Earnings of Note
Company/Estimate
AMD/.12
AA/.33
AMHC/.27
COST/.58
Splits
None of note.
Economic Data
Initial Jobless Claims estimated at 355K versus 369K last week.
Continuing Claims estimated at 2875K versus 2873K prior.
Consumer Credit for August estimated at $6.0B versus $10.9B in July.
Recommendations
Goldman Sachs reiterated Outperform on RIG, GDT, DEX, AFL, ALL, AMGN, DELL, XOM, MDT, MSFT, PFE, CLX, GDT and UPS.
Late-Night News
Asian indices are quietly mixed as optimism over the late afternoon rally in U.S. shares is being offset by higher oil prices. Ford Motor's Jaguar luxury car unit said it sold 6,220 cars in September, 200 more than a year ago, the Financial Times reported. Taiwan President Chen Shui-bian vowed to maintain peace along the straight separating the island from China for the remainder of his term, which ends in 2008, the Economic Daily News said. The U.S. will pursue a free trade agreement with South Korea and is hoping North Korea rejoins six-nation talks on nuclear disarmament soon, Bloomberg reported. Corning will take a charge of $2.8 billion to $2.9 billion to reflect the reduced value of some assets, Bloomberg reported. Carlyle Group, the world's third-largest buyout firm, plans to increase its investments in China to more than $1 billion as the pace of state asset sales picks up and more private start-ups seek capital, Bloomberg reported. Clorox agreed to swap $2.1 billion in cash, the Soft Scrub and Combat brands and a stake in a joint venture to buy back 61.4 million of its shares from Henkel KgaA, Bloomberg said. Chiron said problems with U.K. regulators won't affect a $100 million plan to double the capacity of the vaccine manufacturing plant in Liverpool, northwest England, the Financial Times reported.
Late-Night Trading
Asian Indices are -.50% to +.25% on average.
S&P 500 indicated -.05%.
NASDAQ 100 indicated -.14%
BOTTOM LINE: I expect U.S. equities to open modestly higher in the morning on a follow-through from today's strong close. The Portfolio is 125% net long heading into tomorrow.
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