Wednesday, October 24, 2007

Thursday Watch

Late-Night Headlines
Bloomberg:
- Record overseas purchases that have stoked a “bubble” in Indian stocks may slow under new rules planned by regulators, investors and analysts say.
- The Bank of Japan may have to cut its forecast for economic growth and inflation in its twice-yearly outlook report next week, economists say, making it harder to justify an interest-rate increase soon.
- China’s economy expanded more than 11% for a third straight quarter, adding pressure for a stronger currency and higher borrowing costs to prevent overheating.

Wall Street Journal:
- Microsoft Bets On Facebook Stake And Web Ad Boom.

MarketWatch.com:
- Insiders picked up buying in wake of past week’s market drop.
- Poker stars push Congress to ease Internet gambling strictures.
- Analysts betting higher on Amazon.com. Brokers lift price targets despite sell-off; median now above $100.
- Buffett urges caution on Chinese stocks.

CNNMoney.com:
- Wal-Mart(WMT) CEO excited about holidays.
- Countrywide(CFC) wins over critics. The company extends foreclosure-preventive assistance for almost all its hybrid ARM borrowers.

BusinessWeek.com:
- Federal commodity regulators on Wednesday asked Congress to give them greater oversight of electronic exchanges as a way to deter potential price distortion and manipulation, and to protect consumers.
- Has the Mortgage Crisis Finally Peaked?

Late Buy/Sell Recommendations
Citigroup:

- Reiterated Buy on (LM), target $108.
- Reiterated Buy on (NSC), target $62.

Night Trading
Asian Indices are -.25% to +1.25% on average.
S&P 500 futures -.03%.
NASDAQ 100 futures +.17%.

Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Pre-market Stock Quote/Chart
Before the Bell CNBC Video(bottom right)
Global Commentary
WSJ Intl Markets Performance
Commodity Movers
Top 25 Stories

Top 20 Business Stories
Today in IBD
In Play
Bond Ticker
Economic Preview/Calendar
Daily Stock Events
Macro Calls
Upgrades/Downgrades
Rasmussen Business/Economy Polling
CNBC Guest Schedule

Earnings of Note
Company/EPS Estimate
- (BDK)/1.44
- (BMY)/.37
- (CELG)/.28
- (CNX)/.28
- (CMI)/1.95
- (CMCSA)/.18
- (DO)/1.48
- (DOW)/.91
- (EMC)/.17
- (EL)/.10
- (GR)/.90
- (ICE)/.89
- (LLL)/1.48
- (MBI)/1.59
- (NWL)/.49
- (HOT)/.65
- (TRV)/.150
- (XMSR)/-.43
- (AET)/.92
- (MOT)/.04
- (HET)/1.01
- (RTN)/.82
- (APA)/1.97
- (KLAC)/.76
- (BIDU)/4.78
- (GNW)/.77
- (IM)/.39
- (KCP)/.17
- (MFE)/.40
- (WFR)/.80
- (MSFT)/.39
- (SNCR)/.18
- (VSEA)/.67
- (WEN)/.33
- (DECK)/1.20
- (BEN)/1.86
- (IMCL)/.31
- (MSTR)/1.18

Upcoming Splits
- None of note

Economic Releases
8:30 am EST
- Durable Goods Orders for September are estimated to rise 1.5% versus a 4.9% decline in August.
- Durables Ex Transports for September are estimated to rise .7% versus a 1.8% decline in August.

8:30 am EST
- Initial Jobless Claims for last week are estimated to fall to 320K versus 337K the prior week.
- Continuing Claims are estimated to fall to 2528K versus 2534K prior.

10:00 am EST
- New Home Sales for September are estimated to fall to 770K versus 795K in August.

Other Potential Market Movers
- The weekly EIA natural gas inventory data and the Help Wanted Index could also impact trading today.

BOTTOM LINE: Asian indices are higher, boosted by commodity stocks 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.

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