Wednesday, November 09, 2005

Thursday Watch

Late-Night Headlines
Bloomberg:
- Mittal Steel, Arcelor SA and Nippon Steel may have lower profits next year as rising Chinese steel production increases the cost of iron ore.

Sydney Morning Herald:
- The Sydney members of a group of alleged terrorists arrested by police in Australia had stockpiled enough chemicals to make at least 15 large bombs.

Economic Daily News:
- Quanta Display plans to expand capacity at its so-called “sixth-generation” liquid-crystal display plant next year because of excess demand.

Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on DOX, FDC, USB, AIG, BAC and SBUX.
- Reiterated Underperform on UIS.

Banc of America:
- Upgraded ZGEN to Buy, target $25.

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

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
DWA/.00
DELL/.39
IGT/.30
KSS/.44
PSUN/.54
COL/.62
TGT/.45
URBN/.22

Upcoming Splits
- None of note

Economic Releases
8:30 am EST
- The Trade Deficit for September is estimated to widen to -$61.5B versus -$59.0B in August.
- The Import Price Index for October is estimated to fall .2% versus a 2.3% rise in September.
- Initial Jobless Claims for last week are estimated to fall to 320K versus 323K the prior week.
- Continuing Claims are estimated to fall to 2792K versus 2823K prior.

9:45 am EST
- Preliminary Univ. of Mich. Consumer Confidence for November is estimated to rise to 76.5 versus 74.2 in October.

2:00 pm EST
- The monthly budget deficit for October is estimated to shrink to -$50.0B versus -$57.3B in September.

BOTTOM LINE: Asian indices are mostly higher, spurred by gains in technology shares in the region. I expect US equities to open modestly lower and rally later in the day. The Portfolio is 100% net long heading into the day.

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