- Computer Associates Intl. restated results from 2001-2005 after it found contracts that weren't recorded properly.
- Career Education said the US Education Department is reviewing its restated financial results for 2000-2003 and barring campus expansions in the meantime.
- Shares of China Cosco Holdings, the nation's biggest container shipping line, fell as much as 10% on their first day of trade in Hong Kong on concern that excess capacity for sea freight may cut the company's earnings.
- Oil is little changed in NY after falling to a two-week low yesterday when a US government report showed the nation's crude oil stockpile rose.
- South Korean businesses are the most pessimistic they've been in five months on concern a recovery in domestic demand may falter, squeezing profits as higher oil prices and won gains curb exports.
Wall Street Journal:
- Boeing is expected to name 3M CEO James McNerney Jr. as its new CEO tomorrow.
- CNOOC Ltd. may partner with private equity firms for its proposed takeover of Unocal Corp. to improve its international management expertise.
- US citizens living abroad and foreigners living in the US must report details of overseas financial accounts or risk a minimum fine of $10,000.
Xinhua News Agency:
- Shanghai plans to spend $121 million building a wind farm to boost the city's electricity supply.
South China Morning Post:
- China has no plan to cap rising property prices, particularly in coastal cities, amid calls from urban dwellers.
Late Buy/Sell Recommendations
- Reiterated Outperform on COH.
- Said aluminum fundamentals deteriorating due to excess capacity from China.
Asian Indices are unch. to +.50% on average.
S&P 500 indicated +.08%.
NASDAQ 100 indicated +.17%.
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Before the Bell CNBC Video(bottom right)
Top 20 Business Stories
Daily Stock Events
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
8:30 am EST:
- Personal Income for May is estimated to rise .3% versus a .7% gain in April.
- Personal Spending for May is estimated to rise .1% versus a .6% increase in April.
- The PCE Deflator for May is estimated to rise 2.3% versus a 2.7% increase in April.
- Initial Jobless Claims for last week are estimated to rise to 325K versus 314K the prior week.
- Continuing Claims are estimated to fall to 2594K versus 2600K prior.
10:00 am EST:
- The Chicago Purchasing Manager for June is estimated to fall to 54.0 versus a reading of 54.1 in May.
- The Help Wanted Index for May is estimated to rise to 40 versus a reading of 39 in April.
2:15 pm EST:
- FOMC expected to raise Fed Funds Rate 25 basis points to 3.25%.
BOTTOM LINE: Asian indices are mostly higher, boosted by automaker shares in the region after the US dollar rose. I expect US equities to open mixed and rise modestly later in the afternoon. The Portfolio is 100% net long heading into the day.