Bloomberg:
- The California Public Employees' Retirement System and the California State Teachers' Retirement System, the largest and third-largest US pension funds, should oppose CNOOC's bid for Unocal, state controller Steve Westly said.
- LG.Philips LCD, the world's largest maker of liquid-crystal displays, and its two closest rivals may post second-quarter profits as rising demand helped ease oversupply and bolster screen prices.
- The US dollar traded near a one-year high against the yen in Asia on expectations a report will show US employers hired more than twice as many workers in June as in May.
- Crude oil is falling for a second day after the attack in London yesterday raised concern terrorism will deter travel, slowing jet-fuel sales, and after a report showed US supplies of distillates soared.
- Deloitte & Touche LLP, the largest US accounting firm, is being investigated by federal regulators over a 2003 audit of Navistar International, according to a document authorizing the probe.
China Daily:
- China's coal stockpiles reached a record 19.7 million tons by June 21, almost double from a year earlier.
The Standard:
- UPS plans to invest $500 million in China in the next two years.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on ACN.
Business Week:
- WR Berkley(BER) shares will likely rise as the company shifts its focus from high-risk property insurance to more profitable polices.
- Polycom(PLCM) may benefit as videoconferencing moves to the Internet and the number of home users rise.
Night Trading
Asian Indices are -.25% to +.25% on average.
S&P 500 indicated +.18%.
NASDAQ 100 indicated +.23%.
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
STAR/.32
RGS/.64
SGR/.22
Upcoming Splits
TOL 2-for-1
Economic Releases
8:30 am EST:
- The Unemployment Rate for June is estimated at 5.1% versus 5.1% in May.
- Average Hourly Earnings for June are estimated to rise .2% versus a .2% increase in May.
- The Change in Non-farm Payrolls for June is estimated at 200K versus 78K in May.
- The Change in Manufacturing Payrolls for June is estimated at -5K versus -7K in May.
10:00 am EST:
- Wholesale Inventories for May are estimated to rise .5% versus a .8% increase in April.
3:00 pm EST:
- Consumer Credit for May is estimated to rise to $4.1B versus $1.3B in April.
BOTTOM LINE: Asian indices are mostly lower, led down by energy stocks in the region. I expect US equities to open modestly higher and weaken slightly later in the day on rising apprehension ahead of the weekend. The Portfolio is 75% net long heading into the day.
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