Wednesday, May 24, 2006

Thursday Watch

Late-Night Headlines
- CBS Radio has settled its breach-of-contract lawsuit with talk-show host Howard Stern.
- Preakness Stakes winner Bernardini will skip next month’s Belmont Stakes, leaving the last led of horse racing’s Triple Crown without the Kentucky Derby and Preakness winners for the first time in six years.
- MasterCard Inc.(MA), the world’s no. 2 credit-card association, raised $2.39 billion in the second-biggest US IPO this year, selling a 46% stake.
- Japanese stocks are declining on speculation overseas investors are cutting their holdings in Japanese securities.
- Asian-Pacific companies will get a record $200 billion of loans this year as borrowing costs drop to levels before the region’s financial crisis nine years ago.

Late Buy/Sell Recommendations
- None of note

Night Trading
Asian Indices are -1.25% to -.50% on average.
S&P 500 indicated -.06%.
NASDAQ 100 indicated +.02%.

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
- (BWS)/.31
- (CHS)/.28
- (BLI)/.05
- (GCO)/.40
- (HRL)/.45
- (JOYG)/.53
- (PDCO)/.41
- (RL)/.57
- (SAFM)/-.47
- (TDS)/.23
- (TTC)/1.50
- (UNFI)/.28

Upcoming Splits
- (ITW) 2-for-1
- (SHOO) 3-for-2

Economic Releases
8:30 am EST
- Preliminary 1Q GDP is estimated to rise 5.8% versus a prior estimate of a 4.8% rise.
- Preliminary 1Q GDP Price Index is estimated to rise 3.3% versus a prior estimate of a 3.3% increase.
- Preliminary 1Q Personal Consumption is estimated to rise 5.6% versus a prior estimate of a 5.5% gain.
- Preliminary Core PCE is estimated to rise 2.0% versus a prior estimate of a 2.0% gain.
- Initial Jobless Claims for last week are estimated to fall to 315K versus 367K the prior week.
- Continuing Claims are estimated to rise to 2405K versus 2389K prior.

10:00 am EST
- Existing Home Sales for April are estimated to fall to 6.75M versus 6.92M prior.

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

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