Bloomberg:
- Rising fuel costs have “drained” consumers’ purchasing power and “will undoubtedly be a drag” for the global economy “from now on,” Federal Reserve Chairman Greenspan said. The Fed chairman said high oil prices are curtailing demand, spurring fuel efficiency research and reducing the energy intensity of total US output. US oil intensity, or the amount of oil it needs to produce $1 of gross domestic product, fell 53% between 1973 and 2004, according to calculations by Bloomberg. Greenspan also said “more rapid decreases in the intensity of energy use in the years ahead seem virtually inevitable.” Finally, Greenspan said “oil will be replaced by less expensive alternative energy before global reserves run out.”
- Refco said it signed a preliminary agreement to sell its futures units to a group led by buyout firm JC Flowers for $768M.
Financial Times:
- Bank of NY may this week offer to buy London-based fund manager Alcentra Group Ltd. for an undisclosed sum.
Standard:
- Suntech Power Ltd., a manufacturer of solar power equipment in China, plans to raise as much as $300 million in a US Nasdaq IPO this year.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on ACN.
- Reiterated Underperform on HMT.
Night Trading
Asian Indices are unch. to +.75% on average.
S&P 500 indicated +.03%.
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
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Earnings of Note
Company/EPS Estimate
MMM/1.08
CDWC/.86
CAKE/.27
CYMI/.20
FITB/.71
FRX/.56
FCX/.85
GENZ/.58
GILD/.36
INTC/.33
JNJ/.86
KFT/.45
LLTC/.33
MER/1.18
MOT/.28
BTU/.85
RYL/2.29
STX/.53
STT/.67
TER/.00
WFC/1.15
YHOO/.14
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- Producer Price Index for September is estimated to rise 1.2% versus a .6% gain in August.
- PPI Ex Food & Energy for September is estimated to rise .2% versus an unchanged reading in August.
9:00 am EST
- Net Foreign Securities Purchases for August are estimated to fall to $60.0B versus $87.4B in July.
1:00 pm EST
- NAHB Housing Market Index for October is estimated to fall to 64 from 65 in September.
BOTTOM LINE: Asian indices are higher, spurred by gains in commodity producing companies in the region. I expect US equities to open modestly higher on less hawkish Fed comments from Greenspan and optimism that Tropical Storm Wilma will not disrupt energy production in the Gulf. The Portfolio is 75% net long heading into the day.
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