Friday, May 13, 2005

Friday Watch

Late-Night Headlines
- The US dollar headed for its biggest weekly gain versus the yen in more than four months and traded near a six-month high against the euro on expectations the US economy will outperform those of Europe and Japan.
- Crude oil prices may fall for a second week because of rising US inventories and signs that growth in global demand is slowing.
- Shanghai copper futures had their biggest decline in a month, as supplies increase in China, the largest consumer.
- Taiwan President Chen Shui-bian reaffirmed his rejection of a 1992 accord in which China and Taiwan's leaders at the time agreed that the two sides belonged to "one China."

Wall Street Journal:
- Liquefied natural gas-exporting companies are considering whether to limit production to avoid a glut of the commodity by the end of the decade.

Asian Wall Street Journal:
- China may adopt measures in the next two months to curb textile exports after the European Union and the US said a surge in Chinese shipments was hurting their companies.

Xinhua News:
- China's central bank Governor Zhou Xiaochuan said media reports of an expected revaluation of the yuan on May 18 are not "correct."

Financial Times:
- Carlyle Group, a US buyout fund, has ended efforts to raise a fund worth $300 million for Russian investments.

NHK Television:
- Microsoft and Toshiba concluded a comprehensive cross patent agreement for digital products.

Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on KSS and MMM.

Banc of America:
- Upgraded UHT to Buy, target $31.

Night Trading
Asian Indices are -.50% to +.50% on average.
S&P 500 indicated +.26%.
NASDAQ 100 indicated +.34%.

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

Earnings of Note
Company/EPS Estimate

None of note

Economic Releases
8:30 EST
- The Import Price Index for April is estimated to rise .4% versus a 1.8% increase in March.
- Business Inventories for March are estimated to rise .6% versus a .5% increase in February.
- Preliminary Univ. of Mich. Consumer Confidence for May is estimated to rise to 88.2 versus 87.7 in April.

BOTTOM LINE: Asian indices are mixed as gains in tech shares in the region are offsetting losses in commodity-related stocks. I expect US equities to open higher on tech sector gains, declining energy prices, a better-than-expected consumer confidence reading and decelerating import prices. The Portfolio is 75% net long heading into the day.

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