Earnings Announcements
Company/Estimate
AVID/.36
CDWC/.59
C/.94
CY/.18
DECK/.46
DCLK/.05
DHI/.71
EMC/.06
FCS/.15
GTK/.67
IBM/.93
LEXR/.12
NFLX/-.03
PMCS/.04
SEBL/.05
LUV/.04
SUNW/-.07
UNH/.87
Splits
None of note.
Economic Data
Empire Manufacturing for April estimated at 28.25 vs. 25.33 in March.
Initial Jobless Claims last week estimated at 335K vs. 328k prior week.
Continuing Claims estimated at 3000K vs. 3010K prior.
Philly Fed for April estimated at 26.1 vs. 24.2 in March.
Recommendations
Goldman Sachs reiterated Underperform on PGL and TFX. GS reiterated Outperform on STLD, ACS and SLR. GS reiterated Outperform on MERQ and said it will likely beat revenue estimates this quarter.
Late-Night News
Asian stocks are lower, led by Japan, as invesotors take profits on fears of rising interest rates in the U.S. Motorola has been criticized by cable-tv operators for not including digital video recorders with its set-top boxes more quickly, the Wall Street Journal reported. Securities regulators are divided over a proposal to impose a 2 percent penalty on investors who sell fund shares within five days after buying them, Dow Jones reported. The Palestinian Hamas group said U.S. President Bush's support for Israel retaining any West Bank settlements is the end of any possible U.S.-backed peace plan. The Palestinians want Israel to evacuate all territory taken in the 1967 war, Haaretz reported.
Late-Night Trading
Asian Indices -2.00% to unch.
S&P 500 indicated -.18%.
NASDAQ indicated -.13%.
BOTTOM LINE: I expect stocks to follow bonds tomorrow as numerous economic and corporate reports are released. If the reports are strong and yields don't rise I will add market exposure. However, if yields rise I will likely add a few more shorts. The Portfolio is 50% net long heading into tomorrow.
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