Sunday, March 28, 2004

Monday Watch

Earnings Announcements

HOV 2-for-1
MVL 3-for-2

Economic Data
None of note.

Weekend Recommendations
Forbes on Fox had guests that were positive on XOM and PG. Bulls and Bears had guests that were positive on PWI, JNJ, LMT, WMS, SGMS, PLMO and mixed on DLM, CTL, MSFT and CMCSK. Cashin' In had guests that were mixed on BBBY. Wall Street Week had guests that were positive on GE, XOM, AIG, BRK/A, C, IBM, DELL, MDT and negative on FNM, HPQ, GM, VZ, HD, CH, MCK and MO. Goldman Sachs reiterated Outperform on DOW, LIZ, EBAY, AMGN, KO, CCE and PEP. Barron's has positive articles on HPQ, RBK, the oil market and HDI.

Weekend News
Bloomberg has an article saying that companies are spending again on capital equipment and hiring will be next. A Pakistani military offensive against al-Qaeda in a tribal region bordering Afghanistan is almost complete after the terrorists' refuge was destroyed, Agence France-Presse reported. Israeli prosecutors will recommend that Prime Minister Ariel Sharon be indicted for allegedly accepting a bribe from a property developer, Maariv said. Barrick Gold(ABX) may receive a takeover offer from larger rival Newmont Mining(NEM), the Sunday Telegraph reported. Celgene's(CELG) Revlimid drug may triple the company's revenue within two years, the Star-Ledger of Newark reported. Japan's policy of selling yen "has officially come to an end" because the country's economy is gathering strength and no longer needs a weaker currency to bolster exports, the Times of London reported. Dell is ahead of its goal to make $60B in sales for the year ended Jan. 31, 2007, Michael Dell said. Taiwan's stocks are rising significantly amid optimism that the island's political leaders are moving toward resolution of an election crisis that brought a record 500,000 people onto the streets in protest Saturday, Bloomberg reported. Global sales of liquid crystal displays geared for televisions and monitors will increase 56% this year, driven by torrid growth in demand for flat-panel TVs, industry researcher IDC said.

Late-Night Trading
Asian indices are -.25% to +1.25% on average, with Taiwan's TWSE Index the exception, rising 5.06%.
S&P 500 indicated +.30%.
NASDAQ indicated +.42%.

BOTTOM LINE: Political stabilization in Taiwan, more positive news regarding Japan's economy and further declines in crude oil may lead to strength in U.S. shares tomorrow morning. I expect short-covering, quarter-end positioning, strong earnings reports and falling energy prices to mostly boost stock prices through Wednesday. The Portfolio is 125% net long.

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