Thursday, May 12, 2005

Thursday Watch

Late-Night Headlines
- Shares of Chinese companies including China Unicom may lead a list of additions to Morgan Stanley Capital International's global stock benchmarks when it releases its annual review of the indexes today.
- China said it will impose new taxes and restrictions on real estate transactions to curb speculation that's caused what the government calls a property price bubble.

Wall Street Journal:
- American Express will face a new challenge in a class-action lawsuit Monday, when plaintiffs plan to file an amended complaint over the company's insurance programs.

- Arena Pharmaceuticals will announce the results of an insomnia study toward the end of next month, CEO Jack Lief said.

- Google Inc. received a license to operate a "representative" office in China.

Shanghai Morning Post:
- China's consumer prices may have risen 1.8% in April from a year earlier versus a 2.7% increase in March.

Business Standard:
- Wal-Mart Stores plans to purchase 30% more form India.

Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on DIS, DNA, EMC, IBM, MSFT, MUR and NUE.
- Reiterated Underperform on UST and KFT.

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

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

CHE 2-for-1
ZQK 2-for-1
HUBG 2-for-1

Economic Releases
8:30 EST
- Advance Retail Sales for April are estimated to rise .8% versus a .3% gain in March.
- Retail Sales Less Autos for April are estimated to rise .5% versus a .1% gain in March.
- Initial Jobless Claims for last week are estimated to fall to 325K versus 333K the prior week.
- Continuing Claims are estimated to rise to 2610K versus 2589K prior.

BOTTOM LINE: Asian indices are mixed as lower energy prices offset continuing declines in Chinese shares. I expect US equities to open modestly higher on lower energy prices and a good retail sales report. The Portfolio is 100% net long heading into tomorrow.

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