Bloomberg:
- Crude oil is rising for the first day in three in NY on concern Hurricane Emily will disrupt oil production in the US Gulf of Mexico.
- Cnooc failed to persuade Unocal directors to accept a revised takeover bid because the Chinese company didn't raise the amount of cash shareholders would get from the $18.5 billion offer.
- Samsung posted a third straight quarterly profit drop as semiconductor and flat-panel display prices fell. The company expects an LCD industry glut to end this quarter and shipments of mobile phones to rise.
Wall Street Journal:
- Hewlett-Packard Co. may announce plans to restructure the printer and computer maker next week.
Financial Times:
- The US expects China to revalue its currency in August, ahead of a visit to Washington by Chinese President Hu Jintao.
Commercial Times:
- Taiwan Semiconductor Manufacturing expects third-quarter chip shipments to grow about 29% from the second quarter.
Economic Times:
- Indian car manufacturers may cut production because of sluggish sales since May.
Late Buy/Sell Recommendations
Goldman Sachs:
- None of note
Business Week:
- Shares of Merck(MRK) are an attractive buy, citing analysts.
- Spectrum Pharmaceuticals'(SSPI) shares will likely rise because the unprofitable biotech company is expected to sign a deal with a large drugmaker to market Satraplatin.
Night Trading
Asian Indices are unch. to +.25% on average.
S&P 500 indicated -.14%.
NASDAQ 100 indicated -.09%.
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
ASPT/.10
FDC/.57
GE/.44
NCC/.75
RF/.59
Upcoming Splits
HCC 3-for-2
SNHY 3-for-2
USPI 3-for-2
Economic Releases
8:30 am EST
- Empire Manufacturing for July is estimated to fall to 10.0 versus a reading of 11.7 in June.
- The Producer Price Index for June is estimated to rise .4% versus a .6% decline in May.
- The PPI Ex Food & Energy for June is estimated to rise .1% versus a .1% increase in May.
- Business Inventories for May are estimated to rise .2% versus a .3% increase in April.
9:15 am EST
- Industrial Production for June is estimated to rise .4% versus a .4% gain in May.
- Capacity Utilization for June is estimated to rise to 79.6% versus 79.4% in May.
9:45 am EST
- Preliminary Univ. of Mich. Consumer Confidence for July is estimated to fall to 95.0 from 96.0 in June.
BOTTOM LINE: Asian indices are mostly higher, led by exporters in the region. I expect US equities to open modestly lower and rise later in the day. The Portfolio is 100% net long heading into the day.
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