Tuesday, September 21, 2004

Tuesday Watch

Earnings of Note
Company/Estimate
AZO/2.55
CEN/.19
CBK/.15
PAYX/.23
LEH/1.55
JBL/.26
GTK/.37
GS/1.43
GIS/.60
FDS/.46
SCHL/-1.27
SRR/.17

Splits
None of note.

Economic Data
Housing Starts for August estimated at 1930K versus 1978k in July.
Building Permits for August estimated at 1985K versus 2066K in July.
FOMC expected to raise the Fed Fund's rate to 1.75%.

Recommendations
Goldman reiterated Outperform on AMLN and ENH.

Late-Night News
Asian indices are mostly higher on strength in the region's technology shares. U.S. government officials told Japanese counterparts in informal talks that the U.S. is wiling to accept a condition set by Japan for removing the country's ban on U.S. beef, Kyodo News Service said. Japan plans to extend its troop deployment in Iraq for a year beyond its current commitment through Dec. 14, the Nihon Keizai reported. CBS News arranged for former Texas National Guard officer Bill Burkett to talk with Joe Lockhart, an aide to Senator Kerry, after Burkett gave the network fake documents on President Bush's military service, USA Today reported. Starwood Hotels & Resorts Worldwide will name Steven Heyer, former President and COO of Coca-Cola, as its CEO, the Wall Street Journal reported.

Late-Night Trading
Asian Indices are -.25% to +.75% on average.
S&P 500 indicated +.04%.
NASDAQ 100 indicated -.03%

BOTTOM LINE: I expect U.S. equities to open mixed in the morning as relative strength in technology shares is offset by earnings concerns. The Portfolio is 75% net long heading into tomorrow.

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