Tuesday, January 17, 2006

Wednesday Watch

Late-Night Headlines
Bloomberg:
- Livedoor Co., the Japanese Internet company raided by prosecutors, plans to release a statement today about media reports that the company falsified earnings.
- Berkshire Hathaway(BRK/A) sold almost a third of its stake in H&R Block(HRB) in the second and third quarters of 2005, regulatory filings show.
- The Shanghai Stock Exchange plans to let companies convert foreign-currency B shares into yuan stock starting this year, marking an end to China’s 15-year experiment with different classes of domestic equity.
- Asian stocks are falling, wiping out gains for the year, after fourth-quarter earnings from Intel disappointed some investors.

Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on (FCX), (YHOO), (DOX) and (USB).

Night Trading
Asian Indices are -3.50% to -1.25% on average.
S&P 500 indicated -.96%.
NASDAQ 100 indicated -1.74%.

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
(AMD).26
(AMTD).22
(APH).60
(AMR)-2.55
(AAPL).61
(BK).53
(SCHB).14
(CIT)1.04
(EBAY).22
(JPM).72
(KMP).56
(LRCX).39
(MEL).49
(QLGC).35
(STX).52
(LUV).13
(STT).73
(WM).90

Upcoming Splits
- None of note

Economic Releases
8:30 am EST
- The Consumer Price Index for December is estimated to rise .2% versus a -.6% fall in November.
- The CPI Ex Food & Energy for December is estimated to rise .2% versus a .2% increase in November.

9:00 am EST
- Net Foreign Security Purchases for November are estimated to fall to $85.0B versus $106.8B in October.

1:00 pm EST
- NAHB Housing Market Index for January is estimated to rise to 58 versus a reading of 57 in December.

2:00 pm EST
- The Fed’s Beige Book

BOTTOM LINE: Asian indices are sharply lower, weighed down by tech companies in the region. I expect US equities to open sharply lower and to rally later in the day, but still finish lower. The Portfolio is 75% net long heading into the day.

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