Bloomberg:
- Some Microsoft workers are leaving the company because of compensation cuts and the perception of bureaucracy, Business Week reported.
- Hurricane Ophelia weakened to a tropical storm as it crawled along North Carolina’s coast, dumping as much as 17 inches of rain but causing little damage.
- OPEC may raise production quotas for the sixth time in 15 months, joining governments from the US to Japan in increasing supplies as oil and gas trade near records.
- President Bush pledged to help New Orleans and the Gulf Coast recover from Hurricane Katrina in what he said would be “one of the largest reconstruction efforts the world has ever seen.”
- Toyota Motor aims to slash to one year the time to get new models off the drawing board into production, a pace analysts say would be the industry’s fastest and could same tens of millions of dollars annually.
Wall Street Journal:
- China Petrochemical Corp. and China National Petroleum Corp. are keeping a low profile while making acquisitions because of sensitivity about China’s energy demands after the failed Unocal Corp. bid.
- American Sugar Refining’s Domino Sugar shut its Chalmette, Louisiana, plant after Hurricane Katrina, leaving half the state’s sugar cane crop without a refinery for processing.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on ETR and MSFT.
Banc of America Securities:
- Upgraded PCH to Buy.
Business Week:
- Honeywell International(HON) is expected to benefit from the recovering economy.
- The shares of Hyperion Solutions(HYSL) may rise 33% because it’s a buyout target and may increase earnings next year and in 2007.
Night Trading
Asian Indices are -.50% to unch. on average.
S&P 500 indicated unch.
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
None of note
Upcoming Splits
None of note
Economic Releases
8:30 am EST
- The 2Q Current Account Balance is estimated to shrink to -$193.0B from -$195.1B in 1Q.
9:00 am EST
- Net Foreign Security Purchases for July are estimated to fall to $60.0B from $71.2B in June.
9:45 am EST
- Preliminary Univ. of Mich. Consumer Confidence for September is estimated to fall to 85.0 from 89.1 in August.
BOTTOM LINE: Asian indices are mostly lower on weakness in technology shares in the region. I expect US equities to open modestly lower and to rally later in the afternoon. The Portfolio is 50% net long heading into the day.
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