Earnings of Note
Company/Estimate
EMMS/.21
SLR/.04
Splits
None of note.
Economic Data
Consumer Confidence for September estimated at 99.5 versus 98.2 in August.
Recommendations
Goldman Sachs said to Buy AIG, ALL, ENH and RE on any weakness. Goldman reiterated Outperform on DVN and Underperform on QGENF.
Late-Night News
Asian indices are mostly lower on continuing worries that high energy prices will hurt exporters in the region. It may take "18 months to two years" to boost earnings at Coca-Cola, the Financial Times reported, citing Chairman and CEO Isdell. North Korea has "weaponized" the enriched uranium from 8,000 spent nuclear fuel rods, the AP reported. AT&T agreed to a doubling of the interest premium on its bank credit line after the telephone company's bond rating was lowered to non-investment grade, Bloomberg reported. China may award an $8 billion order for four nuclear reactors to an overseas supplier such as Areva SA, Westinghouse Electric or Siemens AG as part of the world's biggest nuclear power construction program, Bloomberg said. Pfizer appealed China's revocation of its Viagra patent in a case that may test the nation's commitment to stronger protection for intellectual property rights, Bloomberg reported. Crude oil is rising above $50/bbl. in NY on concern rebel attacks in Nigeria may reduce supply from Africa's biggest oil producer at a time when U.S. inventories are close to a 29-year low, Bloomberg said. America Coming Together, a 527 political group backed by billionaire hedge fund manager George Soros, is paying 1,500 people $8-$12 an hour to go door-to-door in 17 battleground states to register voters, urging them to vote for Senator Kerry, Bloomberg Reported. The group has raised $80 million and is the best-funded get-out-the-vote effort in Democratic Party history, Bloomberg said.
Late-Night Trading
Asian Indices are -.75% to unch. on average.
S&P 500 indicated -.02%.
NASDAQ 100 indicated -.04%
BOTTOM LINE: I expect U.S. equities to open modestly lower in the morning on continuing worries over high oil prices and profit-taking. The Portfolio is 25% net short heading into tomorrow.
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