Earnings of Note
Company/Estimate
DLM/.05
ESL/.49
MBG/1.03
SHFL/.24
Splits
CHD 3-for-2
Economic Data
Final 2Q Non-farm Productivity estimated up 2.7% versus an increase of 2.9% prior.
Final 2Q Unit Labor Costs estimated up 2.0% versus a rise of 1.9% prior.
Initial Jobless Claims estimated at 340K versus 343K the prior week.
Continuing Claims estimated at 2880K versus 2897K prior.
Recommendations
Goldman Sachs reiterated Outperform on FS and HOT.
Late-Night News
Asian indices are mixed as auto shares are falling and technology stocks are rising in the region. South Korea may extend the deployment of its troops in Iraq until the end of 2005, the Hankyoreh newspaper said. Intel will ask Samsung Electronics and other South Korean mobile-phone makers to buy some of its chips, the Electronic Times reported. South Korean steelmaker Posco plans to spend $662 million in the next four years to develop facilities and products that will save energy and cut costs as oil prices reach record highs, Yonhap News said. The Russell 2000 Index climbed 2.8% in the first 10 minutes of trading today as a large buy program generated by Morgan Stanley pushed shares higher, Bloomberg said. President Vicente Fox said exploration efforts in the Gulf of Mexico may help double the proven oil reserves in Mexico, the world's fifth-largest crude producer, Bloomberg reported. Boeing CEO Stonecipher wants the European Union to end a 1992 agreement that allows Airbus SAS, the world's biggest plane-maker, to benefit from government aid, the Guardian reported. Enron Corp. will seek bankruptcy court approval for a joint venture of Southern Union and General Electric to buy its U.S. natural-gas pipelines for $2.45 billion, Bloomberg said. An armed group is holding 354 hostages at a school in southern Russia, Interfax reported.
Late-Night Trading
Asian Indices are -.50% to +.50% on average.
S&P 500 indicated -.03%.
NASDAQ 100 indicated -.11%
BOTTOM LINE: I expect U.S. equities to open modestly lower and then rise on short-covering later in the day. The Portfolio is 125% net long heading into tomorrow.
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