Bloomberg:
- Integrated Device Technology agreed to buy Integrated Circuit Systems for $1.7 billion in cash and stock.
- Pfizer will acquire all outstanding shares of Vicuron Pharmaceuticals at a price of $29.10 per share in cash, for an aggregate equity purchase price of approximately $1.9 billion.
Wall Street Journal:
- GM's European auto business is showing the first signs of recovery, according to GM Europe Chairman Frederick Henderson.
- SAP AG hired several executives from Oracles and other rivals as competition grows.
MarketWatch:
- Marin Capital Partners, a hedge fund that previously managed about $2 billion, will close this week because of a "lack of suitable investment opportunities in the current market."
Financial Times:
- Growth in the level of service jobs outsourced from wealthy nations may be restrained due to the lack of skills held by workers in low-wage countries, citing a study by McKinsey Global Institute.
- Elan Corp. Plc, Ireland's biggest drugmaker, has developed a vaccine for Parkinson's disease which early-stage trials show works well in mice, citing test data from the Univ. of Cal., San Diego.
BBC:
- Iran did not tell the UN inspectors investigating its nuclear program about all its nuclear work, citing Iranian presidential candidate Ali Akbar Hashemi Rafsanjani.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on AMLN.
Night Trading
Asian Indices are -.25% to +.50% on average.
S&P 500 indicated +.04%.
NASDAQ 100 indicated +.06%.
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
ADBE/.27
CHTT/.56
GS/1.87
KBH/1.78
WGO/.49
Upcoming Splits
None of note
Economic Releases
8:30 EST:
- Housing Starts for May are estimated to rise to 2050K versus 2038K in April.
- Building Permits for May are estimated to fall to 2107K versus 2148K in April.
- Initial Jobless Claims for last week are estimated to remain at 330K versus 330K the prior week.
- Continuing Claims are estimated to fall to 2587K versus 2588K prior.
12:00 EST:
- The Philly Fed. for June is estimated to rise to 10.0 versus a reading of 7.3 in May.
BOTTOM LINE: Asian indices are mostly higher, led by commodity-related stocks in the region. I expect US equities to open modestly higher on positive economic reports and merger activity. Several Fed speakers are scheduled for later in the day, which could also impact trading. The Portfolio is 75% net long heading into the day.
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