Thursday, February 10, 2005

Friday Watch

Late-Night News
Asian indices are mixed as gains in India are being offset by losses in S. Korea. China's government said it wants North Korea to return to talks aimed at ending the country's nuclear program after North Korea announced it is pulling out of the negotiations, state news agency Xinhua reported. International Shipping Enterprises, a NY-based company with no assets, has won the right to negotiate the purchase of Navios Maritime Holding, a Connecticut-based ship-owner, Bloomberg reported. The SEC may give foreign companies an additional year to comply with regulations, under which they have to test and report on internal controls against fraud, the Financial Times reported. Pfizer isn't planning widespread layoffs for it 11,000 sales reps as the company reorganizes, the Wall Street Journal reported. Foreign direct investment in India may almost triple to $15 billion in the year ending March 31, from $5.6 billion a year earlier, the Times of India reported. Goldman Sachs' stake in Krispy Kreme Doughnuts has fallen 37% as the doughnut maker is the subject of a SEC probe, Business Week reported. BHP Billiton would scrap plans to export liquefied natural gas to North America should it fail to get approval for a proposed import terminal in California, EnergyReview.Net reported. The yen headed for its fourth losing week, the longest in nine months, on speculation a government report next week will show Japan's economy barely grew for a second straight quarter, Bloomberg reported.

Late Recommendations
-Goldman Sachs: Reiterated Outperform on MDT, GE, A, EBAY, NFX and STR. Reiterated Underperform on CVC.
-Business Week: Boeing(BA) shares are expected to climb as the world's second-biggest maker of commercial planes benefits from growing orders from Asian and Middle East carriers. Sabre Holdings'(TSG) assets are worth more than the share price reflects, said Scott Kuensell, managing director at Brandywine Asset Mgmt.

Night Trading
Asian Indices are -.50% to +.25% on average.
S&P 500 indicated +.12%.
NASDAQ 100 indicated +.17%.

Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Analyst Actions
Macro Calls
CNBC Guest Schedule

Earnings of Note

None of note.

Economic Data
None of note.

BOTTOM LINE: I expect US equities to open modestly lower in the morning on continuing weakness in technology shares. I would like to see market internals improve, commodity prices stabilize and my trading indicators turn more positive before increasing market exposure. The Portfolio is 25% net long heading into tomorrow.

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