Tuesday Watch

Late-Night Headlines
Bloomberg:

- Google Inc.(GOOG), seeking new sources of advertising revenue, introduced software that lets Web sites run YouTube videos and related ads alongside articles.
- The IMF will cut its forecast for US economic growth next year to 1.9% from the 2.8% growth it predicted in April. The IMF may also cut its forecast for growth in the UK to 2.3% from 2.7% predicted in April.
- Patients who get treatment within a day of having a minor stroke cut their risk of a second stroke by 80%, researchers reported.
- European finance ministers said China should allow the yuan to appreciate against the euro after failing to find a common position on their currency’s rally to a record against the dollar.
- Wheat futures fell for a fourth straight day in Asian trading on speculation higher prices may slow demand for the grain.

Wall Street Journal:
- Two American scientists and a Briton won the 2007 Nobel Prize in Medicine Monday for groundbreaking discoveries that led to a powerful technique for manipulating mouse genes.

MarketWatch.com:
- Does hardware have a softer side? Home Depot(HD) thinks so. It is testing a warm-and-fuzzy approach to selling hammers, lighting and garage doors that is targeted at female shoppers.
- Expeditors Intl.(EXPD) to join S&P 500 as TXU exits.

CNNMoney.com:
- Richest person in China is 26-year-old woman.
- Firms like Nasdaq, NYSE are making a mad dash to acquire other exchanges worldwide. What’s at stake? Cash and customers.

AP:
- American Electric Power(AEP) reached a $4.6 billion settlement with the federal government, agreeing to reduce pollution in the US Northeast to end an ongoing government lawsuit.

IBD:
- Profit growth likely screeched to a virtual halt in the third quarter. But Wall Street already is betting corporate earnings will quickly rev back into high gear.

Financial Times:
- European nations are to draw up radical proposals to improve transparency in financial markets and to change the way credit rating agencies operate in an attempt to prevent any recurrence of the financial turmoil arising from the credit squeeze.

The Economic Times:
- Reliance Retail has clinched an exclusive marketing and distribution deal with the iconic maker of iPods and Mac computers, Apple(AAPL), for standalone iStores. This is Reliance Retail’s first exclusive alliance with an international brand. The first store, to be called iStore by Reliance Digital, will come up by October-end in Bangalore. This is the first time Apple is tying up with a big corporate house for distribution anywhere in the world. Reliance Industries is India’s largest company by market value.
- Accenture Ltd.(ACN) and India’s Wipro Ltd. are vying to buy Dell’s(DELL) captive back-office business outside the US.

Shanghai Securities News:
- China’s inflation may remain higher than 6% in September, citing a survey with domestic brokerages and economists. Inflation may reach as high as 7% in September or October, citing Li Huiyong, an analyst at Shenyin & Wangguo Securities.

Late Buy/Sell Recommendations
- None of note

Night Trading
Asian Indices are -.25% to +.50% on average.
S&P 500 futures -.03%.
NASDAQ 100 futures -.16%.

Morning Preview
US AM Market Call
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Earnings of Note
Company/EPS Estimate
- (MOS)/.62
- (OXM)/.46
- (AA)/.65
- (OSIP)/.39

Upcoming Splits
- (RUSHA) 3-for-2

Economic Releases
2:00 pm EST
- Minutes of Sept. 18 FOMC Meeting

Other Potential Market Movers
- The Fed’s Yellen speaking, IDB/TIPP Economic Optimism Index, weekly retail sales reports, (SFE) analyst day, (JCI) analyst presentation, (HRL) analyst meeting, (HME) analyst day and (MMM) investor day could also impact trading today.

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