Asian indices are lower, led by declines in technology stocks in the region after DRAM prices fell to record lows. China coal prices may rise by at least $2.40 a metric ton as the government shuts small and poorly managed mines in an inspection of the 20 biggest mining areas, the China Economic Information Network reported. Advanced Semiconductor Engineering, the world's largest packager of computer chips, said orders started rising in March and it expects low double-digit growth for 2005, the Commercial Times said. Loral Space & Communications' value may be more than $1.26 billion, roughly twice the figure used in its reorganization plan, the Wall Street Journal reported. China's stock markets lack "core competence" and probably won't attract large volumes of foreign capital for "quite some time," the Oriental Outlook magazine reported, citing an official at the Shanghai Stock Exchange. Federal Reserve Chairman Alan Greenspan will repeat his support for private accounts as part of the solution to saving Social Security when he testifies before a senate committee today, the Financial Times said. Venezuelan President Chavez is looking for new markets and allies against the US and has threatened to cut off US oil exports, causing mounting concern in Washington, the Washington Post reported. Rio Tinto Group, the world's third-largest mining company, said commodity prices may ease this year from record highs as global economic growth slows, Bloomberg reported. A five-year oil boom is ending in Russia, the world's second-largest oil exporter, as President Putin increases government control over the industry, hurting investment in new wells, rigs and pipelines, Bloomberg said. China's industrial production rose 17% in the first two months of the year as makers of clothing, cell phones and computers expanded to meet growing consumer and export demand, Bloomberg reported. Wynn Resorts Ltd may spend as much as $1.5B to build and operate a casino resort in Singapore, Bloomberg said. AIG replaced CEO Greenberg with Martin Sullivan to restore investor confidence in the world's biggest insurer amid regulatory probes, Bloomberg reported.
Late Recommendations
- Goldman Sachs: Reiterated Outperform on DNA, NSM and MSFT. Reiterated Underperform on LSI.
Night Trading
- Asian Indices are -1.75% to -.50% on average.
- S&P 500 indicated -.07%.
- NASDAQ 100 indicated -.20%.
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
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of NoteCompany/Estimate
KDE/.47
ABS/.42
BEV/.18
IVX/.19
HLYW/.35
LEH/2.20
L/.05
NTLI/-1.11
WYNN/-.19
Splits
VMSI 2-FOR-1
Economic Data
- Empire Manufacturing for March is estimated to rise to 19.90 versus a reading of 19.19 in February.
- Advance Retail Sales for February are estimated to rise .6% versus a .3% decline in January.
- Retail Sales Less Autos for February are estimated to rise .8% versus a .6% gain in January.
- Net Foreign Security Purchases for January are estimated to fall to $58.5B versus $61.3B in December.
- Business Inventories for January are estimated to rise .8% versus a .2% increase in December.
- The NAHB Housing Market Index for March is estimated to remain at 68 versus a reading of 68 in February.
BOTTOM LINE: I expect US equities to open modestly lower in the morning on weakness in technology stocks and continuing worries over interest rates and energy prices. The Portfolio is Market Neutral heading into tomorrow.
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