Wednesday, December 08, 2004

Wednesday Watch

Earnings of Note

VCP 5-for-2

Economic Data
None of note.

Goldman Sachs reiterated Outperform on XRX, WFC, AVP and BAC.

Late-Night News
Asian indices are mixed as optimism over a bounce in the US Dollar is being offset by weakness in commodity-related stocks in the region. The euro zone's growth slowdown in the past three months was a "one-off, temporary nature," the Financial Times said, citing an interview with European Central Bank Chief Economist Issing. Israel and the Palestinian leadership denied a report from Egypt that an agreement is close that could serve as the basis for a peace settlement between them, Haaretz reported. New York lawmakers voted today to reduce the state's mandatory prison sentences for drug crimes, the NY Times reported. Lenovo Group Ltd., China's biggest personal computer maker, agreed to pay $1.25 billion for control of IBM's PC business, Bloomberg reported. Ukraine's opposition leader Yushchenko was the target of a plot to poison him during the country's recent election campaign, the London-based Times said. The BBC may start a worldwide children's tv channel, to capitalize on its success with characters such as the "Teletubbies," the Wall Street Journal reported.

Late-Night Trading
Asian Indices are -.50%. to +.50 on average.
S&P 500 indicated -.03%.
NASDAQ 100 indicated +.03%

BOTTOM LINE: I expect U.S. equities to open modestly higher on a bounce in the US dollar and bargain-hunting. However, stocks may fall modestly later in the day on continuing worries over slowing global growth. The Portfolio is 50% net long heading into tomorrow.

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