Monday, March 08, 2004

Monday Watch

Earnings Announcements

SSNC 3-for-2
VAPH 3-for-1
WGO 2-for-1

Economic Data
None of note.

Weekend Recommendations
Barron's has positive articles on L, FIX and the U.S. dollar. It has a negative column on GRMN. Goldman Sachs says the Supreme Court's decision last week in favor of Class II gaming was a milestone for the slot industry and will propel industry growth for 3-4 years. Goldman's favorites are IGT and AGI. GS reiterates XOM as its favorite large-cap integrated oil play ahead of its annual analyst meeting March 10. Goldman also reiterated Outperform on ITT. Merrill Lynch named QLGC Focus 1 stock on Fri. has a positive editorial on semis. XLNX, TXN, ADI, GNSS and OVTI are mentioned favorably. Warren Buffet reported 2 new positions in his annual letter to shareholders. He added HCA and PTR. He also trimmed HRB and added to WFC. Buffet also said he doesn't like the high-yield market right now. Louis Rukeyser's Wall Street had guests that were positive on COCO, FLEX, DRI, LMT, JNJ, MSFT, WY, APA, PBI, HSY and DELL. Forbes on Fox had guests that were positive on XOM. Wall Street Week had guests that were positive on RHAT, NOVL, ZBRA, AMAT, IP, MDT, JNPR and CMVT. Cashin' In had guests that were positive on real estate, ICF, TSN, UHCO and DG. Guests were mixed on ORCL and negative on RIMM.

Weekend News
The U.S. is preparing to apply sanctions against Syria, Agence France-Presse said. OPEC has scaled back plans to cut the group's daily output by 2.5M barrels on April 1. GE is planning to sell stock worth $5B in its Genworth mortgage and insurance business as early as April. Affluent homebuyers are camping out days in tents and under tarps to snatch up expensive new homes in the latest sign of the booming Washington-area real-estate market, the Washington Post reported. Michael Eisner may receive up to $374M if he is ousted from the company, the Sunday Times reported. Shares of SINA, SOHU and NTES may be poised to fall because of Chinese state control of the wireless industry, the NY Times said. A case of H7 avian flu was discovered on a commercial chicken farm in Maryland, the fourth state affected by the virus since last month. Total ticket sales for Gibson's The Passion of the Christ topped $212M over the weekend. Iraqi leaders are set to sign their constitution tomorrow, the NY Times reported. McData's CEO said there are going to be some big opportunities this year in storage and that spending is clearly up on all fronts. Corporate spending will rise 9.8% this year, more than 3 times higher than last year, according to the Blue Chip survey. IBM CEO Palmisano said he was more optimistic than he has been in a long time. Economists are currently projecting the economy to grow 4.6% this year, the fastest since the mid-80's.

Late-Night Trading
Asian indices are down on average about .5% with the exception of Hong Kong which is up 1.6%.
S&P 500 indicated -.07%.
NASDAQ indicated +.14%.

BOTTOM LINE: Not much in the way of market-moving news reported over the weekend. I expect a pretty decent week. The Portfolio is currently 100% net long.

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