Bloomberg:
- The S&P's 500 Index staged its biggest monthly rally this year as second-quarter earnings from companies such as IBM exceeded estimates.
- Wal-Mart Stores said sales at its US stores open at least a year rose about 4.4% in July, the second-highest monthly gain this year.
- The Philadelphia School District, the US's seventh-largest, will become the nation's first to require the study of African-American history, over the objections form critics, including Pennsylvania's most-powerful legislator.
- President Bush, saying he plans to promote the economic progress the US is making, praised the Republican-led Congress for approving energy, trade and highway legislation.
- Take-Two Interactive Software, the third-biggest US video-game maker, said Australia banned sales of the company's "Grand Theft Auto: San Andreas" game because it contains hidden sexual content.
- SAC Capital Advisors LLC, a hedge fund run by Steven A. Cohen, purchased a 5.7% stake in Northwest Airlines.
- Medtronic said it won European approval to sell its Endeavor stent, making it the third player in the $5 billion worldwide market for the drug-coated devices.
- Crude oil is rising in NY to a more than three-week high on concern supply will be disrupted after Iran said it may resume uranium processing and BP Plc cut output at its Texas City refinery.
Barron's:
- Martin Barnes, an economist at Montreal's BCA Research, said he expects low inflation because of little evidence of higher prices globally, as well as greater competition holding down US prices.
New York Times:
- General Electric's board gave executives approval to proceed with talks to buy DreamWorks SKG.
- The US Supreme Court ruing that held local governments have broad powers to take over private property has forced many states to begin weighing changes or constitutional amendments.
- The US Congress gave states the right to impose certain restrictions on predatory towing by truck drivers under the highway bill passed July 29.
- Microsoft is meeting chairman Bill Gates' goal, announced a year ago, of increasing applications for new patents by 50% to 3,000 a year.
- Stocks of utility companies have doubles from the lows hit in October 2002, outpacing the rest of the US stock market as the sector underwent its biggest rally since WWII.
- The Iraq constitution committee agreed to finish drafting the charter by the original deadline of August 15.
Boston Globe:
- The US Dept. of Justice sued the city of Boston for interfering with the voting rights of Hispanic and Asian-Americans with limited English skills.
San Francisco Chronicle:
- Home Depot won approval for its first store in San Francisco after a 10-year battle.
Washington Post:
- US retailers are expanding their efforts to thwart shoplifters with new tracking software, security displays and hangers that lock to jackets or suits.
- Daniel Yergin, of well-respected Cambridge Energy Research, wrote that there will be a large, unprecedented buildup of oil supply during the next few years as capacity rises 20%.
Newsweek:
- The US military may reduce the number of American troops in Iraq to about 80,000 by mid-2006, and cut the number back to 40,000 to 60,000 by the end of next year, citing unidentified Pentagon officials.
Financial Times:
- The novelty of buying ring tones for mobile phones is wearing off in Europe and the US, citing industry analysts.
- The US is reviewing its anti-terror policy and collaborating with the UK and France to liaise with moderate Muslim groups in the fight against extremism.
London-based Times:
- A group of British Muslims with links to those who carried out the July 7 bombings in London may be planning a third attack on the city's transport system.
Observer:
- The world advertising market is slowing more rapidly than expected, citing data published by ZenithOptimedia.
AFP:
- Ousted Iraqi dictator Saddam Hussein was involved in a fistfight with an unidentified man who attacked him as he left a Baghdad courtroom on Thursday.
Commercial Times:
- Benq Corp. expects shipments of liquid-crystal display monitors to rise as much as 43% this year from 2004.
Xinhua News Agency:
- China's residential property sales growth is likely to slow to around 15% in the second half from 37.3% during January and February as buyers wait for prices and fees to fall.
Middle East Economic Digest:
- The UAE is planning to raise oil production capacity at its onshore Bab field by two-thirds to 250,000 a day.
Weekend Recommendations
Bulls and Bears:
- Had guests that were positive on FDG, GP, DELL, PTR, CMCSA, DCX, AVP, mixed on DE, TGT, BGP and negative on SHLD.
Forbes on Fox:
- Had guests that were positive on MOT, PNRA, ABT, IR and mixed on SONC, WYE.
Cashin' In:
- Had guests that were positive on AHL, SINA and CYD.
Cavuto on Business:
- Had guests that were positive on SCI, DGX, CSCO, QCOM, INTC, MOT and mixed on STRA.
Barron's:
- Had positive comments on IR.
- Had negative comments on HANS and TGT.
Goldman Sachs:
- Reiterated Outperform on BHI, COH and CCU.
Night Trading
Asian indices are unch. to +.50% on average.
S&P 500 indicated +.14%.
NASDAQ 100 indicated +.28%.
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/Estimate
CECO/.47
DRL/.43
EOP/-.17
GT/.20
HUM/.51
IVX/.20
MVSN/.16
MXIM/.37
PG/.55
TSN/.37
Upcoming Splits
SUN 2-for-1
Economic Releases
10:00 am EST
- Construction Spending for June is estimated to rise .7% versus a .9% decline in May.
- ISM Manufacturing for July is estimated to rise to 54.5 versus a reading of 53.8 in June.
- ISM Prices Paid for July is estimated to rise to 52.3 versus a reading of 50.5 in June.
- Pending Home Sales for June are estimated to rise .8% versus a 2.0% decline in May.
BOTTOM LINE: Asian Indices are mostly higher on optimism over recent US economic reports. I expect US stocks to open modestly higher after gains in Asia. The Portfolio is 100% net long heading into the week.
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