Thursday, November 15, 2007

Friday Watch

Late-Night Headlines
- A rare red diamond, the largest of its type ever to appear at auction, sold for a record at a Christie’s International sale in Geneva yesterday.
- President Bush announced steps to reduce airline delays before next week’s Thanksgiving holiday travel rush, including opening up military airspace and suspending nonessential maintenance work.
- India’s record stock market rally may falter if the government slaps controls on overseas buying in an attempt to stem gains in the rupee, CLSA Ltd. said.
The yen fell against all 16 of the most-actively traded currencies as Japanese investors put money into mutual trusts specializing in overseas securities.
- China’s growth in factory and property spending accelerated, making the central bank more likely to raise interest rates for a sixth time this year.

Wall Street Journal:
- Democratic presidential candidates debated in what amounted to Round Two of their feisty encounters two weeks ago.

NY Times:
- Few American industries have had more success in selling goods to China than makers of medical devices like X-rays, pacemakers and patient monitors. Which is why a recent Chinese decree was so troubling.
- Best long-term market timers believe we’re in a bull market.
- Tahoe Hybrid SUV named ‘Green Car of Year’
- Fed Pumps Over $47 Billion Into Financial System.

- Number of cars with top safety scores nearly triples.

- Major League Baseball Commissioner Bud Selig said the sport’s revenue was $6.07 billion this year, up from $1.2 billion when he took the job in 1992.
- Outfielder Barry Bonds was indicted by a federal grand jury on perjury and obstruction of justice charges.

Financial Times:
- Mubadala Development Co., an investment company owned by the Abu Dhabi government, may buy a 9% stake in Sunnyvale, California-based Advanced Micro Devices(AMD).
- China’s commerce ministry warned on Thursday that a slowing US economy would trigger a drop in Chinese exports that would mark a “turning point” for China’s rapid economic growth.

Late Buy/Sell Recommendations

- Reiterated Buy on (INTU), target $35.
- Upgraded (EXPE) to Buy, target $38.

Night Trading
Asian Indices are -2.75% to -1.0% on average.
S&P 500 futures -.20%.
NASDAQ 100 futures -.14%.

Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Pre-market Stock Quote/Chart
Before the Bell CNBC Video(bottom right)
Global Commentary
WSJ Intl Markets Performance
Commodity Movers
Top 25 Stories

Top 20 Business Stories
Today in IBD
In Play
Bond Ticker
Economic Preview/Calendar
Daily Stock Events
Macro Calls
Rasmussen Business/Economy Polling
CNBC Guest Schedule

Earnings of Note
Company/EPS Estimate
- (ANN)/.60
- (JBX)/.38

Upcoming Splits
- (D) 2-for-1

Economic Releases
9:00 am EST

- Net Long-term TIC Flows for September are estimated to rise to $71.5 billion versus -$69.3 billion in August.

9:15 am EST
- Industrial Production for October is estimated to rise .1% versus a .1% gain in September.
- Capacity Utilization for October is estimated to fall to 82.0% versus 82.1% in September.

Other Potential Market Movers
- The Fed’s Kroszner speaking, Fed’s Lockhart speaking, (MHS) analyst day, (GIB) investor day, CSFB High Yield Media & Telecom Investor Conference, RBC Capital Markets MLP Conference CSFB Insurance & Asset Management Conference and Bank of America Energy Conference could also impact trading today.

BOTTOM LINE: Asian indices are sharply lower, weighed down by financial 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 75% net long heading into the day.

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