Thursday, July 27, 2006

Friday Watch

Late-Night Headlines
Bloomberg:
- Shares of Sony Corp.(SNE) rose after the company posted profit that exceeded analyst estimates, helped by higher sales of Bravia televisions and Cyber-shot digital cameras.
- Shares of Sohu.com(SOHU), China’s third-biggest Internet portal, plunged 8.4% after the company forecast third-quarter sales that may miss analysts’ estimates.
- Japan’s consumer prices climbed for an eighth month and the prospect of finding a job rose to a 14-year high, supporting economists’ expectations that the central bank may increase interest rates for a second straight time this year.

Financial Times:
- The US government is to step up its prosecution of cartels, with executives involved at increased risk of extradition, citing an interview with Thomas Barnett, who heads the US Department of Justice’s antitrust division.

Colorado Gazette:
- A Colorado man serving a life sentence for murdering a teenage girl has told authorities he is responsible for 48 deaths across the US and overseas, a claim which, if true, would make him one of the more prolific serial killers in history.

AP:
- Left-wing anti-war protester Cindy Sheehan bought five acres of land in Crawford, Texas, near President Bush’s ranch. Sheehan purchased the property with some of the insurance money she received from the death of her son, Specialist Casey Sheehan.

Guardian:
- Google Inc.(GOOG) is the fastest growing brand in the world, citing an annual survey by brand consultants Interbrand.

Late Buy/Sell Recommendations
Goldman Sachs:
- Cut (ACH) to Underperform.
- Cut (WBMD) to Underperform, target $40.

Business Week:
- Shares of Bally Technologies(BYI), the second-largest maker of slot and lottery machines, may climb, and the company may be bought after it completes late securities filings, citing David Bain of Merriman Curhan Ford.

Night Trading
Asian Indices are -.50% to +.50% 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
- (ALEX)/.49
- (AMT)/.02
- (AXL)/.35
- (ANDE)/.71
- (ADRX)/.18
- (ATW)/.72
- (BHI)/.98
- (BDX)/.79
- (CRDN)/1.05
- (CVX)/2.21
- (CEG)/.46
- (CVH)/.82
- (DLB)/.13
- (FPL)/.74
- (GPN)/.38
- (IDXX)/.63
- (IR)/.95
- (ITT)/.77
- (MSTR)/1.19
- (MGAM)/.02
- (ODP)/.40
- (OSTK)/.86
- (WMI)/.43

Upcoming Splits
- (MON) 2-for-1

Economic Releases
8:30 am EST
- Advance 2Q GDP is estimated to rise 3.0% versus a 5.6% gain in 1Q.
- Advance 2Q GDP Price Index is estimated to rise 3.5% versus a 3.1% gain in 1Q.
- Advance 2Q Personal Consumption is estimated to rise 2.1% versus a 5.1% gain in 1Q.
- Advance 2Q PCE Core is estimated to rise 2.9% versus a 2.0% increase in 1Q.
- 2Q Employment Cost Index is estimated to rise .8% versus a .6% gain in 1Q.

9:45 am EST
- Final Univ. of Mich. Consumer Confidence for July is estimated at 83.0 versus a prior estimated of 83.0

BOTTOM LINE: Asian indices are mixed, as gains by technology stocks are being offset by losses in real estate stocks in the region. I expect US equities to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.

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