Bloomberg:
- Johnson & Johnson's Concerta attention-deficit disorder drug users have experienced hallucinations, psychotic behavior, suicidal thoughts and heart complications such as high blood pressure, the FDA said.
- The Australian dollar fell to its lowest in two weeks on a plunge in the price of commodities, which account for almost 60% of the nation's exports.
- Japan's industrial production fell in May as technology companies pared inventories and demand from China and the US slowed.
- The National Academy of Sciences has decided to publish a study that details how terrorists could contaminate the US milk supply with botulism, after the US government warned the study was a "road map for terrorists."
DigiTimes:
- South Korean electronics overtook those from Taiwan in China's market for the first time in 10 years, citing World Trade Atlas data.
Financial Times:
- European finance ministers in the 12 countries sharing the euro should enter a "dialogue" with the European Central Bank to define common economic government to tackle stagnate growth and high unemployment, citing French Prime Minister Dominique de Villepin.
- Labor market reforms are essential in the context of high unemployment rates in France and Germany that show no sign of declining this year, citing the OECD.
AFP:
- US Defense Secretary Donald Rumsfeld and his Indian counterpart Pranab Mukherjee signed a 10-year defense agreement that includes joint production of weapons and cooperation in missile defense.
Hong Kong Economic Journal:
- CNOOC Ltd. is expected to complete talks with Unocal Corp. within a week in its bid to buy Unocal for $18.5 billion.
Australian Financial Review:
- Microsoft CEO Ballmer said the company has "great" growth prospects, though sales will no longer increase by 20% a year.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on BAC and AIG.
Night Trading
Asian Indices are -.25% to +.50% on average.
S&P 500 indicated -.04%.
NASDAQ 100 indicated unch.
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
GIS/.65
MON/1.01
ORCL/.23
Upcoming Splits
None of note
Economic Releases
8:30 am EST:
- Final 1Q GDP is estimated to rise to 3.7% versus a prior estimate of 3.5%.
- Final 1Q Personal Consumption is estimated to rise 3.2% versus a prior estimate of 3.6%.
- Final 1Q GDP Price Index is estimated to rise 3.2% versus a prior estimate of 3.2%.
10:30 am EST:
- Summary of weekly energy inventory data.
BOTTOM LINE: Asian indices are mostly higher, led by technology and automaker shares in the region. I expect US equities to open modestly higher and build on gains later in the afternoon. The Portfolio is 100% net long heading into the day.
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