Wednesday Watch

Late-Night Headlines
Bloomberg:
- South Korea’s economy, Asia’s third largest, expanded .9% in the first quarter, the same pace as the fourth quarter, as increased exports and consumer spending made up for slowing construction.
- Google Inc.(GOOG), owner of the world’s most-used Internet search engine, signed an agreement with China Telecom Corp. to sell online advertising on 400 Web sites operated by the nation’s biggest Internet service provider.
- Posco, the world’s fourth-largest steelmaker, said it will increase output of nickel-free stainless steel 500% by next year.
- New Zealand’s dollar is “massively overvalued” and will fall 7% against the yen in six months, said Stephen Koukoulas, chief Asia-Pacific strategist at TD Securities Ltd.

21^st Business Century Herald:
- China’s commerce ministry has sent officials to probe local government export incentives and may eliminate some “unreasonable” policies, citing ministry officials.

Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (T), target raised to $44.

Think Equity:
- Rated (UA) and (CROX) Accumulate.

Night Trading
Asian Indices are -.50% to unch. on average.
S&P 500 indicated -.02%.
NASDAQ 100 indicated -.04%.

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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
- (AGR)/.18
- (AAI)/.02
- (AKAM)/.28
- (ACL)/1.16
- (ATI)/1.83
- (ABC)/.67
- (BUD)/.69
- (AAPL)/.64
- (AVB)/.63
- (AV)/.13
- (BHI)/1.10
- (BDX)/.91
- (BDK)/1.49
- (BA)/1.02
- (BWLD)/.52
- (BOB)/.38
- (CDN)/.24
- (CEN)/.29
- (CTXS)/.34
- (CL)/.77
- (COP)/1.90
- (CEG)/.94
- (GLW)/.26
- (DBD)/.19
- (EXC)/1.02
- (FFIV)/.62
- (FCX)/2.20
- (GD)/1.06
- (GENZ)/.74
- (HCA)/.87
- (HES)/1.17
- (KOMG)/.98
- (LEA)/.22
- (LVLT)/-.22
- (MANH)/.22
- (MSO)/-.17
- (MXIM)/.31
- (MCO)/.58
- (NSC)/.70
- (NTRI)/.91
- (OI)/.17
- (PEP)/.61
- (PFCB)/.40
- (PHM)/-.14
- (QCOM)/.47
- (RTN)/.64
- (ROL)/.18
- (R)/.82
- (RYL)/.48
- (SEE)/.37
- (SII)/.73
- (SWK)/.80
- (TIN)/.47
- (TSCO)/.11
- (UPS)/.96
- (VAR)/.47
- (WEN)/.13
- (XLNX)/.25
- (XTO)/1.07
- (ZMH)/.93

Upcoming Splits
- None of note

Economic Releases
8:30 am EST
- Durable Goods Orders for March are estimated to rise 2.5% versus a 1.7% gain in February.
- Durables Ex Transports for March are estimated to rise 1.1% versus a -1.0% decline in February.

10:00 am EST
- New Home Sales for March are estimated to rise to 890K versus 848K in February.

10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil drawdown of -1,500,000 barrels versus a -994,000 barrel decline the prior week. Gasoline supplies are expected to fall by -500,000 barrels versus a -2,718,000 barrel decline the prior week. Distillate supplies are expected to rise by 500,000 barrels versus a -795,000 barrel decline the prior week. Finally, Refinery Utilization is expected to rise by .5% versus a 2.0% gain the prior week.

2:00 pm EST
- Fed’s Beige Book

BOTTOM LINE: Asian indices are mildly lower, weighed down by technology and automaker stocks in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.