Earnings of Note
Company/Estimate
PTNX/.09
FLE/.06
LI/.24
Splits
None of note.
Economic Data
Initial Jobless Claims for last week estimated at 341K versus 351K prior week.
Continuing Claims estimated at 2950K versus 2966K prior.
Consumer Credit for May estimated at $7.5B versus $3.9B in April.
Recommendations
Goldman Sachs reiterated Outperform on MDT, DNA, AA and FDC.
Late-Night News
Asian indices are mostly lower on weak after-hours technology reports in the U.S. China's passenger car sales in June grew at their slowest pace since 02 as government restrictions on bank loans sapped demand, the Shanghai Daily said. Iraq's finance ministry will auction $100 million of treasury bills on July 18 to start a bond market and "to recover the economy," the Financial Times said. U.S. lawmakers received a briefing by the FBI and CIA on the threat posed by al-Qaeda of a pre-election attack to try and influence the outcome, the AP reported. National Security Adviser Condoleezza Rice said the U.S. must bolster cooperation with China on a range of issues through "high-level dialogue," Bloomberg reported. U.S. trade officials plan to ask China to reverse a decision revoking a patent held by Pfizer, Bloomberg said. Japan's ruling Party faces a loss of seats in parliament's upper house elections this Sunday, posing a threat to stocks and the yen, Bloomberg reported.
Late-Night Trading
Asian Indices are -1.0% to unch. on average.
S&P 500 indicated -.52%.
NASDAQ 100 indicated -1.03%.
BOTTOM LINE: I expect U.S. stocks to open lower in the morning on weakness in software and internet shares. Weakness will likely persist throughout the day. The Portfolio is 25% net long heading into tomorrow.
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