Tuesday Watch

Late-Night Headlines
Bloomberg:
- Police officers can end a high-speed chase that threatens innocent bystanders by forcing a fleeing suspect’s car to crash, the US Supreme Court ruled.
- Microsoft Corp.(MSFT), citing today’s victory in the US Supreme Court, will ask judges to cut more than $1 billion from jury verdicts the company lost in two other patent cases.
- George Soros’s money management firm hired Mark Malloch Brown, the former deputy secretary general of the United Nations, as vice chairman to help with investments in emerging markets.
- Anadarko Petroleum Corp.(APC), a US oil and natural-gas producer, said first-quarter profit fell 84% on lower oil and natural-gas prices.
- Japanese wages fell for a fourth month in March, signaling that growth in consumer spending in the world’s second-biggest economy will be limited.
- Pakistan and Afghanistan will boost anti-terrorism cooperation, denying sanctuary to gunmen and cutting off funds to extremists, the country’s presidents Pervez Musharraf and Hamid Karzai said after meeting in Turkey.
- Crude oil is falling a second day in NY on speculation US stockpiles rose to a five-month high last week as US refinery “fires” and “breakdowns” cut demand.

Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on Corning(GLW), target $29. Circuit City(CC) lowered their F1H08 guidance, citing weak TV sales in April. According to the company, the weakness was due to the overall market condition and company specific issues. Our retailing team called Best Buy(BBY) and was informed by BBY that it had not seen material changes from their expectation, and they will not revise their guidance. We believe that CC’s weakness is mostly company-specific. On the recent earnings conference call, BBY indicated that the sales of flat-panel TVs were strong and they were gaining market share. We still think the market condition for GLW’s LCD business is healthy.

Night Trading
Asian Indices are -.75% to -.25% on average.
S&P 500 indicated +.07%.
NASDAQ 100 indicated +.05%.

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Earnings of Note
Company/EPS Estimate
- (ASF)/.33
- (ACS)/.80
- (NLY)/.23
- (ADM)/.61
- (ADP)/.66
- (AVP)/.32
- (BWLD)/.52
- (CBG)/.15
- (CEC)/.99
- (CEPH)/.89
- (CEN)/.30
- (CMG)/.32
- (COCO)/.14
- (DIVX)/.14
- (DWA)/.08
- (EMR)/.60
- (EOG)/1.02
- (FLS)/.56
- (GET)/.12
- (GBE)/-.07
- (HC)/.15
- (IVGN)/.77
- (KCP)/.16
- (KMI)/1.69
- (LIZ)/.60
- (MRO)/1.96
- (MAS)/.26
- (MHS)/.74
- (MET)/1.28
- (MYGN)/-.25
- (NMX)/.57
- (OII)/.51
- (PPC)/-.15
- (PG)/.74
- (Q)/.09
- (RCL)/.06
- (RUTH)/.28
- (SAF)/1.63
- (SIRI)/-.11
- (SOHU)/.17
- (JOE)/.09
- (TUES)/.05
- (UA)/.20
- (WBMD)/.01
- (YUM)/.63

Upcoming Splits
- None of note

Economic Releases
10:00 am EST
- Pending Home Sales for March is estimated to rise .1% versus a .7% gain in February.
- ISM Manufacturing for April is estimated to rise to 51.0 versus a reading of 50.9 in March.
- ISM Prices Paid for April is estimated to rise to 67.5 from 65.5 in March.

Afternoon:
- Total Vehicles Sales for April are estimated to fall to 16.2M versus 16.3M in March.

BOTTOM LINE: Asian indices are lower, weighed down by automaker and technology stocks in the region. I expect US equities to open mixed and to weaken modestly into the afternoon. The Portfolio is 75% net long heading into the day.