Bloomberg:
- US 10-year Treasury notes rose after the Fed said it forgot to add to it policy statement today that long-term inflation expectations are "well-contained."
- Patients whose arteries are being propped open with drug-coated heat stents made by Johnson & Johnson and Boston Scientific may be twice as likely to develop lethal blood clots as previously thought, a trial found.
- Toyota Motor, Honda Motor and Nissan Motor, Asia's largest automakers, led Japanese and South Korean companies to record US market share in April, helped by fuel-efficient cars and small sport-utility vehicles.
- Global concern over N. Korea's push to develop nuclear weapons is mounting and the issue has reached "critical point."
- The US dollar is falling in Asia after the Fed said inflation is "well contained," raising speculation it will slow the pace of interest-rate increases later this year.
- Fresenius Medical Care AG agreed to acquire Renal Care Group for $3.5B, 22% higher than yesterday's closing price.
NY Times:
- Johnson & Johnson's heart-failure drug Natrecor may be banned by heart doctors at the Cleveland Clinic, one of the largest cardiac-care centers in the US, citing Eric E. Topol, the clinic's chairman of cardiovascular medicine.
Wen Wei Po:
- China's steel industry may face a 5.7% profit slide as the government cuts tax rebates on some steel exports.
The Standard:
- Starbucks plans to add 10 shops a year each in Hong Kong and in southern China.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform PXD, AVP, LVS, YHOO, CSCO, EPD and HD.
- Reiterated Underperform on BA and PPS.
Night Trading
Asian Indices are -.25% to +.75% on average.
S&P 500 indicated +.12%.
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)
Global Commentary
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
BEC/.64
CI/1.51
DF/.42
DUK/.43
GNSS/.03
IACI/.20
LM/.97
QLGC/.47
SPW/.24
SYMC/.24
THQI/.21
TWX/.17
UVN/.10
WFMI/.58
ZBRA/.44
Splits
HUBG 2-for-1
Economic Releases
10:00 EST:
- ISM Non-Manufacturing for April is estimated to fall to 61.0 versus a reading of 63.1 in March.
BOTTOM LINE: Asian indices are mostly higher, led by exporter shares in the region. I expect US equities to open modestly higher on optimism that the Fed is nearing an end to the current pace of rate hikes. Gains may accelerate later in the day on any further decline in energy prices. I expect the Fed to raise rates one more time at the June meeting before pausing. Decelerating measures of inflation and US growth of around 2.5% will likely provide the catalysts. The Portfolio is 75% net long heading into tomorrow.
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