Bloomberg:
- BHP Billiton, the world's biggest mining company, had its second-highest quarterly iron ore production ever after expanding mines to meet rising demand from Asian steelmakers.
- Crude oil is falling in Tokyo and NY as rising US inventories ease concerns that refiners won't have enough supply to meet summer demand for gasoline.
Wall Street Journal:
- NY Democratic Attorney General Spitzer is investigating possible discriminatory practices in fixing interest rates and fees charged on mortgage loans.
Financial Times:
- Europe's drug industry is becoming increasingly less innovative than its US counterpart and must change its research and health care systems to catch up.
Business Standard:
- Las Vegas Sands is proposing to spend more than $2 billion on a casino and resort in Singapore with a colonial-era theme.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on DO, BXP and ENH.
- Reiterated Underperform on BE and SIAL.
Night Trading
Asian Indices are -.50% to +.75% on average.
S&P 500 indicated +.03%.
NASDAQ 100 indicated -.07%.
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
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/EPS Estimate
AET/1.07
ANDW/.11
ABX/.06
BZH/1.17
BDK/1.34
BMY/.34
CMCSA/.10
DOW/1.05
EMN/1.24
EL/.51
XOM/1.20
IVX/.14
KLAC/.56
K/.59
LIZ/.65
NXTL/.41
NOC/.91
PTEN/.31
SIRI/-.15
WEN/.40
Splits
None of note
Economic Releases
8:30 EST:
- Advance 1Q GDP is estimated to rise 3.5% versus a 3.8% increase in 4Q.
- Advance 1Q Personal Consumption is estimated to rise 3.2% versus a 4.2% increase in 4Q.
- Advance 1Q GDP Price Deflator is estimated to rise 2.1% versus a 2.3% gain in 4Q.
- Initial Jobless Claims for last week are estimated to rise to 320K versus 296K the prior week.
- Continuing Claims are estimated to rise to 2644K versus 2638K prior.
10:00 EST:
- Help Wanted Index for March is estimated at 41 versus a reading of 41 in February.
BOTTOM LINE: Asian indices are mixed as concerns over slower exports offset optimism over declining energy prices. I expect US equities to open modestly lower on a lower-than-expected GDP reading. However, stocks may rally later in the day as investors begin to anticipate less hawkish comments from the Fed. The Portfolio is 50% net long heading into tomorrow.
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