Bloomberg:
- Fed Chairman Greenspan said the "unusual" decline in long-term US Treasury yields still can't be full explained and that hedge funds may be over-reaching as they search for higher returns.
- CNOOC Ltd, China's third-largest oil producer, said it may bid for US-based Unocal Corp., rivaling a $16 billion offer by Chevron.
- People's Bank of China Governor Zhou Xiaochuan said the government plans to introduce new policies to spur consumer spending to help eliminate a trade surplus that's fueling tensions with the US and Europe.
- GM's CEO Wagoner is facing growing calls from investors to close plants as the world's largest automaker loses market share to rivals such as Toyota Motor.
Wall Street Journal:
- European Union regulators dropped for the time being a threat to fine Microsoft as much as $5 million a day for failing to comply with orders to open its markets to competitors.
AP:
- Pakistan sent Libyan terrorism suspect Abu Faraj al-Libbi, accused of planning two assassination attempts against President Pervez Musharraf, to the US.
Financial Times:
- Morgan Stanley senior banker David Topper has joined JPMorgan Chase as co-head of equity capital markets.
Chosun Ilbo:
- South Korea's steel imports from China more than tripled in the first four months of the year to 2.7 million metric tons.
Standard:
- Shanghai's real estate developers and homebuyers owed banks $42 billion at the end of 2004, a 41% increase from a year earlier.
China Daily:
- China's textile exporters will probably use up the quotas imposed by the US by the end of July as they rush to deliver existing orders to customers.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on LRY and AIG.
- Reiterated Underperform on HRB and AMAT.
Night Trading
Asian Indices are -.50% to +.25% on average.
S&P 500 indicated +.12%.
NASDAQ 100 indicated +.16%.
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
ABS/.27
ALOG/2.12
COO/.74
OLG/.46
Splits
CVS 2-for-1
Economic Releases
3:00 EST:
- Consumer Credit for April is estimated to rise to $7.4B versus $5.5B in March.
BOTTOM LINE: Asian indices are mostly lower on weakness in semiconductor shares after negative comments from Merrill Lynch. I expect US equities to open modestly higher on more Fed "pause" optimism and lower energy prices. The Portfolio is 75% net long heading into the day.
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