Asian indices are mostly higher, led by Chinese stocks after Merrill Lynch recommended the country's shares. Lehman Brothers Holdings may be in exclusive talks with InterContinental Hotels Group Plc over $1.9 billion of the world's largest hotel company's assets, the London-based Times said. A Washington-based civil liberties group plans to file a FTC complaint early tomorrow against Web sites it says are incorrectly claiming to offer legal music downloads, the AP reported. UK e-commerce companies received 50% more private equity funding in 2003 than during the dot-com bubble of 2000, the Financial Times said, citing the British Venture Capital Association. Microsoft and SAP AG will be among companies targeting orders from smaller businesses at this year's Cebit technology fair in Germany as more exhibitors attend the show and resume spending on software and services. China unveiled a proposed anti-secession bill that would sanction the use of force to prevent independence by Taiwan in the event that efforts to secure peaceful reunification are unsuccessful, Bloomberg reported. China will allow investors to trade foreign currencies in the country for the first time in May, Dow Jones Newswires reported. The US Environmental Protection Agency proposed changes yesterday to the country's Lead and Copper Rule that would require utilities to conduct stricter lead testing for drinking water, the Washington Post said. Arizona Senator Kyl said Senate Republicans are drafting a budget plan that provides $70 billion in tax cuts during the next five years, $30 billion less than the White House requested.
Late Recommendations
- Goldman Sachs: Reiterated Outperform on RE, DKS, ENH, STR and MSFT.
- Merrill Lynch: Recommended investors buy shares of Chinese stocks as faster-than-expected economic growth will boost profits.
Night Trading
Asian Indices are -.50% to +.75% on average.
S&P 500 indicated -.16%.
NASDAQ 100 indicated -.29%.
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
CKP/.30
CZN/.12
CMS/.18
FCEL/-.41
KR/.34
LVS/.16
THC/-.09
HLTH/.13
Splits
AEOS 2-for-1
CBH 2-for-1
PENN 2-for-1
Economic Data
None of note.
BOTTOM LINE: I expect US equities to open modestly lower. However, stocks may rally later in the day on short-covering, bargain hunting, optimism over the US economy and weaker energy prices. The Portfolio is 125% net long heading into tomorrow.
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