Thursday, December 28, 2006

Friday Watch

Late-Night Headlines
- President George W. Bush declared Jan. 2 to be a national day of mourning after this week’s death of former President Gerald R. Ford.
- The Nasdaq Stock Market said it will close Jan. 2 in honor of former President Gerald Ford. The NYSE may shut down as well.
- Broadway Real Estate Partners LLC, a property-investment and management firm, said it bought Boston’s John Hancock Tower and nine other US buildings today from Beacon Capital Partners LLC for more than $3.3 billion.
- The People’s Liberation Army, the world’s largest regular fighting force, spent 14.7% more this year, according to a Chinese government report. Military spending accelerated after a decade of 9% average increases.
- The Securities Industry and Financial Markets Assoc. recommended US bond markets close early on Jan.2 in honor of former President Gerald Ford.
- Crude oil is falling in NY, heading for a second weekly decline, as mild weather is reducing near-record speculation by investment funds on the commodity.
- Ipsco Inc.(IPS), which makes steel pipe for oil and natural gas explorers, cut its fourth-quarter profit forecast to $3-$3.10/share, citing lower demand for steel plate and tube and higher industry inventories. Ipsco had forecast profit of $3.30-$3.50/share.
- AT&T(T) agreed to new concessions including some price controls to win regulatory approval for its $86 billion purchase of BellSouth Corp.

- The North Carolina State Bar filed ethics charges against District Attorney Mike Nifong, the prosecutor in the Duke University lacrosse case.

Seoul Economic Daily:
- Samsung Group, Hyundai Motor Group, LG Group and SK Group plan to invest a total of $52 billion next year, 5.3% more than this year, the groups’ chairman told President Roh Moo Hyun yesterday.

Xinhua News Agency:
- China’s Internet users reached 132 million at the end of 2006, the second largest after the US, citing government data.
- China added 66.6 million cell-phone users and 19.6 million fixed-line telephone subscribers during 2006.

Late Buy/Sell Recommendations
Business Week:
- Green Mountain Coffee Roasters(GMCR), which sells coffee products to offices, supermarkets and restaurants, will see its shares climb as it adds customers, citing Richard Driehaus.
- Shares of EMC Corp.(EMC), a data storage company, may rise in 2007 as a result of higher revenue, successful acquisitions and buybacks, citing Jerome Heppelmann, CEO of Liberty Ridge Capital.
- Linear Technology(LLTC) may grow faster than the rest of the semiconductor industry, citing Christiana Bank & Trust fund manager Scott Armiger.

Night Trading
Asian Indices are +.25% to +.75% on average.
S&P 500 indicated +.03%.
NASDAQ 100 indicated +.08%.

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
Conference Calendar
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule

Earnings of Note
Company/EPS Estimate
- None of note

Upcoming Splits
- (SIAL) 2-for-1
- (SWS) 3-for-2

Economic Releases
- None of note

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

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