Thursday, September 15, 2005

Thursday Watch

Late-Night Headlines
Bloomberg:
- Japan’s government bonds will decline after central bank Deputy Governor Kazumasa Iwata signaled that seven years of deflation may be ending, analysts at Goldman Sachs Group said.
- Investment in China’s factories, roads and other fixed assets grew 27.4% in the first eight months of the year as the government encouraged spending on coal mining and power generation to ease energy shortages.
- Google raised $4.18 billion in a stock sale that will fuel acquisitions and product development to fend off advances by Yahoo! and Microsoft.
- The euro is falling against the dollar in Asia for a third day this week on concern economic growth in Europe will be worse than that of the US.

Wall Street Journal:
- Electronic Data Systems may have its third-quarter earnings cut by 3 cents a share because of a write down related to Delta Air Lines airplane equipment leases.

Financial Times:
- Europe spent 10% more on oil than the US in the first six months of 2005 because its refineries are unable to process cheaper, low-quality crude oil, citing the IEA.

China Business News:
- Google has employed a senior executive from UTStarcom Inc. as chief operating officer in China.

Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on GILD, GNW, NKE, DIS and GE.
- Reiterated Underperform on CTL and OMI.

Night Trading
Asian Indices are -.25% to +.50% on average.
S&P 500 indicated +.11%.
NASDAQ 100 indicated +.16%.

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
ADBE/.27
BSC/2.38
PIR/-.13
SKS/-.20

Upcoming Splits
CELL 3-for-2
SLGN 2-for-1

Economic Releases
8:30 am EST
- Empire Manufacturing for September is estimated to fall to 15.0 from 23.0 in August.
- The Consumer Price Index for August is estimated to rise .5% versus a .5% increase in July.
- The CPI Ex Food & Energy for August is estimated to rise .2% versus a .1% gain in July.
- Business Inventories for July are estimated to rise .1% versus an unchanged reading in June.
- Initial Jobless Claims for last week are estimated to rise to 350K from 319K the prior week.
- Continuing Claims are estimated to rise to 2600K versus 2593K prior.

12:00 pm EST
- Philly Fed for September is estimated to fall to 13.0 versus a reading of 17.5 in August.

BOTTOM LINE: Asian indices are mostly higher on gains in energy shares in the region. I expect US equities to open modestly lower and to rally later in the afternoon. The Portfolio is 50% net long heading into the day.

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