Wednesday, October 05, 2005

Thursday Watch

Late-Night Headlines
Bloomberg:
- Toyota Motor’s purchase of a stake in Fuji Heavy Industries, the maker of Subaru cars, may help Japan’s biggest automaker gain expertise in hybrid systems and all-wheel-drive vehicles.
- Crude oil is falling for a fifth day on expectations surging fuel imports will help compensate for reduced production caused by hurricanes in the Gulf of Mexico.

International Oil Daily:
- World oil consumption fell to 82.62 million barrels a day in September, down .12% from a year earlier. Demand in industrialized countries fell .6% from a year earlier last month, while demand growth in developing countries slowed to .6%. Revisions to oil consumption data for July and August imply that demand plunged after oil surpassed $50/bbl. September demand should be revised even lower.

Financial Times:
- Morgan Stanley may win approval from Chinese regulators to become the first overseas investment bank to hold stakes in two local brokerages.

Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on SBUX, CL and YHOO.
- Reiterated Outperform on GOOG, raised earnings estimates and price target to $356-$396 from $333.
- Reiterated Underperform on ESRX.

Night Trading
Asian Indices are -2.0% to -1.25% on average.
S&P 500 indicated +.02%.
NASDAQ 100 indicated +.09%.

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
ACN/.36
STZ/.41
COST/.64
SCHN/.85

Upcoming Splits
- None of note

Economic Releases
8:30 am EST
- Initial Jobless Claims for last week are estimated to fall to 350K versus 356K the prior week.
- Continuing Claims are estimated to rise to 2819K versus 2802K prior.

BOTTOM LINE: Asian indices are lower, dragged down by commodity-related companies in the region on worries over falling global demand. I expect US equities to open lower and rise modestly later in the day. The Portfolio is 25% net long heading into the day.

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