Tuesday, July 19, 2005

Tuesday Watch

Late-Night Headlines
Bloomberg:
- Lester Crawford won confirmation today as permanent commissioner of the FDA.
- The NY Merc, the world's biggest energy market, may have a second bidder for a stake in the company.
- The US dollar may strengthen in Asia after the interest-rate gap between 10-year US and German bonds widened to the most in five years.
- Hurricane Emily moved into the Gulf of Mexico today after pounding the island of Cozumel and the Yucatan peninsula and forcing the evacuation of thousands of people on the Mexican mainland.

Financial Times:
- Reducing information technology costs may cost companies more money due to increased maintenance and repair expenses, citing an Accenture Ltd. survey.
- China will this week announce its new policy on the steel industry, as it tries to curb overcapacity.
- Colombia will ask President Bush to commit to a long-term extension of a drug eradication program in the country.

Daily Yomiuri:
- Japan wants North Korea to abandon all nuclear development, including reactors used to generate electricity, and will ask the US, China, South Korea, and Russia next week to back a blanket ban.

Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on BAC, MMM and PKG.
- Reiterated Underperform on BA, FHN and AVB.

Night Trading
Asian Indices are -.25% to +.25% on average.
S&P 500 indicated +.18%.
NASDAQ 100 indicated +.19%.

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
ADTN/.25
ASD/.86
AMGN/.72
AVP/.66
BSX/.48
CDWC/.75
F/.33
GILD/.36
FSL/.24
FCX/.87
FRX/.50
INTC/.32
JNJ/.91
JNPR/.17
MER/1.08
MOT/.25
NVLS/.21
RSH/.33
STT/.68
WB/1.05
WFC/1.12
YHOO/.13

Upcoming Splits
None of note

Economic Releases
8:30 am EST
- Housing Starts for June are estimated to rise to 2050K versus 2009K in May.
- Building Permits for June are estimated to rise to 2085K versus 2050K in May.

BOTTOM LINE: Asian indices are mostly higher, as Korean shares approach a 10-year high. I expect US equities to open modestly higher, led by tech shares. The Portfolio is 75% net long heading into the day.

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