Bloomberg:
- North Koreas said it won’t end its nuclear weapons program unit it gets a light-water reactor for nuclear weapons program until it gets a light-water reactor for producing power, a day after pledging to give up its arms.
- Tropical storm Rita is expected to turn into a hurricane as it moves over southern Florida toady on a path that would reach Texas and Louisiana late this week.
Wall Street Journal:
- Wilbur L. Ross, who says he has $4.5 billion to fund a new venture, may buy beleaguered auto-parts makers such as some unprofitable units of Visteon Corp. that the company is about to jettison.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on EL and EBAY.
- Reiterated Underperform on HRB.
Night Trading
Asian Indices are +.50% to +1.0% 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/EPS Estimate
CC/-.03
CKR/.19
GS/2.38
Upcoming Splits
None of note
Economic Releases
8:30 am EST
- Housing Starts for August are estimated to fall to 2025K from 2042K in July.
- Building Permits for August are estimated to fall to 2130K from 2171K in July.
2:15 pm EST
- The FOMC is expected to raise the benchmark rate to 3.75% from 3.5%.
BOTTOM LINE: Asian indices are higher on gains in commodity-related shares in the region. I expect US equities to open modestly lower and to rally later in the afternoon. The Fed will probably boost the Fed Funds rate 25 basis points to 3.75%. I expect the policy statement will contain language that overtly states they will “pause” temporarily to allow for further evaluation of data in the aftermath of Katrina. The Portfolio is market neutral heading into the day.
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