SA, Belgium's second-biggest mobile-phone company, has chosen Nortel Networks for a UMTS high-speed mobile-phone network, De Tijd reported. Carnival Corp., the largest cruise operator, said it may launch cruise lines in China and India because of their "fast-growing" markets, the Financial Times reported. Britain is ready to send more soldiers to Iraq to reinforce its force before the Middle Eastern country's scheduled elections in January, The Times newspaper said. The union for more than 17,000 Atlantic City casino and hotel workers set an Oct. 1 deadline to agree on a new contract or strike, the Philadelphia Inquirer reported. Yahoo! CEO Terry Semel has emerged as one of the top candidates to succeed Walt Disney Co. Chief Michael Eisner, the San Jose Mercury News reported. About one-third of registered voters in November's U.S. presidential election will have to cast their votes on electronic touch-screen machines, which haven't yet been tested on such a large scale, the NY Times said. OAO Yukos Oil suspended crude-oil deliveries to China National Petroleum Corp. because it couldn't pay for transportation costs, Interfax said. Shares of Eastman Kodak and IAC/Interactive rose late last week on speculation that both companies may be takeover targets, Barron's said. Some members of Iran's parliament are trying to reverse some of the women's-rights reforms carried out under moderate President Mohammad Khatami, the NY Times reported. About 40% of the world's biggest companies had their computer networks infected by viruses in the first half of 2004, the Financial Times said. Deposed Iraqi leader Saddam Hussein an 11 other members of his ousted regime will face trial beginning next month, Iraqi Prime Minister Allawi said. China's efforts to slow the economy are working, Vice Premier Huang Ju said, suggesting further tightening measures such as an interest rate hike may be unnecessary, Bloomberg reported. Iran refused a demand by the United Nations' nuclear watchdog to halt all uranium enrichment activities as the Islamic Republic faces possible sanctions, an Iranian security official said. CBS News ignored the advice of outside experts in rushing to broadcast a report on documents pertaining to President Bush's National Guard service that now appear to be fakes, the Washington Post reported. Southern Co., Duke Energy and other utilities said about 700,000 customers in the southeastern U.S. are without power three days after Hurricane Ivan swept though packing 130-mph winds, Bloomberg said.

Late-Night Trading
Asian indices are higher, +.25% to +1.0% on average.
S&P 500 indicated -.09%.
NASDAQ indicated unch.

BOTTOM LINE: I expect U.S. stocks to open modestly higher in the morning on optimism that economic growth in Asia will accelerate. The Portfolio is 100% net long heading into tomorrow.

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