Earnings of Note
Company/Estimate
CCU/.14
ECLG/.08
EMR/.68
JILL/.04
KOSP/.28
MBI/1.27
NOC/1.21
TYC/.36
THC/.03
Splits
LACO 2-for-1
Economic Data
Factory Orders in March estimated +2.4% versus +.3% in February.
FOMC rate decision.
Recommendations
Goldman Sachs reiterated Outperform on DVN, AMGN and WMT.
Late-Night News
Asian indices are higher on strength in Hong Kong and Taiwanese semiconductor companies. Motorola may scrap plans to sell shares in Freescale Semiconductor, the company's chip-making unit, Silicon Strategies reported. North Korea said it won't sell nuclear materials to terrorist groups and is seeking friendship with the U.S. because it doesn't want to suffer the fate of Iraq, the Financial Times reported. MetLife, the second-biggest U.S. life insurer, said first-quarter profit rose 44% as stock market gains increased annuities fees and its own income from investments, Bloomberg reported.
Late-Night Trading
Asian Indices +.25% to +2.50%.
S&P 500 indicated +.13%.
NASDAQ indicated +.25%.
BOTTOM LINE: I expect U.S. stocks to open mixed in the morning ahead of the Fed's announcement. It is likely the Fed will change several of its policy statements. The bond market's reaction to these changes will probably dictate the direction of equity trading later in the afternoon. The Portfolio is 25% net short heading into tomorrow.
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