Thursday, May 26, 2005

Thursday Watch

Late-Night Headlines
- The US dollar is rising against the euro and the yen in Europe on expectations a US government report today will show the economy grew faster in the first quarter than initially estimated.

Digi Times:
- Taiwan Semiconductor's plants will be used to 90% of their capacity in the period from between 78% and 80% in the first half. United Microeletronics' capacity use will rise to 80% from 60%. The two companies are the world's largest suppliers of made-to-order chips.

Financial Times:
- Blackstone Group LP is seeking to raise a record $11 billion buyout fund.

London-based Times:
- Former French finance minister Nicolas Sarkozy, who now heads President Jacques Chirac's ruling UMP party, accepts that France will vote "no" in a referendum on the European Union constitution.

Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on LVS.

Night Trading
Asian Indices are unch. to +.25% on average.
S&P 500 indicated +.01%.
NASDAQ 100 indicated -.03%.

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

NFX 2-for-1
WTNY 3-for-2

Economic Releases
8:30 EST
- Preliminary 1Q GDP is estimated to rise 3.6% versus a prior estimate of a 3.1% gain.
- Preliminary 1Q Personal Consumption is estimated to rise 3.5% versus a prior estimate of a 3.5% increase.
- Initial Jobless Claims for last week are estimated to rise to 325K versus 321K the prior week.
- Continuing Claims are estimated to fall to 2583K versus 2601K prior.

10:00 EST
- The Help Wanted Index is estimated to rise to 40 versus a prior reading of 39.

BOTTOM LINE: Asian indices are mostly higher on gains in tech shares in the region. I expect US equities to open modestly higher and to build on gains later in the day on an upward revision to 1Q GDP, a stronger US dollar and short-covering. The Portfolio is 100% net long heading into the day.

No comments: