Wednesday, October 27, 2004

Wednesday Watch

Earnings of Note
Company/Estimate
BUD/.85
ASKJ/.25
ATH/1.65
BIIB/.35
BDK/1.32
BA/.40
CMCSA/.11
JDSU/.00
NEM/.25
NOC/.77
PG/.72
SIRI/-.12
THQI/-.20
ZBRA/.42

Splits
None of note.

Economic Data
Durable Goods Orders for September are estimated to have risen .5% versus a .3% fall in August.
Durable Goods Less Transportation are estimated to have risen .3% versus a 2.3% gain in August.
New Home Sales for September are estimated at 1150K versus 1184K in August.
Fed's Beige Book

Recommendations
Goldman Sachs reiterated Outperform on MUR, UDR, MET, LIZ, LMT, MERQ, BSX, RIG, DD, AMR and Underperform on QGENF, CNH, UAL, BA, MMC, TLAB.

Late-Night News
Asian indices are mostly higher on optimism over recent earnings reports in the region. Prime Minister Koizumi said Japan's troops won't leave Iraq, and the government will do all it can to secure the release of a Japanese man shown in a video being held by an armed group in the Middle Eastern country, state-run NHK tv reported. AU Optronics will use its new sixth-generation plant to produce 17-inch flat panel displays used in computer monitors, to cope with competition from South Korean makers, the Commercial Times reported. Delta Air Lines may file for bankruptcy court protection tomorrow if the company cannot agree on concessions with its pilot union, the Wall Street Journal reported. Robert Mondavi has attracted interest from at least 10 potential bidders, the Wall Street Journal reported. Nokia Oyj regained lost mobile-phone market share in the third quarter from the previous three months after the company cut prices and introduced cheaper models, Bloomberg said. GE will buy Australian Financial Investments Group for about $300 million to boost its share of that nation's mortgage market, Bloomberg reported. High-speed rail service between Tokyo and earthquake-hit Niigata prefecture was suspended after a magnitude 5.7 temblor struck the region, East Japan Railway said. OPEC President Yusgiantoro said the producer group has asked the U.S. to release oil from its strategic reserves to help lower oil prices, Bloomberg reported.

Late-Night Trading
Asian Indices are unch. to +.50% on average.
S&P 500 indicated -.19%.
NASDAQ 100 indicated -.07%

BOTTOM LINE: I expect U.S. equities to open mixed in the morning and head modestly higher later in the day, led by technology shares, on short-covering, diminishing domestic terrorism fears, bargain-hunting and better earnings reports. The Portfolio is 100% net long heading into tomorrow.

No comments: