Wednesday, March 28, 2007

Thursday Watch

Late-Night Headlines
- Exxon Mobil(XOM) and four other US gas retailers must face a lawsuit accusing them of conspiring to drive up the price of gasoline, a federal judge ruled. Exxon(XOM), Marathon Oil(MRO), Citgo Petroleum and US affiliates of Royal Dutch Shell and BP Plc(BP) are accused in the complaint of intentionally limiting the available gasoline supply, driving up prices and boosting profits.
- DoubleClick’s(DCLK) owners put the Internet advertising company up for sale and may seek about $2 billion.
- Democratic Senator Chuck Schumer plans to introduce subprime home loan legislation in the next few weeks that would establish a national system for regulating mortgage brokers.
- A New Jersey state senator wants to crate a program to help homeowners refinance mortgages they can’t afford, mirroring a similar plan in Ohio.
- US Treasury Secretary Paulson said the subprime market turmoil is “largely contained.”
- UN Secretary-General Ban Ki-moon said he will ask Iran to free 15 UK sailors and Marines detained March 23 for allegedly entering Iranian territorial waters.
- The yen fell after a government report showed Japan’s retail sales unexpectedly fell for a fourth month in February.

Late Buy/Sell Recommendations
- Rated (MCK) and (CAH) Sector Outperform.

Night Trading
Asian Indices are +.25% to +.75% on average.
S&P 500 indicated +.52%.
NASDAQ 100 indicated +.57%.

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
- (AGE)/1.06
- (KMX)/.21
- (CKR)/.18
- (CLE)/.83
- (DSW)/.30
- (FDO)/.60
- (FINL)/.51
- (MOV)/.37
- (RHT)/.14
- (SLR)/.05
- (SCS)/.17
- (SRR)/.32
- (TXI)/.57
- (TIBX)/.07
- (UTIW)/.26
- (WOR)/.06

Upcoming Splits
- None of note

Economic Releases
8:30 am EST
- Final 4Q GDP is estimated to rise 2.2% versus prior estimates of a 2.2% gain.
- Final 4Q Personal Consumption is estimated to rise 4.2% versus prior estimates of a 4.2% increase.
- The 4Q GDP Price Index is estimated to rise 1.7% versus prior estimates of a 1.7% increase.
- The Final 4Q Core PCE is estimated to rise 1.9% versus prior estimates of a 1.9% gain.
- Initial Jobless Claims for last week are estimated to rise to 320K versus 316K the prior week.
- Continuing Claims for last week are estimated to rise to 2518K versus 2501K prior.

BOTTOM LINE: Asian indices are higher, boosted by technology and automaker shares in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.

No comments: