Thursday Watch

Late-Night Headlines
Bloomberg:
- South Korea’s won is “overshooting” and poised to drop from its strongest since 1997 because the nation’s current account surplus is shrinking, Deputy Finance Minster Kim Sung Jin said.
- The US dollar traded near the strongest in more than two weeks against the euro on speculation the world’s biggest economy can withstand rising mortgage defaults.
- Shares of Nintendo Co. rose to a record, bringing the company’s market value to $71 billion, after the maker of the top-selling Wii console raised its earnings forecast on demand for the console and game titles.
- New Zealand’s central bank raised its benchmark interest rate to a record 8.25% and said borrowing costs may be high enough to contain inflation, triggering a decline in the nation’s currency.

Wall Street Journal:
- Verizon Wireless(VZ) will back some rules for an auction of US airwaves that would force the winner to open its network to all devices, reversing its current stance.
- The European Union may restrict Chinese imports if China’s regulators don’t take firm steps to raise manufacturing standards, citing Meglena Kuneva, the EU consumer-safety commissioner.
- Political Ads Stage a Comeback in Newspapers.

AppleInsider:
- Notes of interest from Apple’s(AAPL) Q307 quarterly conference call.

Commercial Times:
- Taiwan’s debt rating may be downgraded by S&P on concern about the island’s budget deficit, citing an internal study by the credit rating company.

Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (TSCO), target $65.
- Reiterated Buy on (PSYS), $49.

Night Trading
Asian Indices are -.50% to +.25% on average.
S&P 500 futures +.23%.
NASDAQ 100 futures +.52%.

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Earnings of Note
Company/EPS Estimate
- (MMM)/1.17
- (AET)/.80
- (AAI)/.36
- (ALK)/1.24
- (AYE)/.30
- (ABC)/.62
- (AMGN)/1.06
- (APA)/1.91
- (AN)/.42
- (AVID)/.16
- (BZH)/.16
- (BDX)/.93
- (BDC)/.70
- (BDK)/1.73
- (BWA)/1.29
- (BMY)/.37
- (CELG)/.23
- (CMCSA)/.19
- (CROX)/.44
- (CMI)/1.58
- (CYMI)/.51
- (DECK)/.11
- (DLX)/.56
- (DRIV)/.36
- (DOW)/1.05
- (DHI)/-.34
- (XOM)/1.96
- (FSS)/.26
- (FII)/.54
- (F)/-.37
- (GR)/.84
- (GT)/.30
- (IM)/.36
- (ICE)/.76
- (K)/.70
- (KLAC)/.86
- (LLL)/1.44
- (LVLT)/-.12
- (LYO)/1.26
- (MBI)/1.52
- (MFE)/.37
- (MCK)/.72
- (ODP)/.43
- (OSI)/.40
- (QLGC)/.19
- (RTN)/.68
- (RVBD)/.12
- (RCL)/.59
- (SPF)/-.34
- (TDW)/1.63
- (TRV)/1.49
- (VSEA)/.66
- (VRSN)/.25
- (WEN)/.33
- (WDC)/.36
- (XMSR)/-.44

Upcoming Splits
- (DIOD) 3-for-2
- (GMCR) 3-for-1

Economic Releases
8:30 am EST
- Durable Goods Orders for June are estimated to rise 1.9% versus a -2.8% decline in May.
- Durables Ex Transports for June are estimated to rise .6% versus a -1.0% decline in May.
- Initial Jobless Claims for last week are estimated to rise to 310K versus 301K prior.
- Continuing Claims are estimated to fall to 2543K versus 2571K prior.

10:00 am EST
- New Home Sales for June are estimated to fall to 890K versus 915K in May.

Other Potential Market Movers
- The weekly EIA natural gas inventory data, (MSFT) Analyst Meeting, (AMD) Technology Analyst Day and Morgan Keegan Insurance Conference could also impact trading today.

BOTTOM LINE: Asian indices are mixed, as weakness in mining shares is offsetting strength in technology stocks in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.