Bloomberg:
- A New York state assemblyman said he will introduce a bill that would permit New York police to use racial profiling when deciding who to stop for anti-terrorism searches in the largest US transit system.
- Londoners are contending with the tightest security ever as measures implemented since last month’s bombings surpass those that followed the IRA attacks on the city in the 1970s and 1980s.
- Chevron’s $17.3 billion bid for Unocal is likely to win approval from a majority of shareholders next week amid doubt that a higher, all-cash offer from China’s Cnooc can overcome opposition by US lawmakers.
- Federal Reserve Chairman Greenspan’s policy of signaling his intentions for interest rates has helped drive down volatility in the bond market to a seven-year low, hurting earnings for trading firms.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on EBAY, UTX and EMC.
- Reiterated Underperform on PFG and AEP.
Night Trading
Asian Indices are unch. to +.50% on average.
S&P 500 indicated +.11%.
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
BMC/.13
CEPH/.59
COH/.24
CMCSA/.15
EMR/.95
IACI/.25
MBI/1.39
RDC/.31
SIRI/-.15
RIG/.33
TYC/.49
Upcoming Splits
None of note
Economic Releases
8:30 am EST
- Personal Income for June is estimated to rise .4% versus a .2% gain in May.
- Personal Spending for June is estimated to rise .8% versus a 0.0% change in May.
- PCE Deflator for June is estimated to rise 2.0% versus a 2.2% gain in May.
10:00 am EST
- Factory Orders for June are estimated to rise 1.0% versus a 2.9% increase in May.
Afternoon
- Total Vehicle Sales for July are estimated to rise to 18.3M versus 17.5M in June.
- Domestic Vehicle Sales for July are estimated to rise to 14.5M versus 14.1M in June.
BOTTOM LINE: Asian indices are mostly higher on gains in energy-related shares in the region. I expect US equities to open modestly higher on positive economic reports and stabilizing rates/oil. The Portfolio is 100% net long heading into the day.
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