Bloomberg:
- Crude oil may fall for the first week in four on expectations higher oil imports will increase inventories and gasoline demand will fall as the US summer driving season winds down, a Bloomberg survey showed.
Wall Street Journal:
- Amazon.com has had discussions with record companies about licensing music in order to sell a digital music service on its Web site by the end of the year.
London-based Times:
- London Underground’s weekend travel business has declined 30% since the July 7 bomb attacks compared with last year.
Asian Wall Street Journal:
- China is restricting media coverage on Cnooc’s failed bid to buy Unocal to muffle criticism of the US before a meeting between Chinese President Hu Jintao and President Bush next month.
Beijing News:
- Boeing will upgrade its representative office in China to a shareholding company to help it expand business in the country.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on DEX.
- Reiterated Underperform on DRI and CSC.
Business Week:
- Shares of Charles Schwab(SCH) may gain as much as 48% by the end of the year because of rising profit and its decreasing percentage of revenue from trading services, which can be unpredictable.
- Brink’s(BCO), which provides armored truck and home-security services, will likely sell BAX Global, its air-freight delivery business, which has weighed on earnings
Night Trading
Asian Indices are -1.0% to +.50% on average.
S&P 500 indicated +.02%.
NASDAQ 100 indicated +.03%.
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
CAH/.89
L/.02
NOV/.44
Upcoming Splits
None of note
Economic Releases
8:30 am EST
- The Unemployment Rate for July is estimated to remain at 5.0% versus 5.0% in June.
- Average Hourly Earnings for July are estimated to rise .2% versus a .2% increase in June.
- The Change in Non-farm Payrolls for July is estimated at 180K versus 146K in June.
- The Change in Manufacturing Payrolls for July is estimated at -5K versus -24K in June.
3:00 pm EST
- Consumer Credit for June is estimated to rise to $6.0B versus -$3.0B in May.
BOTTOM LINE: Asian indices are mostly lower on worries that rising energy prices will curtail growth in the region. I expect US equities to open modestly lower and to rally later in the afternoon. The Portfolio is 75% net long heading into the day.
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