Wednesday Watch

Late-Night Headlines
Bloomberg:
- Virgin Mobile USA Inc., a joint venture of billionaire Richard Branson’s Virgin Group Ltd. and Sprint Nextel Corp.(S), plans to raise as much as $100 million in an IPO.
- Creative Technology Ltd., whose music players compete with Apple’s(AAPL) iPod, reported its fourth loss in five quarters after losing market share to the US rival.
- Credit Suisse Group plans to sell a $3 billion bond backed by sub-prime mortgages and credit default swaps, most of it with top credit ratings, Fitch Ratings said.
- Oil production in the US Gulf of Mexico could reach 2.1 million barrels per day within 10 years if recent deepwater discoveries are realized, said the US Minerals Management Service. Gulf of Mexico production is expected to be 1.3 million barrels a day in 2007, according to the agency.
- General Electric(GE) won a contract to supply more than $750 million worth of wind turbines to closely held developer Invenergy Wind.
- The New York Mercantile Exchange said it will increase margin requirements on its gasoline futures contracts at the close of business tomorrow.
- California Public Employees’ Retirement System, the 13^th-largest holder of Berkshire Hathaway stock, sided against an investor who wants Berkshire to sell its stake in PetroChina Co. as a statement against violence in Sudan.
- The US dollar climbed to 120 against the yen for the first time since February before a government report that may show growth in factory orders accelerated in March.

Late Buy/Sell Recommendations
Citigroup:
- Upgraded (ADBL) to Speculative Buy, target raised to $13.

Night Trading
Asian Indices are +.50% to +.75% on average.
S&P 500 indicated +.07%.
NASDAQ 100 indicated +.05%.

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Global Commentary
Asian Indices
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Top 20 Business Stories
In Play
Bond Ticker
Conference Calendar
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Macro Calls
Rasmussen Consumer/Investor Daily Indices
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Earnings of Note
Company/EPS Estimate
- (APPB)/.33
- (RATE)/.28
- (BEC)/.59
- (BIIB)/.60
- (BBI)/-.16
- (BCO)/.56
- (CAI)/.60
- (CBL)/.32
- (CBI)/.31
- (CI)/2.52
- (CLX)/.78
- (CTSH)/.49
- (CMVT)/.21
- (CCI)/-.18
- (DVN)/1.25
- (DLB)/.28
- (D)/1.48
- (DPZ)/.43
- (GRMN)/.58
- (HVT)/.04
- (HP)/.86
- (ICE)/.71
- (JDSU)/.09
- (JNY)/.61
- (LVS)/.32
- (MA)/1.16
- (MSTR)/1.28
- (PRU)/1.65
- (ROG)/.50
- (RDC)/.68
- (SKYW)/.59
- (S)/.23
- (SPW)/.51
- (SYMC)/.19
- (TWX)/.21
- (TWC)/.19
- (RIG)/1.44
- (VRSN)/.22

Upcoming Splits
- None of note

Economic Releases
10:00 am EST
- Factory Orders for March are estimated to rise 2.2% versus a 1.0% gain in February.

10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil build of 1,500,000 barrels versus a 2,074,000 barrel increase the prior week. Gasoline supplies are expected to fall by -1,300,000 barrels versus a -2,793,000 barrel decline the prior week. Distillate Supplies are estimated to rise by 250,000 barrels versus a 5,000 barrel increase the prior week. Finally, Refinery Utilization is expected to rise .88% versus a -2.62% decline the prior week.

BOTTOM LINE: Asian indices are higher, boosted by commodity and technology stocks in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.