Monday, November 21, 2005

Tuesday Watch

Late-Night Headlines
Bloomberg:
- Target Corp. said November sales may rise 2% to 3%, half its earlier forecast.
- Berkshire Hathaway owned 44.7 million shares of Anheuser-Busch Cos. as of Sept. 30.
- Wal-Mart will open stores an hour earlier this year on Black Friday and match any competitors’ price to win holiday sales after a lackluster season last year.
- Chinese industrial companies’ profits grew at a slower pace in October as competition drove down prices of products including steel, cell phones and cars, and higher energy prices boosted manufacturers’ costs.
- The death toll from Hurricane Katrina, totaling 1,306 so far, may rise as 6,644 people are still unaccounted for, USA Today reported.
- London Metal Exchange CEO Heale said a China Daily report that China had to deliver 200,000 tons of copper into exchange-approved warehouses by Dec. 21 was “market rumor and speculation.”

Wall Street Journal:
- A group led by Russell Glass, a former Icahn Associates president and chief investment officer, offered to buy the New York Knicks and Rangers for $700 million.

Financial Times:
- Shopping on the Internet will rise by over 40% in the UK during this year’s holiday period, compared with a year earlier.
- Internet hackers are targeting desktop software such as anti-viruses, after operating systems and e-mail systems tightened security.

Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on EBAY, COH and SGMS.

Night Trading
Asian Indices are -1.0% to -.25% on average.
S&P 500 indicated -.10%.
NASDAQ 100 indicated -.21%.

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

Earnings of Note
Company/EPS Estimate
ABS/.27
BSG/.17
CWTR/.20
DE/.78
DG/.19
DLTR/.27
EV/.30
FLS/.28
HNZ/.54
MIK/.37
PETC/.26
TECD/.45
WIND/.07

Upcoming Splits
- None of note

Economic Releases
10:00 am EST
- The Richmond Fed Index for November is estimated to fall to 10 versus a reading of 12 in October.

2:00 pm EST
- Minutes of Nov. 1 FOMC Meeting

BOTTOM LINE: Asian indices are lower, dragged down by losses in semiconductor companies in the region. I expect US equities to open modestly lower and to rally later in the afternoon. The Portfolio is 100% net long heading into the day.

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