Thursday, June 23, 2005

Friday Watch

Late-Night Headlines
Bloomberg:
- Unocal Corp. said it received permission from Chevron Corp. to negotiate with CNOOC Ltd., advancing the prospects of the Chinese oil company's rival $18.5 billion cash bid for Unocal.
- CNOOC Ltd. has enlisted Enron's former chief spokesman to counter public concerns about the company's $18.5 billion bid to buy US oil company Unocal Corp.
- The San Antonio Spurs defeated the Detroit Pistons 81-74 in the decisive seventh game of the National Basketball Association Finals.

Financial Times:
- The World Customs Organization's 165 member state may offer support to new global standards designed to ensure safer sea trade and make container transport more secure against terrorists.

China Securities Journal:
- China's fiscal revenue slowed in the first five months after the country cut import tariffs, citing Finance Minister Jin Renqing. Fiscal revenge rose 13.1% year-on-year in the five months ended May 31 to $163 billion, compared with the 32.4% growth of a year ago.

Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on GE, GILD, MCK and DNA.

Business Week:
- Access Integrated Technologies(AIX) is best positioned to profit from an expected switch by movie studios to digital film from analog, citing William Relyea of HC Wainwright.
- Jones Soda(JSDA) is a "solid long-term investment opportunity," citing ThinkEquity Partners analyst Nicole Miller.
- Energy Conversion Corp.(ENER), the No.1 US maker of nickel hydride batteries used in hybrid vehicles, may see its stock price more than double in a year as demand rises.

Night Trading
Asian Indices are -1.0% to -.50% on average.
S&P 500 indicated +.07%.
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
HR/.32
TONS/.85

Upcoming Splits
ESRX 2-for-1

Economic Releases
8:30 am:
- Durable Goods Orders for May are estimated to rise 1.5% versus a 1.9% increase in April.
- Durables Ex Transportation for May are estimated to rise .5% versus a .2% decline in April.

10:00 am:
- New Home Sales for May are estimated to rise to 1320K versus 1316K in April.

BOTTOM LINE: Asian indices are lower on worries that rising energy prices will dampen economic growth in the region. I expect US equities to open modestly lower. China's oil import data are released tomorrow.
The US dollar will also be of focus for traders. The Portfolio is 50% net long heading into the day.

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