Friday Watch

Late-Night Headlines
Bloomberg:
- Federal Reserve Chairman Ben S. Bernanke’s plans to resolve the subprime-mortgage crisis are “significant,” said civil-rights leader Jesse Jackson, who called on the central bank chief to organize a banking summit.
- Amaranth Advisors LLC’s bid to halt federal energy regulators from proceeding with a proposed $291 fine was rejected by a federal judge in NY.
- The House Ways and Means Committee approved a plan to raise taxes on executives of hedge funds and private-equity firms by $49.5 billion over the next decade to prevent a separate tax increase on middle-income families this year.
- Paulson & Co. scaled back bets against subprime-mortgage securities, recording investment profits that helped the NY-based hedge fund manager double assets to $24 billion this year. Paulson cut bets against securities linked to subprime home loans by 86% across its eight funds. Paulson’s $5 billion Credit Opportunities Fund has soared more than 500% this year.
- Copper tumbled 3.2%, the most in 11 weeks, after stockpiles monitored by the London Metal Exchange rose 8.3% this week to the highest level since April. Supplies surged 28% in October, according to the LME.
- Republican former House Speaker Newt Gingrich, who a month ago said Senator Hillary Clinton had an 80% chance of being the next US president, now says recent stumbles may costs her the White House.
- Democratic lawmakers, ignoring a veto threat, will try to force President Bush to approve an increase in domestic spending by combining it with legislation funding military construction and veterans’ programs.
- General Motors(GM) and Japanese automakers led the US auto industry to its first monthly sales gain since May, while Ford Motor(F) and Chrysler LLC slipped.

Wall Street Journal:
- IRS Steps Up Tax Probe Of Hedge, Buyout Firms.

Wired:
- Google(GOOG) Aims to Break Open the Closed World of Social Networking.

USA Today.com:
- Mortgage rates drop to the lowest level in 5 months.
- Emerging markets have rocked, so now it’s time to roll.

Reuters:
- Top-20 selling vehicles in US through October.

Financial Times:
- The US is to offer Turkey a package of measures to dissuade Ankara from mounting a large-scale military incursion into Iraq to attack PKK Kurdish guerrillas, who have killed scores of Turkish soldiers in recent weeks.

Late Buy/Sell Recommendations
- None of note

Night Trading
Asian Indices are -2.0% to -1.0% on average.
S&P 500 futures +.05%.
NASDAQ 100 futures +.09%.

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

Earnings of Note
Company/EPS Estimate
- (NYX)/.73
- (B)/.44
- (VIA/B)/.59
- (IP)/.57
- (MSO)/-.12
- (OMG)/1.17
- (PDX)/.80
- (TE)/.35
- (CI)/.94
- (DUK)/.39
- (BRK/A)/1401.87
- (CVX)/2.07

Upcoming Splits
- (ATU) 2-for-1

Economic Releases
8:30 am EST
- The Change in Non-farm Payrolls for October is estimated at 85K versus 110K in September.
- The Unemployment Rate for October is estimated at 4.7% versus 4.7% in September.
- Average Hourly Earnings for October are estimated to rise .3% versus a .4% gain in September.

10:00 am EST
- Factory Orders for September are estimated to fall .7% versus a 3.3% decline in August.

Other Potential Market Movers
- The (FFIV) analyst meeting, (PKI) analyst meeting and (WSH) investor day could also impact trading today.

BOTTOM LINE: Asian indices are lower, weighed down by automaker and financial 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.