Wednesday Watch

Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (VMW), target $80.
- Reiterated Buy on (ADI), target $41.

CSFB:
- Chinese stocks, the world’s third-worst performers this year, may continue to drop as earnings fail to meet analyst estimates. The Shanghai Stock Exchange A Share Index, which has declined 35% just this year, may fall to 2,710 by the end of this year, 25% lower than yesterday’s close of 3,612.64.

Night Trading
Asian Indices are -1.50% to -.5% on average.
S&P 500 futures -.04%.
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
Top 20 Business Stories
Today in IBD
In Play
Bond Ticker
Economic Preview/Calendar
Daily Stock Events
Upgrades/Downgrades
Rasmussen Business/Economy Polling

Earnings of Note
Company/EPS Estimate
- (TLB)/.12
- (BWS)/.07
- (SOLF)/.16
- (BJS)/.28
- (ROST)/.58
- (EV)/.44
- (CSC)/1.39
- (NTAP)/.36
- (LDG)/.60
- (PETM)/.31
- (CRM)/.07
- (GYMB)/.85
- (SNPS)/.38
- (NTES)/.34
- (CPWM)/-1.01
- (LTD)/.07
- (WCG)/1.59

Upcoming Splits
- (WFT) 2-for-1

Economic Releases
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil build of 300,000 barrels versus a 176,000 barrel build the prior week. Gasoline supplies are expected to rise by 250,000 barrels versus a -1,715,000 barrel decline the prior week. Distillate supplies are estimated to rise by 1,425,000 barrels versus a 1,338,000 barrel increase the prior week. Finally, Refinery Utilization is expected to rise .53% versus a 1.63% the prior week.

2:00 pm EST
- Minutes of April 29-30 FOMC Meeting.

Other Potential Market Movers
- The weekly MBA mortgage applications report, (JNPR) shareholder meeting, (BA) investors conference, (CVS) analyst meeting, JPMorgan Technology Conference, JMP Securities Conference, Goldman Internet Conference, Citigroup Healthcare Conference, UBS Global Oil & Gas Conference, Goldman Sachs Basic Materials Conference, CSFB Basic Materials Conference and Lehman Brothers Financial Services Conference could also impact trading today.

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