Friday, March 26, 2004

Friday Watch

Earnings Announcements

SCHN 3-for-2

Economic Data
Personal Income for February estimated +.3% vs. +.2% in January.
Personal Spending for February estimated +.4% vs. +.4% in January.
Final Univ. of Mich. Consumer Confidence for March estimated at 93.7 vs. 94.1 preliminary.

Oppenheimer raised AVP price target to $94. Goldman Sachs said their meetings earlier this week with tower company and carrier executives at the CTIA wireless conference confirm their bullish thesis for tower stocks. ASFI is undervalued compared to its peers according to Business Week. CPD may be bought by India's Sun Pharmaceutical Industries, reported Business Week.

Late-Night News
Asian stocks are mostly higher with Japan's Nikkei leading the way again. Japanese bonds plunged as the Nikkei surged 1.85% to it highest level since June 2002 after a report showed household spending rose twice as fast as expected. The winner of Taiwan's presidential election recount may find his initiatives to revive the economy and change the island's relationship with China thwarted by questions over his legitimacy, according to executives and analysts.

Late-Night Trading
Asian Indices +.25% to +1.75%.
S&P 500 indicated +.07%.
NASDAQ indicated +.04%.

BOTTOM LINE: The Portfolio is 125% net long and I expect a continuation of today's rally for the next several days. Profit-taking will likely emerge tomorrow at some point, but I do not expect it to be significant. The Portfolio is overweight technology, airlines, gaming and homebuilding. Areas of focus on the short-side are oil-service and retail.

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