Wednesday Watch

Late-Night Headlines
Bloomberg:
- Japan’s crude oil imports in September fell 9.8% from a year earlier, as record oil prices accelerated a shift to alternatives from petroleum products in the world’s second-largest economy. Japan’s demand for petroleum products including gasoline and jet fuel declined 1.8% in August, marking the 10^th consecutive monthly fall. Motorists have switched to fuel-efficient mini-cars, while factories shifted to natural gas from fuel oil as the main fuel for their in-house power generators.
- The yen may extend its biggest decline in four weeks against the euro as a global rally in stocks spurs investors to buy higher-yielding assets financed by loans in Japan.
- Japan’s consumer prices probably fell for an eighth month in September, a sign that deflation lingers in the world’s second-largest economy.

Wall Street Journal:
- AT&T(T) has been circling the satellite-tv sector for several years, contemplating a bid for one of the two major players. Now, with consolidation in the telephone industry mostly done, AT&T appears to be getting ready to swoop in.

New York Times:
- The European Union introduced a “blue card” plan on Tuesday aimed at attracting highly skilled immigrants like doctors, nurses and engineers, even as policy makers across the bloc grappled with how to keep out unskilled migrants.

MarketWatch.com:
- Market expects big iPod gains from Apple(AAPL).

IBD:
- Apple(AAPL) Ready to Pounce with Leopard System Update.

TimesOnline:
- A British technology company and Suzuki Motor will today unveil the Crosscage – a hydrogen-powered motorcycle that its developers claim will bring closer the dream of totally green driving.

Yonhap News:
- North Korea will probably disable its nuclear program by the middle of next month, citing Baek Jong Chun, the South Korean president’s security adviser.

Commercial Times:
- Mediatek’s, Taiwan’s largest chip designer, fourth-quarter shipments of chipsets used in mobile phones will probably rise 16% from the previous three months because of demand from China.

Late Buy/Sell Recommendations
Citigroup:
- Added (UNH), removed (COH) from Recommended List.
- Reiterated Buy on (T), target $47.

CSFB:
- Reiterated Outperform on (AMZN).

Night Trading
Asian Indices are +.75% to +1.75% on average.
S&P 500 futures -.44%.
NASDAQ 100 futures -.69%.

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Earnings of Note
Company/EPS Estimate
- (ATI)/1.87
- (AN)/.38
- (CSL)/.86
- (CME)/4.12
- (GLW)/.37
- (ETH)/.56
- (FCX)/2.24
- (GD)/1.25
- (GENZ)/.86
- (MER)/-.45
- (MCO)/.55
- (NCC)/.34
- (NOC)/1.27
- (OXY)/1.32
- (DGX)/.76
- (R)/1.13
- (SWK)/1.10
- (TIN)/.44
- (TRB)/.26
- (ABK)/1.88
- (WLP)/1.44
- (LM)/1.29
- (PFCB)/.19
- (BA)/1.24
- (NSC)/1.00
- (COP)/2.18
- (ESRX)/.57
- (AKAM)/.33
- (ACL)/1.32
- (AMGN)/1.03
- (LSI)/.04
- (MNST)/.33
- (MUR)/.94
- (OI)/.64
- (PHM)/.13
- (RYL)/.66
- (SYMC)/.26
- (TEX)/1.47
- (ZMH)/.91
- (BUD)/.93
- (FFIV)/.36
- (LRCX)/1.29
- (SEE)/.42
- (TASR)/.05
- (VMW)/.17
- (WWY)/.60

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

Economic Releases
10:00 am EST
- Existing Home Sales for September are estimated to fall to 5.25M versus 5.5M in August.

10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory build of 963,000 barrels versus a 1,784,000 barrel increase the prior week. Gasoline supplies are expected to rise by 475,000 barrels versus a 2,768,000 barrel increase the prior week. Distillate supplies are estimated to rise by 250,000 barrels versus a 994,000 barrel build the prior week. Finally, Refinery Utilization is expected to remain unch. versus a .5% increase the prior week.

Other Potential Market Movers
- The weekly MBA Mortgage Applications report, (ARTC) analyst meeting, (GOOG) analyst day and (WMT) fall analyst meeting could also impact trading today.

BOTTOM LINE: Asian indices are higher, boosted by technology and pharmaceutical 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.