Thursday, November 16, 2006

Friday Watch

Late-Night Headlines
Bloomberg:
- Billionaire investor Carl Icahn and Macklowe Properties bid $4.26 billion in cash for New York real estate investment trust Reckson Associates Realty Corp.(RA), trumping an earlier offer from SL Green Realty Corp.
- Emory University in Atlanta, GA, received a $261.5 million grant from the Robert W. Woodruff Foundation to build and an outpatient-care clinic and help fund a strategic plan to improve academic programs and campus facilities.
- Sudan has agreed “in principle” to the deployment of a joint UN-African Union peacekeeping force of up to 23,000 soldiers and police in the nation’s Darfur region, a step toward ending the world’s worst humanitarian crisis.
- Nymex Holdings’ IPO was priced above the company’s expectations at $59/share, raising $384 million after investor demand for the shares increased the price range earlier this week.
- Carlos Ghosn, the head of Nissan Motor and Renault, stymied in his attempt to find a North American partner, may hire GM(GM) or Ford(F) to make cars at their underused factories.
- Copper prices in Shanghai are falling again, heading for the biggest weekly decline in almost four months, amid concerns that supply growth may outpace demand on rising stockpiles and production from China.
- DisplaySearch, a technology industry researcher, raised its estimates for global shipments of liquid-crystal display TV panels by 6% on sales of video-game consoles such as of Sony’a(SNE) new PlayStation 3.
- Oil traded near a one-year low, set for its biggest weekly decline since October 2005, on speculation OPEC will exceed its production target.

- Crain’s Chicago Business:
- At least two Chicago businessmen say they are assembling investment groups in hopes of buying Major League Baseball’s Chicago Cubs from Tribune Co.(TRB).

Xinhua News Agency:
- About 1.24 million graduates in China, or 30% of 4.13 million people expected to complete universities and vocational schools this year, won’t be able to find jobs.

Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (SPH), target $36.
- Reiterated Buy on (GOOG), target $600.

Business Week:
- Ametek Inc.(AME), a maker of electronic instruments that can detect harmful materials, is expected to benefit as the US government spends more on homeland security, citing analyst James Lucas of Janney Montgomery Scott.
- Isis Pharmaceuticals(ISIS) may rise because the company’s drug cut levels of “bad” cholesterol in a three-month trial by almost two-thirds, citing Needham’s Mark Monane.

Night Trading
Asian Indices are +.25% to +.50% on average.
S&P 500 indicated -.11%.
NASDAQ 100 indicated -.12%.

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
- (ANN)/.52
- (CTRN)/.16
- (SJM)/.85
- (VIP)/1.13

Upcoming Splits
- (STLD) 2-for-1

Economic Releases
8:30 am EST
- Housing Starts for October are estimated to fall to 1680K versus 1772K in September.
- Building Permits for October are estimated to fall to 1630K versus 1638K in September.

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

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