Wednesday Watch

Late-Night Headlines
Bloomberg:
- Alliant Techsystems(ATK), the only supplier of solid-rocket motors for US space shuttles, will buy a unit of Canada’s MacDonald, Dettwiler and Associates Ltd. for $1.32 billion to build complete satellite systems.
- Bear Stearns Cos.’(BSC) James “Jimmy” Cayne handed over the CEO role to his hand-picked successor, staying on as chairman as the firm tries to recover from the collapse of the subprime mortgage market.

Wall Street Journal:
- McCain, Clinton Win Primary; White House Race Is Wide Open.

MarketWatch.com:
- Corporate insiders continue to be bullish on their firms’ stock.

BusinessWeek.com:
- Playing the 2008 Election.

USA Today.com:
- Colleges serve up job hopefuls as hotels’ hiring needs jump.

Reuters:
- Bear Stearns(BSC) may become takeover target amid unrest.
- Hynix sees DRAM rebound in 2008.

TimesOnline:
- Shell and Total are vying to develop a huge gasfield in what was Iraq’s most violent province as a source for exports to Europe.

Late Buy/Sell Recommendations
Citigroup:
- Maintain Buy on (FORM), target $44.

Lehman Brothers:
- Upgraded (AUO) to Overweight.

Night Trading
Asian Indices are -.50% to +.25% on average.
S&P 500 futures +.26%.
NASDAQ 100 futures +.34%.

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
- (MOS)/.73
- (SGR)/.49
- (RT)/-.20
- (VOXX)/.35
- (AA)/.34
- (RBN)/.67
- (ETP)/.49
- (TONS)/.95
- (WDFC)/.38

Upcoming Splits
- None of note

Economic Releases
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory decline of 2,100,000 barrels versus a 4,056,000 barrel decline the prior week. Gasoline inventories are expected to rise by 1,600,000 barrels versus a 1,985,000 barrel rise the prior week. Distillate supplies are expected to rise by 1,000,000 barrels versus a 569,000 increase the prior week. Finally, Refinery Utilization is estimated to rise .1% versus a 1.29% gain the prior week.

Other Potential Market Movers
- The weekly MBA Mortgage Applications report, (VFC) analyst meeting, JPMorgan Healthcare Conference, Consumer Electronics Show, Needham Growth Conference and Citigroup Entertainment Conference could also impact trading today.

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