Friday, July 22, 2005

Friday Watch

Late-Night Headlines
- The US House of Representatives voted 257-171 to extend provisions of the USA Patriot Act, the law passed after the 2001 terrorist attacks to strengthen law enforcement's surveillance authority.
- Chartered Semiconductor Manufacturing, Singapore's largest chipmaker, reported a smaller-than-expected second-quarter loss as demand started to recover.

London-based Times:
- Samsung Electronics has become the world's most valuable consumer electronics brand, overtaking Sony Corp., citing research by Interbrand.
- Prime Minister Tony Blair has been urged by senior police officers for greater powers to tackle the threat of terrorism.

Financial Times:
- London's tourism industry may suffer from the threat of further terrorist attacks, citing British Hospitality Association Chief Executive Bob Cotton.

Economic Daily News:
- China's move to end its decade-old peg to the dollar to let the yuan strengthen may move the Taiwan dollar, and Taiwan's central bank doesn't rule out stabilizing the Taiwan currency.

Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on NUE, ODP, TPX, SBC, ROH, GOOG and DHR.
- Reiterated Underperform on AZR.

Business Week
- American International Group(AIG) will likely recapture its business momentum and boost its share price.
- Shares of Intrado Inc.(TRDO), which provides emergency phone services to US carriers, may benefit because the company may be sold.

Night Trading
Asian Indices are -.50 to +.50% on average.
S&P 500 indicated -.03%.
NASDAQ 100 indicated -.06%.

Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule

Earnings of Note
Company/EPS Estimate

Upcoming Splits
None of note

Economic Releases
None of note

BOTTOM LINE: Asian indices are mixed as strength in China is being offset by weakness in Japan. I expect US equities to open modestly lower and to rise later in the day on short-covering. The Portfolio is 75% net long heading into the day.

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