Monday, October 29, 2007

Tuesday Watch

Late-Night Headlines
- The euro snapped five days of gains versus the dollar on speculation credit market losses at European financial companies will weaken the case for the central bank to raise interest rates.
- Japan’s unemployment rate unexpectedly rose for a second month and the Labor Ministry downgraded its assessment of the jobs market as hiring slowed.

Wall Street Journal:
- In a risky change of strategy, Democrats are pursuing a plan that would dare President Bush to veto a massive bill that combines spending for veterans care, education and the Pentagon.
- Google Inc.(GOOG) is about to unveil a plan to change the way the mobile-phone industry works.

New York Times:
- GM(GM) to Build Hybrid Research Center in China.
- Time to Buy Financial Stocks?
- Electronic Arts(ERTS) 2.0. The games giant has spent $860 million on recent deals, heralding a shit in strategy and potentially building a new innovation engine for itself.
- Apple, Google vs. Big Wireless. The tech giants’ mobile software efforts could give developers the long-awaited upper hand over cellular carriers – and even Symbian and Microsoft.

- Tribune, Gannett team to expand city-focused websites.

- Google’s(GOOG) advertising revenue overtook that of ITV Plc’s ITV1, the UK’s top commercial television channel, for the first time, citing its analysis of Google’s third-quarter results.

Late Buy/Sell Recommendations

- Reiterated Buy on (NKE), target $67.

- Reiterated Outperform on (VZ), target raised to $52.

Night Trading
Asian Indices are -.50% to +.25% on average.
S&P 500 futures -.21%.
NASDAQ 100 futures -.12%.

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
Rasmussen Business/Economy Polling
CNBC Guest Schedule

Earnings of Note
Company/EPS Estimate
- (ADP)/.43
- (BEAV)/.41
- (BEC)/.75
- (CRDN)/1.36
- (CPO)/.67
- (FPL)/1.22
- (IT)/.11
- (IVC)/.32
- (JAH)/.69
- (LIZ)/.70
- (ONNN)/.22
- (PMI)/-1.05
- (STE)/1.26
- (TKLC)/.12
- (TEN)/.39
- (X)/2.66
- (VSH)/.26
- (RRD)/.74
- (BJS)/.61
- (CL)/.85
- (MAS)/.45
- (PG)/.90
- (Q)/.16
- (SIRI)/-.08
- (TRW)/.25
- (UA)/.34
- (WEC)/.67
- (AVP)/.36
- (COCO)/.04
- (SAF)/1.53
- (GT)/.51
- (AXL)/.23
- (MGM)/.49
- (CMG)/.52
- (ANDW)/.18
- (DWA)/.43
- (EQR)/.04
- (FIC)/.41
- (LNC)/1.37
- (MCK)/.72
- (OMTR)/.05
- (SIRF)/.22
- (WYNN)/.60
- (AG)/.30
- (BWLD)/.26
- (CMC)/.92
- (ENR)/1.05
- (TIE)/.38
- (VNO)/.66

Upcoming Splits
- (MNRK) 6-for-5

Economic Releases
10:00 am EST

- Consumer Confidence for October is estimated to fall to 99.0 versus a reading of 99.8 in September.

Other Potential Market Movers
- The weekly retail sales reports, S&P/CaseShiller Home Price Index, (AKAM) analyst meeting, (ENZN) investor day, (VAR) investor meeting, (ECPG) investor day, (YUM) investor day and Johnson Rice Consumer Conference could also impact trading today.

BOTTOM LINE: Asian indices are mostly lower, weighed down by pharmaceutical and commodity 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.

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