Friday Watch

Late-Night Headlines
Bloomberg:
- President Bush will meet with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke tomorrow as he considers whether to announce a new economic stimulus package.

Wall Street Journal:
- Cloned Livestock Poised To Receive FDA Clearance.
- Obama, Huckabee Emerge As Winners of Iowa Caucus.

MarketWatch.com:
- No need to worry. The oldest boomers are in better shape for retirement than thought.

IBD:
- Telecom Carrier Verizon Is Tuning Up Its FiOS TV Service.
- Financials Drag Down Large-Cap And Value Funds In December.

USA Today.com:
- Female CEOs Make More Gains in 2007.
- GPS gadget Spot can save your hide, for a price.
- iPhone’s future intrigues observers.
- Big restaurant chains are rushing into what could be the future of takeout and delivery food; text ordering.

Reuters:
- Bonds of US banks and brokers should turn around in 2008, helped by interest rate cuts and capital infusions, Bank of America strategists said on Thursday.
- Boeing Co.(BA) said on Thursday it delivered 441 commercial aircraft in 2007, its best performance in six years and up 11% from 2006.
- Top-20 selling vehicles in US through December.

Financial Times:
- Chinese state investor buys Australian bank stakes.

China Daily:
- The US encourages high-tech exports to China, US Commerce Secretary Carlos M. Gutierrez has said amid calls in his country for suspension of a program under which high-tech products are sold to China.

Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (DPZ), target $20.
- Reiterated Buy on (URBN), target $35.
- Reiterated Buy on (MON), raised target to $140.

Night Trading
Asian Indices are -.50% to +1.0% on average.
S&P 500 futures +.24%.
NASDAQ 100 futures +.28%.

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
Upgrades/Downgrades
Rasmussen Business/Economy Polling
CNBC Guest Schedule

Earnings of Note
Company/EPS Estimate
- (TXI)/.88
- (AZZ)/.54
- (SHLM)/.26

Upcoming Splits
- None of note

Economic Releases
8:30 am EST
- The Change in Non-farm Payrolls for December is estimated at 70K versus 94K in November.
- The Unemployment Rate for December is estimated at 4.8% versus 4.7% in November.
- Average Hourly Earnings for December are estimated to rise .3% versus a .5% gain in November.

10:00 am EST
- ISM Non-Manufacturing for December is estimated to fall to 53.6 from 54.1.

Other Potential Market Movers
- The Fed’s Kohn speaking, weekly EIA natural gas inventory report and Morgan Stanley Pharmaceutical Conference could also impact trading today.

BOTTOM LINE: Asian indices are mostly higher, boosted by technology shares and commodity stocks in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.