Friday Watch

Earnings of Note
Company/Estimate
CPRT/.20
HLR/.09
QSII/.40

Splits
DHR 2-for-1

Economic Data
None of note.

Recommendations
Goldman Sachs reiterated Outperform on WAG, NKE, USB and DOW. Goldman reiterated Outperform on NUE, target $105. Goldman reiterated Underperform on NAV and PVH. CL may rise to $65 this year helped by renewed growth in North America, Business Week reported. Shares of SEPR are worth buying because the drug-maker may soon be a takeover target after the FDA approved its medication for sleep disorders, Business Week reported.

Late-Night News
Asian indices are higher on strength in technology shares after an industry report showed semiconductor-equipment orders more than doubled from a year ago. Fluor Corp., Parsons Corp., Washington Group International, Perini Corp. and Halliburton's KBR unit are being probed to ensure they are following U.S. laws and codes of ethics in Iraq, Business Week reported. The U.S. is investigating suspicious activity along the New York-Philadelphia-Washington rail link after people were seen carrying out suspected surveillance of commuter lines, ABC reported. Taiwan President Chen Shui-bian's inaugural speech was a "separatist roadmap" that showed his determination to press ahead with pro-independence policies, the government-owned China Daily said. Nextel lost the FCC's support for a plan to spend $1.36B to ensure that its cell-phone towers stop interfering with emergency signals, the Washington Post said. The U.S. CBO is reviewing the possible withdrawal of 75% of U.S. soldiers stationed in South Korea to reduce costs, as part of its efforts to narrow the budget deficit further, Bloomberg reported. The FBI warned law enforcement agencies to be on the watch for suicide bombers who may strike within the U.S., Time magazine reported in its on-line edition. Pay for investment bankers on average will increase 22% this year, the most since the stock market bubble burst in 2000, Bloomberg reported.

Late-Night Trading
Asian Indices unch. to +2.0% on average.
S&P 500 indicated -.08%.
NASDAQ indicated +.07%.

BOTTOM LINE: I expect U.S. stocks to open higher tomorrow morning on stabilizing energy prices, falling interest rates and strength in Asian technology shares. I will likely add market exposure on any significant early morning weakness. The Portfolio is 100% net long heading into tomorrow.