Friday, April 28, 2006

Friday Watch

Late-Night Headlines
Bloomberg:
- China Petroleum & Chemical Corp., Asia’s biggest oil refiner, said profit fell 3.6% in the first quarter as state curbs on fuel prices prevented it from passing on record crude costs.
- China’s decision to raise lending rates and further restrict bank lending will damp property sales and prices, deterring investment from abroad and putting developers under financial strain, analysts and executives said.
- The yen fell after Chief Cabinet Secretary Shinzo Abe and Heizo Takenaka, the minister of internal affairs, said mild deflation persists in Japan.
- Oil fell for a fifth straight day in NY as speculation increased production at US refineries will replenish gasoline supplies before the peak summer driving season.

Business Week:
- Tribune Co.(TRB), whose shares are down 28% in the past year, is a potential takeover target, citing Lawrence Haverty of Gabelli Global Multimedia Trust.
- Infocrossing Inc.(IFOX), which provides information technology outsourcing services, may rise because it may be a takeover target and its earnings are expected to increase, citing Sidoti’s David Gold.

Late Buy/Sell Recommendations
- None of note

Night Trading
Asian Indices are -1.50% to +.25% on average.
S&P 500 indicated -.20%.
NASDAQ 100 indicated -.48%.

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
- (ADP)/.63
- (AXL)/.19
- (AVP)/.26
- (CVX)/1.78
- (CEG)/.66
- (COCO)/.16
- (CVH)/.73
- (CMI)/2.62
- (IDXX)/.55
- (ITT)/.61
- (MXRE)/.89
- (OSTK)/.-64
- (SWX)/1.03
- (VMSI)/.11

Upcoming Splits
- None of note

Economic Releases
8:30 am EST
- Advance 1Q GDP is estimated to rise 4.9% versus a 1.7% gain in 4Q.
- Advance 1Q GDP Price Index is estimated to rise 2.7% versus a 3.5% increase in 4Q.
- Advance 1Q Personal Consumption is estimated to rise 5.0% versus a .9% increase in 4Q.
- 1Q Employment Cost Index is estimated to rise .9% versus a .8% increase in 4Q.

9:45 am EST
- Final Univ. of Mich. Consumer Confidence for April is estimated to fall to 89.0 versus a prior estimate of 89.2.

10:00 am EST
- Chicago Purchasing Manager for April is estimated to fall to 58.0 versus a reading of 60.4 in March.

BOTTOM LINE: Asian indices are mostly lower, weighed down by commodity and technology stocks in the region. I expect US equities to open lower and to maintain losses into the afternoon. The Portfolio is 50% net long heading into the day.

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