Asian indices are mixed as weakness in Hong Kong is being offset by strength in Taiwanese shares. Taiwan Semiconductor Manufacturing's factory use will exceed 80% in the second quarter because customers have eliminated excess inventory, the Commercial Times reported. US Deputy Defense Secretary Paul Wolfowitz is among the leading candidates to succeed James Wolfensohn as president of the World Banks, the Financial Times reported. Three men convicted of the 1993 bombing of the World Trade Center in NYC have sent letters out of prison praising Osama bin Laden and encouraging other terrorists, MSNBC reported. Cablevision Systems will close the Voom satellite-tv business after talks to sell the unit to company Chairman Charles Dolan failed, Bloomberg reported. Palestinians want to win support today from international leaders, including the "Quartet" of the UN, European Union, US and Russia at talks in London on building institutions in the occupied territories, Bloomberg reported. OPEC is producing enough oil to meet higher-than-expected demand in the first quarter, acting Secretary-General Adnan Shihab-Eldin said two weeks before the group meets to debate calls for increased output to stem prices that are above $50/bbl. in NY, Bloomberg reported. OPEC won't consider cutting production at the meeting, Bloomberg said. The euro weakened by the most in a week against the US dollar in Asia on expectations reports today will show German unemployment rose to a post WWII high and US manufacturing growth accelerated in February, Bloomberg said. Residents in the northeastern US were hit with another round of winter weather overnight as heavy snow and strong winds combined to create almost "white-out" conditions in parts of New England, Bloomberg reported. According to Nielsen Media Research, 2 million fewer people watched this year's Academy Awards, hosted by controversial comedian Chris Rock, compared to last year's, the Boston Globe reported. DaimlerChrysler AG's Chrysler unit and GM's Cadillac division are preparing to expand sales of their American brands in Europe, the Wall Street Journal reported. Google and Yahoo! are pursuing different strategies to attract more online advertising, the Wall Street Journal reported.
Late Recommendations
- Goldman Sachs: Reiterated Outperform on RIG, BHI and PETC.
Night Trading
Asian Indices are -.50% to +.50% on average.
S&P 500 indicated +.05%.
NASDAQ 100 indicated +.03%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Analyst Actions
Macro Calls
CNBC Guest Schedule
Earnings of Note
Company/Estimate
BJ/.71
CDIS/.63
FL/.54
HSIC/.85
MMC/-.60
PSUN/.53
SMTC/.16
SFD/.87
SBL/.10
WIND/.05
Splits
HSIC 2-for-1
Economic Data
- Construction Spending for January is estimated to rise .4% versus a 1.1% gain in December.
- ISM Manufacturing for February is estimated to rise to 56.9 versus a reading of 56.4 in January.
- ISM Prices Paid for February is estimated to fall to 67.0 versus a reading of 69.0 in January.
- Total Vehicle Sales for February are estimated to rise to 16.6M versus 16.2M in January.
- Domestic Vehicle Sales for February are estimated to rise to 13.4M versus 13.0M in January.
BOTTOM LINE: I expect US equities to open modestly lower on a further rise in long-term interest rates. However, stocks may gain later in the day on optimism over good earnings/economic reports and a decline in energy prices. The Portfolio is 50% net long heading into tomorrow.
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