Earnings of Note
Company/Estimate
APOL/.48
Splits
ANSS 2-for-1
Economic Data
ISM Non-Manufacturing for September estimated at 59.0 versus 58.2 in August.
Recommendations
Goldman Sachs reiterated Outperform on CVD, AMD, XOM, DNA and ITT. Goldman reiterated Underperform on MRO and FRX. IBM raised to Overweight at JP Morgan.
Late-Night News
Asian indices are quietly mixed as rising oil prices are offsetting optimism over rebounding economic growth in the region. Adidas-Salomon AG, the world's second-largest sporting-goods maker, is to unveil a 10-year contract to sponsor Major League Soccer in the U.S., the Financial Times reported. Software for mobile phones is one area where Microsoft can grow in coming years, the Financial Times reported. China will be 17 million kilowatts short of power at the end of the year and into early 2005, which may cause blackouts as severe as those in summer, Xinhua news service reported. China's online game industry may grow seven-fold to $1.1 billion within the next two years as the market expands, Xinhua news agency reported. AMD said third-quarter sales missed its earlier forecast, Bloomberg said. Shipping cost increases for iron ore, coal and other dry-bulk goods may slow in the fourth quarter as more vessels come into service to help meet rising demand from China, analysts and brokers said. Genentech said it received a request for information for the U.S. attorney's office about its promotion of the cancer drug Rituxan, Bloomberg reported. ABC's "Desperate Housewives" attracted 21 million viewers Sunday night, more than any new show this season, making it the network's most successful new show since 1996, the NY Times said.
Late-Night Trading
Asian Indices are -.25% to +.25% on average.
S&P 500 indicated -.04%.
NASDAQ 100 indicated -.03%
BOTTOM LINE: I expect U.S. equities to open modestly lower in the morning on rising oil prices and earnings jitters. However, stocks will likely rise later in the day on short-covering and continuing optimism over accelerating economic growth. The Portfolio is 125% net long heading into tomorrow.
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