Earnings of Note
Company/Estimate
AET/1.73
ANDW/.05
BHI/.39
CELL/.29
DOW/.62
CSX/.52
XOM/.87
G/.43
GP/.84
IMCL/.33
IM/.18
JBLU/.10
LIZ/1.01
MSO/-.47
MFE/.12
MHS/.52
PNRA/.28
PD/2.71
PTEN/.17
SOHU/.22
VZ/.64
VIA/.41
Splits
None of note.
Economic Data
Initial Jobless Claims for last week are estimated at 335K versus 329K the prior week.
Continuing Claims are estimated at 2818K versus 2798K prior.
Help Wanted Index for September estimated at 37 versus 37 in August.
Recommendations
Goldman Sachs reiterated Outperform on GILD, NEM, AHC, ROH, MET, ENH, MUR, BIIB and Underperform on VRTX, PYX, GSIC, MKL, NFX, KMG.
Late-Night News
Asian indices are sharply higher on optimism over falling oil prices and gains in the U.S. Delta Air Lines reached a tentative agreement with its pilots on pay reductions, averting a bankruptcy filing, the Wall Street Journal reported. Russian troops may have been responsible for taking 350 tons of explosives and munitions from Iraq on the eve of hostilities with the U.S.-led coalition, the Financial Times reported. London's Mittal family, days after agreeing to buy the U.S.-based International Steel Group for $4.5 billion, say they are interested in buying a steel company in Turkey, the Wall Street Journal reported. A videotape, purportedly from an American al-Qaeda operative, threatens a terrorist attack in the U.S. that would "dwarf" the Sept. 11, 2001, attacks, Fox News reported. DreamWorks Animation SKG, the creator of the "Shrek" and "Shark Tale" animated films, raised $812 million in an IPO to pay debt and to fund more movie making, Bloomberg reported. The Boston Red Sox won their first World Series title in 86 years, completing a four-game sweep of the St. Louis Cardinals with a 3-0 victory at Busch Stadium, Bloomberg said. President Bush plans three Michigan visits in the final six days of his campaign, trying to wrest the state from John Kerry, Bloomberg reported.
Late-Night Trading
Asian Indices are +1.0% to +2.0% on average.
S&P 500 indicated +.04%.
NASDAQ 100 indicated +.17%
BOTTOM LINE: I expect U.S. equities to open modestly higher in the morning on a continuing fall in oil prices and gains in Asia. Stocks will likely trade mixed through the rest of the day as apprehensions rise ahead of the election. The Portfolio is 100% net long heading into tomorrow.
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