Wednesday, September 28, 2005

Thursday Watch

Late-Night Headlines
Bloomberg:
- Japan’s retail sales rose almost twice as much as expected in August as consumers spent their higher wages and bonuses, adding to signs that the world’s second-largest economy will expand for a fourth quarter.
- GE will buy a 7% stake in China’s Shenzhen Development Bank valued at $100 million.
- Police in London are investigating a number of new potential terrorist suspects who may be planning further attacks.
- Samsung Electronics plans to invest $33 billion in the next seven years on factories to triple chip sales.

China Business News:
- Shanghai’s home supply jumped 50% this month, while prices dropped 17%, citing Shanghai Property Exchange Center.

Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on MWV, HMA, DNA and MWV.
- Reiterated Underperform on EK.

Night Trading
Asian Indices are +.50% to +1.0% on average.
S&P 500 indicated +.02%.
NASDAQ 100 indicated +.09%.

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
FDO/.17
MU/-.08

Upcoming Splits
- None of note

Economic Releases
8:30 am EST
- Final 2Q GDP is estimated to rise 3.3% versus a prior estimate of a 3.3% increase.
- Final 2Q GDP Price Index is estimated to rise 2.4% versus a prior estimate of a 2.4% increase.
- Final 2Q Personal Consumption is estimated to rise 3.0% versus a prior estimate of a 3.0% gain.
- Initial Jobless Claims for last week are estimated to fall to 418K versus 432K the prior week.
- Continuing Claims are estimated to rise to 2708K versus 2666K prior.

BOTTOM LINE: Asian indices are higher, boosted by cyclical companies in the region on strong economic reports from the US and Japan. I expect US equities to open modestly higher on gains in Asia and quarter-end window dressing. The Portfolio is 50% net long heading into the day.

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