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From Between the Hedges:

Late-Night Headlines

Bloomberg:
- Hedge fund manager David Tepper of Appaloosa Management LP, had almost 75% of his fund’s $1.3 billion in assets in Microsoft(NASDAQ:MSFT), Oracle(NYSE:ORCL) and Cisco Systems(NASDAQ:CSCO) at the end of March.
- NYC won its highest-ever credit rating on $34.2 billion in bonds after S&P said a surge in Wall Street profits and runaway real estate prices boosted revenue in the most populous US city.
- Daniel Ellsberg, who leaked secret Vietnam War documents, said the NY Times’ decision to publish classified information on domestic surveillance was “necessary” for democracy.
- Bank of Japan Governor Toshihiko Fukui suggested the yen’s strength is likely to be temporary.
- The US dollar strengthened against the yen on speculation sliding share prices and raw materials will spur flows into less risky assets such as US Treasuries.
- Indian stocks may extend their three-day, 14% plunge as some overseas investors judge local shares expensive given the outlook for earnings.

Financial Times:
- News Corp.’s(NWS/A) MySpace.com social networking Web site is seeking to link up with a large Internet search engine.

China Daily:
- Dell’s(NASDAQ:DELL) sales of personal computers in China rose 29% in the three months starting Feb. 1, 2006, citing Dell Asia Pacific President Steve Felice.

Late Buy/Sell Recommendations
- None of note

Night Trading
Asian Indices are -1.0% to -.50% on average.
S&P 500 indicated +.21%.
NASDAQ 100 indicated +.24%.

Morning Preview
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Earnings of Note
Company/EPS Estimate
- (BGP)/-.24
- (NASDAQ:CBRL)/.50
- (NYSE:CSC)/1.13
- (NYSE:MDT)/.62
- (NYSE:PVH)/.73
- (NASDAQ:TECD)/.32
- (NYSE:TOL)/1.03

Upcoming Splits
- (NASDAQ:JCOM) 2-for-1
- (NHY) 5-for-1
- (NYSE:UN) 3-for-1
- (NYSE:UL)

Economic Releases
10:00 am EST
- Richmond Fed Index for May is estimated to fall to 14 versus a reading of 18 in April.

BOTTOM LINE: Asian indices are lower, weighed down by exporting stocks in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing higher.

Source: Late Night Headlines: Asia, Europe Continue To Fall