Wednesday, December 01, 2004

Wednesday Watch

Earnings of Note

SYMC 2-for-1
RYL 2-for1

Economic Data
Personal Income for October estimated to rise .5% versus a .2% gain in September.
Personal Spending for October estimated to rose .4% versus a .6% gain in September.
PCE Deflator (YoY) for October estimated up 2.4% versus a 2.0% rise in September.
Construction Spending for October estimated up .7% versus a 0.0% change in September.
ISM Manufacturing for November estimated at 57.0 versus 56.8 in October.
ISM Prices Paid for November estimated at 75.3 versus 78.5 in October.
Total Vehicle Sales for November estimated at 16.5M versus 17.0M in October.
Domestic Vehicle Sales for November estimated at 13.1M versus 13.2M in October.
Fed's Beige Book.

Goldman Sachs reiterated Outperform on PFE, AGN and JTX. Goldman reiterated Underperform on CI. Banc of America upgraded RKY to Buy.

Late-Night News
Asian indices are lower on concerns China's attempts to slow growth will lead to a hard landing in the region. China will probably set the nation's economic growth target for next year at 8%, Wen Wei Po reported. United Nations Secretary General Annan should resign because the UN failed to detect and stop abuses of the oil-for-food program by former Iraqi leader Saddam Hussein, Minnesota Senator Norm Coleman said in a column to be published in tomorrow's Wall Street Journal. Disney may say it will increase its dividend following high earnings and annual cash-flow growth to $2.9 billion, the Financial Times said. British tourists are choosing to holiday in the U.S. rather than Europe due to the weakness of the dollar against the euro, the Financial Times said. Investors, including California Public Employees' Retirement System and Morgan Stanley, helped India's benchmark stock index rise to a record close yesterday, betting the expansion of Asia's fourth-biggest economy will help companies such as Infosys and Wipro, Bloomberg reported. Rudolph Giuliani, New York's former mayor, is starting an investment bank, and as part of that his consulting firm, Giuliani Partners LLC, will buy Ernst & Young's investment-banking business, the Wall Street Journal reported.

Late-Night Trading
Asian Indices are -.75%. to -.25% on average.
S&P 500 indicated +.22%.
NASDAQ 100 indicated +.45%

BOTTOM LINE: I expect U.S. equities to open modestly higher, led by tech shares, on better economic reports and declining energy prices. However, stocks may weaken slightly later in the day on apprehension ahead of Intel's mid-quarter update after Thur.'s close and Friday's unemployment report. The Portfolio is 100% net long heading into tomorrow.

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