Bloomberg:
- Wal-Mart Stores said October same-store sales rose about 4.3%, beating its forecast.
- OPEC said there have been no buyers for the extra oil it began offering on Oct. 1, when it effectively suspended its quota system for the first time since the 1990 Gulf War after prices surged following Hurricane Katrina.
- Japan’s Prime Minister Koizumi, who plans to step down in September, will select his final cabinet today. The choices are expected to reflect his drive to cut public spending, sell state-owned assets and lower the nation’s debt, analysts say.
- Wall Street’s biggest bond-trading firms say Ben Bernanke will be as zealous in fighting inflation as Alan Greenspan when he takes over as chairman of the Federal Reserve on Feb. 1.
- The Bill & Melinda Gates Foundation has announced $258.3 million in grants to find ways to combat malaria, which kills 2,000 African children every day.
- Hiring rebounded this month and manufacturers turned out more goods as the US economy shook off the effects of two hurricanes, economists expect reports this week will show.
- Orix Corp., Japan’s largest non-bank finance company, will buy closely held investment bank Houlihan Lokey Howard & Zukin for $500 million to start offering advisory and restructuring services in the US.
Wall Street Journal:
- The US Treasury Dept. is prepared to incorporate recommendations from a tax panel into a policy-revision plan by the start of the next year should the president approve the group’s suggestions.
- Microsoft, battling perceptions that it’s lost the lead in technology innovation to Web-based companies, will disclose new plans this week to make its software better suited to the Internet.
NY Times:
- Wal-Mart Stores is preparing to announce an “ambitious plan” to improve business in Japan that will include upgrading about 200 stores.
- Two genes have been identified that contribute to dyslexia, citing a meeting of the American Society of Human Genetics yesterday.
- “Concierge” doctors, who are paid a large annual fee to provide more attention, time and care to patients, delight their clients.
- Google is becoming one of the leading players in the world of advertising, citing Goldman Sachs.
- Shares of publicly traded water companies have surged as large amounts of water controlled by municipalitites will soon come under the purview of private companies.
- Venezuela’s President Chavez is establishing socialism by founding state companies, seizing private factories and establishing cooperatives and worker-run businesses.
- Venezuela’s opposition said the government’s policy of seizing large farming estates is benefiting government officials. Land from the seizures is being given or sold to backers of President Chavez and his Fifth Republic Movement, and not landless peasants. The seizures are especially benefiting the country’s military.
Star-Ledger of Newark:
- New Jersey slipped to 44th in a national ranking of state business climates, hurt by taxes and over-regulation.
Washington Post:
- US Defense Secretary Donald Rumsfeld is asking Congress for $750 million and expanded authority to support counterrorism, border security and law enforcement in other countries.
AP:
- Viacom’s Paramount Pictures is removing some billboards that promote the 50 cent film “Get Rich or Die Tryin” after complaints they promoted gun violence.
- President Bush will reveal on Nov. 1 how his administration plans to fight any global influenza outbreak at the National Institute of Health.
Computer World:
- Consumers are expected to spend approximately 25% more online this holiday season than they did last year, several analysts said.
Financial Times:
- Kroger Co. will continue with its strategy of cutting prices to increase sales.
- Intel wants electronic medical equipment-makers to fit standard plug and cable sizes so equipment is interchangeable in the way computers are, citing CEO Otellini.
Sunday Telegraph:
- Wal-Mart Stores may expand in India.
Sunday Times:
- Walt Disney may start a mobile-phone company in the UK next year.
Weekend Recommendations
Barron's:
- Had positive comments on BUD, STA, SSW, DFG and EDS.
Goldman Sachs:
- Reiterated Outperform on GE and CEM.
- Reiterated Underperform on FSS.
- Reiterated bearish view of slot manufacturers, reiterated Underperform on IGT.
Night Trading
Asian indices are +.75% to +1.75% on average.
S&P 500 indicated +.08%.
NASDAQ 100 indicated +.19%.
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
AES/.15
HUM/.51
INTU/-.30
K/.64
OXY/2.63
VLO/4.22
Upcoming Splits
None of note
Economic Releases
8:30 am EST
- Personal Income for September is estimated to rise .3% versus a .1% fall in December.
- Personal Spending for September is estimated to rise .5% versus a .5% decline in August.
- The PCE Core for September is estimated to rise .1% versus a .2% increase in August.
BOTTOM LINE: Asian Indices are higher, led by exporting companies in the region after a government report last week showed strong US growth. I expect US stocks to open higher and maintain gains throughout the day. The Portfolio is 100% net long heading into the week.
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