Tuesday, November 23, 2004

Tuesday Watch

Earnings of Note
Company/Estimate
ADI/.33
DE/.99
DLTR/.28
EV/.52
HRB/-.16
HNZ/.59
MIK/.30
SEAC/.12
WIND/.03
TECD/.55

Splits
STJ 2-for-1
VIP 3-for-1

Economic Data
Existing Home Sales for October estimated at 6.72M versus 6.75M in September.

Recommendations
Goldman Sachs reiterated Outperform on EMC, GE, NUE, X, XRX and Underperform on MMC, ELX.

Late-Night News
Asian indices are higher, led by Hong Kong shares, as cyclicals in the region are advancing. Cendant Corp., the U.S. lodging and travel group, will build mid-priced hotels in Russia and other former Soviet Union states, the Financial Times said. Porsche AG has asked Toyota Motor for its gasoline-electric hybrid technology to use with its Cayenne sport-utility vehicles, the Asahi newspaper said. The Chicago Mercantile Exchange may be interested in buying Reuters Group Plc's Instinet Group, the Financial Times reported. The U.S. said terrorist attacks on U.S. interests may be "imminent" in the Indian cities of Mumbai and New Delhi, Agence France-Presse reported from Washington. McDonald's said CEO and President Charlie Bell has resigned, Bloomberg reported. U.K. authorities foiled a plan by al-Qaeda to carry out an attack on London's Canary Wharf similar to the Sept. 11, 2001 attacks on the World Trade Center, the Sun reported.

Late-Night Trading
Asian Indices are +.25% to +1.25% on average.
S&P 500 indicated +.08%.
NASDAQ 100 indicated +.10%

BOTTOM LINE: I expect U.S. equities to open higher in the morning on declining energy prices, a strong home sales report and more optimism. The Portfolio is 125% net long heading into tomorrow.

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