Tuesday Watch

Late-Night Headlines
Bloomberg:
- Federal Reserve Bank of Chicago President Charles L. Evans, in his first speech on the economic outlook as a policy maker, said central bankers must guard against “high cost” events such as a worsening housing slump. Economic growth will be “soft” in coming months and recover later next year, moving closer to its potential rate of above 2.5%, Evans said.
- Newcrest Mining Ltd., Australia’s largest gold mining company, increased fiscal first-quarter gold output 18% at its mines in Australia and Indonesia to take advantage of soaring prices for the precious metal.
- Japanese technology stocks rose after Fujitsu Ltd. reported earnings that exceeded the company’s forecast and the Nikkei newspaper said Hitachi Ltd. will exit the personal-computer business, boosting speculation reduced competition will aid profits for other computer makers.
- Pakistan said it is enjoying its best relations with India since independence from Britain 60 years ago and their peace process won’t be delayed by Pakistani unrest or political deadlock within the Indian government.
- BHP Billiton(BHP), the world’s largest mining company, increased first-quarter copper and iron ore production.

Wall Street Journal:
- China’s Hand For Bear(BSC). Citic Pact Could Buoy The Wall Street Firm.

New York Times:
- Privacy Lost: These Phones Can Find You.

MarketWatch.com:
- Wal-Mart may benefit from slower US store growth, analysts say.

Reuters:
- Apple results top targets, Mac sales strong.

Financial Times:
- ICICI Bank Ltd. has received a branch license from the US Federal Reserve, becoming the first Indian bank in five years to obtain approval to open an outlet there.
- GM takes Toyota sales crown.

Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (GOOG), target $775.

Deutsche Bank:
- Upgraded (AUO) to Buy.

Night Trading
Asian Indices are -.25% to +2.75% on average.
S&P 500 futures +.47%.
NASDAQ 100 futures +.77%.

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Earnings of Note
Company/EPS Estimate
- (ARW)/.79
- (BIIB)/.64
- (EAT)/.40
- (BNI)/1.36
- (COH)/.40
- (JCI)/.78
- (LXK)/.13
- (LMT)/1.63
- (OMC)/.61
- (PCP)/1.63
- (SHW)/1.50
- (SII)/.83
- (TROW)/.62
- (AMTD)/.32
- (UAUA)/1.87
- (UIS)/.05
- (XTO)/1.07
- (DD)/.54
- (WHR)/2.11
- (TLAB)/.01
- (UPS)/1.02
- (T)/.71
- (AVY)/.90
- (ALTR)/.21
- (AFL)/.82
- (AMZN)/.17
- (BRCM)/.27
- (CTX)/-5.51
- (CAKE)/.27
- (CB)/1.44
- (BCR)/.92
- (ILMN)/.18
- (JNPR)/.21
- (MCHP)/.36
- (NBR)/.75
- (PNRA)/.36
- (RJF)/.51
- (RVBD)/.17
- (CEC)/.48
- (F)/-.46
- (NVLS)/.38
- (PNR)/.50
- (QLGC)/.18
- (RDN)/-1.38
- (USG)/.31

Upcoming Splits
- (ARD) 2-for-1
- (CSNT) 2-for-1

Economic Releases
- None of note

Other Potential Market Movers
- The weekly retail sales reports, Richmond Fed Manufacturing Index, (BSX) analyst meeting, (WMT) fall analyst meeting and (FBN) analyst conference could also impact trading today.

BOTTOM LINE: Asian indices are higher, boosted by technology and financial stocks in the region. I expect US equities to open modestly higher and to maintain gains into the afternoon. The Portfolio is 100% net long heading into the day.