Bloomberg:
- Three New Orleans suburbs will be reopened to residents tomorrow morning.
- US Representative William Jefferson, a Democrat from New Orleans, was escorted by the National Guard to his home in that city to retrieve personal belongings while rescues were still under way. FBI officials raided Jefferson’s home in New Orleans last month and another in Washington in connection with a federal probe.
- LS-Nikko Copper, operator of the world’s largest copper smelter, said prices may fall as much as 30% next year amid expectations increasing supply will meet demand driven by China.
- China’s President Hu Jintao, meeting with President Bush in NY, said his government is “working hard” to address the trade imbalance with the US that has been a source of tension.
- Australian consumer confidence slumped in September to the lowest in more than two years as record gasoline prices threaten to damp spending and curb growth in Asia-Pacific’s fifth-largest economy.
Wall Street Journal:
- H&R Block is trying to lure brokers from larger firms to increase profit at its investment-services unit.
Independent:
- Wal-Mart’s Asda, the second-biggest UK grocery chain, has drawn up a plan to get rid of its union.
Shanghai Securities News:
- China will ease rules for companies to sell shares and list on stock exchanges.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on MSFT, DNA, BBY and ACN.
- Reiterated Underperform on LSI.
Night Trading
Asian Indices are -.50% to +.25% on average.
S&P 500 indicated +.10%.
NASDAQ 100 indicated +.06%.
Morning Preview
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Before the Bell CNBC Video(bottom right)
Global Commentary
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Top 20 Business Stories
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Company/EPS Estimate
LEH/2.37
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NBL 2-for-1
PCZ 2-for-1
Economic Releases
8:30 am EST
- Advance Retail Sales for August are estimated to fall 1.4% versus a 1.8% gain in July.
- Retail Sales Less Autos for August are estimated to rise .5% versus a .3% increase in July.
9:15 am EST
- Industrial Production for August is estimated to rise .3% versus a .1% gain in July.
- Capacity Utilization for August is estimated to rise to 79.9% versus 79.7% in July.
10:30 am EST
- Platt's estimates weekly crude inventories fell 2.3 million barrels, gasoline inventories fell 2.5 million barrels, distillate inventories rose 750,000 barrels and refinery utilization rose 2.0%.
BOTTOM LINE: Asian indices are mostly lower as worries over US consumer confidence weighed on exporters in the region. I expect US equities to open modestly lower. The Portfolio is 75% net long heading into the day.
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