Wednesday Watch

Earnings of Note
Company/Estimate
ALTR/.18
AMGN/.62
CAI/.62
CHIR/.06
COF/1.30
DBD/.67
GLW/.11
CA/.16
CL/.58
EK/.72
EBAY/.27
GD/1.50
HET/1.04
HON/.43
JPM/.73
LIN/.38
LU/.03
MERQ/.24
ODP/.27
OSI/.52
PFCB/.28
PFE/.54
PMCS/.04
SEBL/.05
SYMC/.39
VRSN/.16

Splits
None of note.

Economic Data
None of note.

Recommendations
Goldman Sachs reiterated Outperform on WFC, AFL, BSX, DO, STLD, FON, FORM and ZION. Goldman reiterated Underperform on MMC.

Late-Night News
Asian indices are lower on concerns that high energy prices are crimping growth in the region. U.K. ruling Labour party lawmakers are calling for vote in Parliament before the government agrees to a U.S. request for vote in Parliament before the government agrees to a U.S. request for British troops to be deployed to an area south of the Iraqi capital Baghdad, the BBC reported. XM Satellite Radio Holdings will announce an agreement with Major League Baseball to broadcast games starting in 2006, according to the Sports Business Daily. Kohlberg Kravis Roberts and Carlyle Group have returned $15.6 billion to investors in the past 18 months in two of the biggest ever pay-outs in the private equity industry, the Financial Times reported. The Chinese government may sign a 20-year contract to buy $14.6 billion of iron ore from Australian companies, the Australian Financial Review said. Whole Foods Market is seeking sites in London to open three or four superstores as part of a plan to expand into Europe, the Financial Times reported. Bank of America, JP Morgan Chase and other banks are pitching working ranches and farms as alternative investments, the Wall Street Journal said. Ex-Enron Chairman Ken Lay will face one criminal trial by himself and another with ex-Enron CEO Skilling, the AP reported. California insurance regulators will hire securities fraud specialist law firm Lerach Coughlin Stoia Geller Rudman & Robbins LLP for a possible investigation of insurance companies and payments to brokers, the Wall Street Journal reported. Pfizer will begin an ad campaign today for its Celebrex pankiller in U.S. newspapers and magazines and in tv commercials, the Wall Street Journal reported. Anheuser-Busch may pay as much as $1 billion for a stake in China's Henan Jinzing Beer Group, Agence France-Presse reported. Fannie Mae said the SEC opened a formal investigation after its federal regulator reported accounting errors, Bloomberg said.

Late-Night Trading
Asian Indices are -1.75% to -.50% on average.
S&P 500 indicated -.15%.
NASDAQ 100 indicated -.21%

BOTTOM LINE: I expect U.S. equities to open lower in the morning on weakness in Asia, worries over oil inventories, concerns over mounting lawsuits and earnings. However, stocks should attempt to rally later in the day on short-covering, declining energy prices, diminishing domestic terrorism fears, bargain hunting and optimism over better economic growth after the election. The Portfolio is 100% net long heading into tomorrow.