Thursday, May 04, 2006

Friday Watch

Late-Night Headlines
Bloomberg:
- Former NYSE members sold $1.54 billion NYSE Group(NYX) shares that they received when the exchange merged with Archipelago Holdings.

Wall Street Journal:
- Seizures of farmland by the Chinese government are increasing, driven by demand for profit amid the nation’s economic boom.

Financial Times:
- Empty retail floor space in the UK is at “recession” levels, citing the Royal Institution of Chartered Surveyors.

The Guardian:
- Time Warner’s(TWX) AOL has hired Citigroup Inc. to advise on the sale of its Internet access units in France and Germany.

Business Week:
- Phelps Dodge(PD), a copper producer, could rise on growing demand for the metal in industrializing regions like Brazil, India, Eastern Europe and China, citing Arnold Schmeidler of AR Schmeidler.
- Some small US colleges such as Yeshiva Univ. in NYC are taking a cue from Harvard and Yale universities and investing their endowments in hedge funds.
- The shares of Morton’s Restaurant Group(MRT), a steakhouse chain, are cheap, citing Aimee Marcel of Jeffries Group.

Late Buy/Sell Recommendations
- None of note

Night Trading
Asian Indices are -.25% to +.75% on average.
S&P 500 indicated -.02%.
NASDAQ 100 indicated +.03%.

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
- (ATK)/.71
- (BKD)/-.13
- (XEC)/1.22
- (EP)/.27
- (KCS)/.66
- (MHS)/.55
- (MLS)/1.34
- (NBR)/.74
- (PIXR)/.11
- (CKH)/1.56
- (SINA)/.15
- (THQI)/-.09

Upcoming Splits
- None of note

Economic Releases
8:30 am EST
- The Change in Non-farm Payrolls for April is estimated at 200K versus 211K in March.
- The Change in Manufacturing Payrolls for April is estimated at 0K versus -5K in March.
- The Unemployment Rate for April is estimated at 4.7% versus 4.7% in March.
- Average Hourly Earnings for April are estimated to rise .3% versus a .2% gain in March.

3:00 pm EST
- Consumer Credit for March is estimated to rise to $4.1B versus $3.3B in February.

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and mining stocks in the region. I expect US equities to open mixed and to trade modestly higher into the afternoon. The Portfolio is 75% net long heading into the day.

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