Earnings of Note
Company/Estimate
AL/.69
CAH/.56
CMX/.35
CVS/.41
NVDA/.09
RRGB/.43
UVN/.20
WMB/.12
OATS/-.12
XMSR/-.65
Splits
None of note.
Economic Data
Preliminary 3Q Non-farm Productivity estimated up 1.5% versus a 2.5% gain in 2Q.
Preliminary 3Q Labor Costs estimated up 2.4% versus a 1.8% rise in 2Q.
Initial Jobless Claims for last week are estimated at 340K versus 350K the prior week.
Continuing Claims are estimated at 2805K versus 2823K prior.
Recommendations
Goldman Sachs reiterated Outperform on CAT, SYMC, CVD, STZ, IR, BSX, GDT, MDT, AAP, RRI, BAC, FSH and Underperform on EW, UNM, DUK, DE, NAV.
Late-Night News
Asian indices are mixed as optimism over U.S. gains is being offset by today's rise in energy prices. Companies are becoming more wary about their tax affairs amid an increased focus on corporate governance in the post-Enron era, the Financial Times reported. China needs to raise interest rates further to slow the economy as they are still negative in real terms, China Securities Journal reported. General Electric won a court ruling in a dispute over federal income taxes, the Wall Street Journal reported. Managed-care company payments to physicians will rise by 4% next year while payments for outpatient hospital treatment will increase by 3.3% because of inflation, the Wall Street Journal reported.
Late-Night Trading
Asian Indices are -.50% to +.50% on average.
S&P 500 indicated -.12%.
NASDAQ 100 indicated -.20%
BOTTOM LINE: I expect U.S. equities to open mixed in the morning as the major indices consolidate recent gains and traders anticipate Friday's jobs report. The Portfolio is at its highs for the year and is 125% net long heading into tomorrow.
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