Thursday, September 28, 2006

Friday Watch

Late-Night Headlines
- Crude oil is falling a second day in NY on signs slowing demand growth may extend above-average fuel stockpiles in the US.
- Research In Motion Ltd.(RIMM), maker of the BlackBerry device, said second-quarter profit rose 27% as more consumers sought phones with e-mail service and Internet access. The shares surged 20% in after-hours trading.
- The US Senate joined the House in authorizing President Bush to begin military war-crimes trials of suspected terrorists detained at the US Navy Base at Guantanamo Bay, Cuba.
- Japan’s industrial production rebounded as accelerating export growth prompted manufacturers to increase output.
- Copper in Shanghai declined on signs of slowing demand in the US, the world’s second-largest user of the metal.

Wall Street Journal:
- Goldman Sachs(GS) was the top-earning investment bank in Asia, excluding Japan, in the first nine months of the year, according to figures provided by Dealogic Plc.

Financial Times:
- Time Warner Inc.(TWX), the world’s largest media company, is putting its cable network at the center of a strategy to capture a large part of the digital distribution of movies and television shows.

Chronicle of Philanthropy:
- Hispanic charities in the US saw their contributions more than double as they attracted the attention of some of the country’s largest charitable foundations.

Late Buy/Sell Recommendations
- Lowered its estimates for the euro and yen against the dollar heading into next year, on the expectation the US currency will stage a rally in 2007.

Night Trading
Asian Indices are -.25% to +.505% on average.
S&P 500 indicated -.01%.
NASDAQ 100 indicated +.25%.

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
- (COCO)/.13
- (GPN)/.43

Upcoming Splits
- (ATE) 1-for-2
- (PCU) 2-for-1
- (GEO) 3-for-2

Economic Releases
8:30 am EST
- Personal Income for August is estimated to rise .3% versus a .5% gain in July.
- Personal Spending for August is estimated to rise .2% versus a .8% gain in July.
- PCE Core for August is estimated to rise .2% versus a .1% gain in July.

9:45 am EST
- Final Univ. of Mich. Consumer Confidence for September is estimated to rise to 85.0 versus a reading of 84.4 in August.

10:00 am EST
- The Chicago Purchasing Manager for September is estimated to fall to 55.7 versus a reading of 57.1 in August.

BOTTOM LINE: Asian indices are mostly higher, boosted by technology shares in the region. I expect US equities to open modestly higher and to maintain gains into the afternoon. The Portfolio is 100% net long heading into the day.

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