Tuesday, April 17, 2007

Wednesday Watch

Late-Night Headlines
Bloomberg:
- Kerry Killinger, CEO of Washington Mutual(WM), said the company “weathered” the subprime storm.
- CNOOC Ltd.(CEO) will nearly double its oil and gas output at Bohai Bay within 3 years.

Wall Street Journal:
- Blackstone Group LP is selling Extended Stay America for $8 billion to Lightstone Group LLC in one of the largest hotel deals.
- Toyota Motor(TM) will expand collaboration with other carmakers and suppliers in areas of advanced technology, citing Senior Managing Director Jim Press. The company would consider cooperative relationships to develop lithium-ion batteries for gasoline-electric hybrid cars and possibly pure electric cars.

Financial Times:
- The European Union will consider introducing legislation making denying or trivializing the Holocaust a criminal offence. Those charged under the legislation could face up to three years in prison.

AFP:
- Officials from religious schools in Pakistan, known as madrassas, said suicide attacks are un-Islamic and rejected the imposition of Sharia law by force. A group of about 2,000 scholars, teachers and administrators issued a declaration at a gathering yesterday in Peshawar. The six-page statement said aggressive acts are illegal, bring madrassas into disrepute and shouldn’t be encouraged.

-Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (SCHW), target $22.
- Downgraded (DRC), (CAM), (FTI), (NOV), (SLB) and (SII) to Hold from Buy.

Night Trading
Asian Indices are unch. to +.50% on average.
S&P 500 indicated -.14%.
NASDAQ 100 indicated -.32%.

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
Conference Calendar
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule

Earnings of Note
Company/EPS Estimate
- (ABT)/.52
- (ADS)/.91
- (ALL)/1.88
- (AOS)/.61
- (BK)/.57
- (CIT)/1.25
- (CTXS)/.34
- (CBH)/.39
- (CYMI)/.66
- (DSL)/1.74
- (ETFC)/.38
- (EBAY)/.30
- (GILD)/.81
- (ITW)/.71
- (ILMN)/.08
- (RX)/.34
- (JPM)/1.02
- (KMI)/1.59
- (KFT)/.41
- (LRW)/.16
- (MOT)/.02
- (NVLS)/.43
- (PNC)/1.32
- (SOV)/.32
- (SYK)/.58
- (TER)/.05
- (TMK)/1.29
- (TRB)/.31
- (UTX)/.81

Upcoming Splits
- (NRP) 2-for-1

Economic Releases
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil build of 650,000 barrels versus 678,000 barrel increase the prior week. Gasoline supplies are expected to fall by -1,900,000 barrels versus a -5,476,000 barrel drawdown the prior week. Distillate inventories are expected to fall by -925,000 barrels versus a 170,000 barrel increase the prior week. Finally, Refinery Utilization is estimated to rise .33% versus a 1.34% gain the prior week.

BOTTOM LINE: Asian indices are mostly higher, boosted by technology and automaker stocks 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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