Earnings of Note
Company/Estimate
BSC/1.98
BBBY/.39
CAG/.26
DRI/.43
DBRN/.37
FDX/1.08
MWD/.95
Splits
None of note.
Economic Data
None of note.
Recommendations
Goldman Sachs reiterated Outperform on PAYX and CSCO.
Late-Night News
Asian indices are mostly lower on weakness in the region's exporters. Analysts and brokers are bracing for fallout in Japan on Citigroup after regulators shut the bank's Tokyo-based private banking unit, the Wall Street Journal reported. South Korean researchers discovered a gene that may be responsible for obesity, which may lead to more effective drugs for overweight people, the Korea Herald reported. Vodafone Group is to start selling a range of mobile phones superior to those of its competitors as it seeks to enter the so-called third-generation market, the Financial Times reported. Broadcom is shifting orders to Shanghai-based Semiconductor Manufacturing Intl. from Taiwan Semiconductor Manufacturing to cut costs, the Commercial Times said. An Iraqi group led by wanted terrorist al-Zarqawi said it executed a second U.S. hostage, Bloomberg reported. McDonald's received government approval to start franchising its fast-food restaurants in China, a change that will boost profit in the world's most populous nation, Bloomberg reported. OAO Yukos Oil said the Russian government may be considering ways to settle a $7.5 billion tax bill without breaking up the company, Bloomberg said. Sales gains at U.S. retailers are expected to rise 4.5% this holiday season on demand for plasma televisions and new fashionable clothing, Bloomberg said.
Late-Night Trading
Asian Indices are -1.50% to unch. on average.
S&P 500 indicated -.29%.
NASDAQ 100 indicated -.31%
BOTTOM LINE: I expect U.S. equities to open modestly lower in the morning on concerns over the continuing rise in energy prices. However, better earnings and short-covering could push shares higher later in the day. The Portfolio is 100% net long heading into tomorrow.
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