Wednesday, December 22, 2004

Wednesday Watch

Earnings of Note

None of note.

Economic Data
Final 3Q GDP estimated to rise 3.9% versus a prior estimate of 3.9%.
Final 3Q Personal Consumption estimated to rise 5.1% versus a prior estimate of 5.1%
Final 3Q Price Deflator estimated to rise 1.3% versus a prior estimate of 1.3%.

Goldman Sachs reiterated Outperform on PAYX and RIMM.

Late-Night News
Asian indices are mostly higher on gains in semiconductor shares after Lehman Brothers' upgrade of Intel. Taiwan imposed a temporary ban on imports of US apples after a codling moth larvae was found in a consignment, the China Times reported. BNP Paribas SA and Morgan Stanley are in talks with Suzhou City Commercial Bank to buy a stake in the Chinese lender, China Business News reported. Nextel Communications may get more than $2 billion to vacate airwaves in order to improve communications for emergency services, Reuters reported.

Late-Night Trading
Asian Indices are unch. to +1.0% on average.
S&P 500 indicated -.06%.
NASDAQ 100 indicated unch.

BOTTOM LINE: I expect U.S. equities to open mixed-to-higher and rise modestly throughout the day on a decline in energy prices, short-covering and year-end positioning. The Portfolio is 125% net long heading into tomorrow.

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