Earnings of Note
Company/Estimate
FAST/.47
GCI/1.18
INTC/.27
JNJ/.76
LLTC/.32
MER/.92
YHOO/.09
TZOO/.08
STT/.65
SONC/.33
Splits
None of note.
Economic Data
None of note.
Recommendations
Goldman Sachs reiterated Outperform on YHOO and UST. Goldman reiterated Underperform on RAI.
Late-Night News
Asian indices are lower on weakness in chipmakers and electronics companies in the region. Microsoft plans to spend $20 billion over the next 6 years on digital media innovation, the Times of London reported. The Saudi Arabian government banned women from voting or running in its first nationwide elections, the AP reported. Some U.S. companies are already planning investments based on a recent bill Congress approved that would provide $76.5 billion in tax breaks for manufacturers, the Wall Street Journal reported. India may sell up to 10% of profitable state-run companies, the Economic Times reported. China's inflation will start to ease rapidly this quarter as growth in food prices abates, the Shanghai Securities News reported. JP Morgan and Morgan Stanley offered to help rescue Daiei, Japan's third-largest retailer, the Nihon Keizai newspaper reported.
Late-Night Trading
Asian Indices are -1.50% to -.25% on average.
S&P 500 indicated -.13%.
NASDAQ 100 indicated -.28%
BOTTOM LINE: I expect U.S. equities to open modestly lower in the morning on weakness in technology shares and another up-tick in oil prices. U.S. stocks should finish their recent consolidation within the next 2 weeks and head meaningfully higher through year-end. Thus, I am looking to add to favorite longs on any excessive weakness. The Portfolio is 75% net long heading into tomorrow.
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