Friday, June 10, 2005

Friday Watch

Late-Night Headlines
Bloomberg:
- Yellow Roadway may buy a 50% stake in a freight-forwarding business owned by the Shanghai government to gain a foothold in the world's most populous country.
- Samsung Electronics said it will begin buying back $1.9 billion of shares this month to stabilize it stock price.

NY Times:
- The US and UK agreed on a plan to relieve 18 countries, mostly African, from paying back about $16.7 billion in debt to international lenders.

AP:
- The US Consumer Product Safety Commission's chairman has orders the agency to review how to reduce deaths and injuries among riders of all-terrain vehicles.

Financial Times:
- Eurex AG, the Frankfurt-based futures market, may offer foreign exchange futures contracts later this year to boost its US business.

London-based Times:
- Man Group Plc CEO Stanley Fink received a reduced salary after the hedge fund manager's growth slowed.
- British retail space demand has fallen 10% following a decline in consumer spending.

Shanghai Securities News:
- China's central bank has lent $2.4 billion to eligible brokerages to alleviate their capital shortages.
- The US curbs on seven categories of Chinese textiles will cost China $2 billion and 400,000 jobs.

China Daily:
- Nu Skin Enterprises will open a $20 million factory in Shanghai by the start of 2006.

Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on NSM, BSX, INTC, FSH and SAP.

Business Week:
- Shares of Aztar Corp.(AZR), which owns the Tropicana Casino & Hotel in Las Vegas, may rise 25% in the next year because it's an "attractive" acquisition target for Station Casinos and Boyd Gaming.
- Perficient's(PRFT) acquisitions will boost sales this year and next.
- PriceSmart(PSMT) CEO Price may take the company private or put it up for sale.

Night Trading
Asian Indices are +.25% to +.75% on average.
S&P 500 indicated -.02%.
NASDAQ 100 indicated -.06%.

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
BSG/.18
CYBX/-.32
RL/.80

Splits
TKC 1.25-for-1

Economic Releases
8:30 EST:
- The Trade Deficit for April is estimated to rise to -$58.0B versus -$55.0B in March.
- The Import Price Index for May is estimated to decline .4% versus a .8% increase in April.

2:00 EST:
- The Monthly Budget Statement for May is estimated at -$45.0B versus -$55.0B in April.

BOTTOM LINE: Asian indices are higher, led by exporters in the region, after US Fed Chairman Greenspan said the economy is on "firm footing" and inflation is "contained." I expect US equities to open mixed-to-lower and to rally modestly later in the day on short-covering and mostly positive economic data. The Portfolio is 75% net long heading into the day.

No comments: