Bloomberg:
- DaimlerChrysler AG may spend as much as $1 billion to improve flexibility at two St. Louis-area assembly plants that build minivans and pickup trucks.
- Oil may fall below $55 a barrel, extending a 22% decline from August’s record, as warmer weather cuts fuel demand and inventories rise, said Mitsubishi Corp., Japan’s largest trading company.
- Delphi Corp. CEO Miller backed away from his threat to cancel union contracts by mid-December, averting a potential strike that could cripple production at its former parent, GM.
- A premature US troop withdrawal from Iraq might trigger a regional conflict in the Middle East that could draw in predominately Shiite Iran and Sunni Arab states, US Ambassador to Iraq Zalmay Khalilzad warns in a television interview.
- The yen declined in Asia after Japanese government reports showed industrial production last month was less than half what economists forecast.
- Merck, with one victory and one loss in Vioxx lawsuits tried in state courts, may win the first federal trial over the painkiller, lawyers said.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on EBAY, RE and GE
Night Trading
Asian Indices are -1.0% to -.50% on average.
S&P 500 indicated +.06%.
NASDAQ 100 indicated unch.
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
GME/.14
REY/.35
SMTC/.14
UNFI/.24
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- Durable Goods Orders for October are estimated to rise 1.5% versus a 2.4% decline in September.
- Durables Ex Transportation for October are estimated to rise 1.0% versus a 1.1% decline in September.
10:00 am EST
- Consumer Confidence for November is estimated to rise to 90.1 versus a reading of 85.0 in October.
BOTTOM LINE: Asian indices are lower on weakness in exporters in the region. I expect US equities to trade modestly lower on the open and to rally slightly later in the day, finishing mixed. The Portfolio is 50% net long heading into the day.
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