Friday Watch

Evening Recommendations
Citigroup:

• Upgraded (MFC) to Buy, target $21.
• Upgraded (MDU) to Buy, target $22.50.
• Reiterated Buy on (TRV), target $61.
• Reiterated Buy on (TIF), target $55.
  

Thomas Weisel:

• Upgraded (DECK) to Overweight, target $170.

Pacific Crest:

• Upgraded (XLNX) to Outperform, target $33.

Night Trading

• Asian indices are +.75% to +1.25% on average.
• Asia Ex-Japan Investment Grade CDS Index 128.50 -17.0 basis points.
• S&P 500 futures -.25%.
  
• NASDAQ 100 futures -.25%.

Morning Preview Links

Earnings of Note
Company/Estimate

• (QSII)/.49

Economic Releases
8:30 am EST

• Personal Income for April is estimated to rise +.4% versus a +.3% gain in March.
• Personal Spending for April is estimated to rise +.3% versus a +.6% gain in March.
• The PCE Core for April is estimated to rise +.1% versus a +.1% gain in March.

9:45 am EST

• Chicago Purchasing Manager for May is estimated to fall to 61.0 versus a reading of 63.8 in April.

9:55 am EST

• The Final Univ. of Mich. Consumer Confidence reading for May is estimated at 73.3 versus a prior estimate for 73.3.

Upcoming Splits

• (IDSA) 3-for-2
  

Other Potential Market Movers

• The NAPM-Milwaukee Index and (LOW) shareholders meeting could also impact trading today.
  

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