Tuesday, June 22, 2004

Tuesday Watch

Earnings of Note

NOC 2-for-1

Economic Data
None of note.

Goldman Sachs reiterated Outperform on AGN, IR, ACS and BC.

Late-Night News
Asian indices are mostly lower as strength in China is being offset by weakness in Japan and Korea. The U.S. Financial Accounting Standards Board will hold a public hearing on Thursday into plans to require stock options to be treated as an expense, the Financial Times said. EBay may be close to completing its purchase of baazee.com, an Indian auction company, the Economic Times reported. Tiffany & Co. sued EBay over the sale of counterfeit Tiffany jewelry through the Internet auction site, the Wall Street Journal reported. The SEC will approve rules requiring mutual funds to have independent chairmen, the NY Times reported. China's measures to slow the economy are showing "clear" effects and the government is confident of meeting its projections for growth, Premier Wen Jiabao said. Goldman Sachs and Morgan Stanley have agreed to settle SEC allegations that they improperly awarded shares in companies carrying out IPOs between 1999 and 2000, the Wall Street Journal reported.

Late-Night Trading
Asian Indices -1.0% to +.50% on average.
S&P 500 indicated -.05%.
NASDAQ 100 indicated -.10%.

BOTTOM LINE: I expect U.S. stocks to open modestly higher in the morning on strong corporate earnings reports. Here are some interesting reports by Media Tenor. The Portfolio is 75% net long heading into tomorrow.

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