Bloomberg:
- China, producer of 13% of the world’s refined copper, plans to slow the expansion of smaller copper smelters as part of wider efforts to cool its economy.
- Wal-Mart Stores said August sales at its US stores open at least a year are rising within its forecast range of 3-5%.
- President Bush urged Congress to make permanent the tax cuts enacted during his first term and draft legislation to bolster the Social Security program, after lawmakers return from their August break.
- Warren Buffett’s Berkshire Hathaway, under investigation for its role in improper reinsurance accounting at AIG, said the government is inquiring about its own books.
- Seven crew members of a Russian mini-sub trapped underwater off the country’s Pacific coast surfaced alive and well after a UK underwater robot cut the vessel free of entanglements.
- GM and Toyota Motor’s joint venture in California and its union reached a tentative four-year contract agreement yesterday, averting the first work stoppage in 11 years at the state’s sole auto factory.
Forbes:
- Yahoo! is in advanced talks to buy a 35% stake in Alibaba.com, China’s biggest home-grown e-commerce company, for almost $1 billion.
New York Times:
- The FDA, which was the target of criticism by Congress over recent drug withdrawals, has responded by being more cautious and issuing more warnings.
- Delta Air Lines’ low-fare unit Song plans to begin flights between Orlando, Florida, and San Francisco later this year, as well as expanding flights between the northeastern US and Florida.
- About a dozen shipping-industry IPOs are in the Wall Street pipeline, representing about 15 to 20% of the value of prospective NY listings.
NY Post:
- NY Attorney General Eliot Spitzer began an investigation of loans made by a Bronz social services agency to Air America radio.
Time magazine:
- The US CIA plans to create an office that will try to identify threats by combing research articles, Web sites, religious tracts and other publicly available information.
Financial Times:
- Cnooc Ltd. Never got “explicit approval” from China’s government to buy Unocal Corp., contributing to the collapse of the $18.5 billion bid.
- Bear Stearns plans to start a $450 million fund investing in hedge funds that specialize in Asian markets, as more US funds target Asia to make up for waning returns at home.
London-based Times:
- The euro’s future may be at risk if countries that share the currency fail to coordinate their tax and spending policies.
Guardian:
- UK manufacturing confidence has fallen in every region of the country for the first time in two years.
Independent on Sunday:
- News Corp. made a failed bid for Skype Tecnologies SA that may have valued the Internet phone company at almost $3 billion.
AFP:
- India and Pakistan have reached agreements to reduce the risk of an accidental nuclear war.
The Business:
- Cisco Systems is considering buying mobile phonemaker Nokia Oyj following the resignation of Nokia Chief Executive Jorma Ollila.
Business Standard:
- Lehman Brothers Holdings is in talks with India’s ICICI Bank Ltd’s investment-banking unit for an alliance.
Economic Observer:
- China is prepared to take measures aimed at slowing investment inflows driven by expectations that the yuan will appreciate further.
Weekend Recommendations
Bulls and Bears:
- Had guests that were positive on GERN, CELG, THE, N, SCHL and mixed on IBM, GENZ.
Forbes on Fox:
- Had guests that were positive on YHOO, DVY, KLA and mixed on HDI.
Cashin' In:
- Had guests that were positive on CC, STZ, TR, WEN, mixed on BBY, SONC, SBUX and negative on BUD.
Cavuto on Business:
- Had guests that were positive on CAT, BA and mixed JOE.
Barron's:
- Had positive comments on AA, RGC and DWSN.
- Had negative comments on WFMI, NTAP, VNO and SPG.
Goldman Sachs:
- Reiterated Outperform on WON and DNA.
- Reiterated Underperform on DRI and FSS.
Night Trading
Asian indices are -.50% to +.50% on average.
S&P 500 indicated +.06%.
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/Estimate
AL/.61
ACF/.46
CVTX/1.52
DPH/-.51
DYN/-.12
PCLN/.37
PCU/2.55
Upcoming Splits
HANS 2-for-1
Economic Releases
None of note
BOTTOM LINE: Asian Indices are mixed as record energy prices are offsetting economic optimism in the region. I expect US stocks to open mixed ahead of the FOMC rate decision on Tuesday. The Portfolio is 50% net long heading into the week.
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