Bloomberg:
- Asian stocks rose to the highest in more than five years, after US reports bolstered confidence the world’s largest economy is growing enough to sustain demand without generating inflation.
- Matsushita Electric Industrial will increase plasma panel production capacity 44% by July 2006 to meet demand for its Panasonic brand televisions.
- The yen traded near a record low against the euro and a 31-month low against the dollar in Asia as the Bank of Japan holds borrowing costs close to zero percent while central banks in the US and Europe raise them.
- Adobe Systems said its has been notified it will receive approval from international regulators for its proposed $3.4 billion acquisition of Macromedia.
Business Week:
- Liberty Media, the cable-television broadcaster controlled by billionaire John Malone, may be worth $14 a share if it strikes a deal with Rupert Murdoch, who controls News Corp., Steve Roge of Roge Partners Fund told Business Week.
AP:
- US Representative John Murtha, Democrat from Pennsylvania, who two weeks ago called for the immediate withdrawal of US troops from Iraq, predicted most soldiers will return within a year because they are “broken, worn out.”
Financial Times:
- Blackstone Group LOP plans to build a “flagship fund” as part of a move into hedge funds which may lead to $10 billion under management, citing company President Tony James.
Shanghai Daily:
- China’s 200 million cell-phone owners who use prepaid cards will have to register with telecom providers by mid-2006 or face a cutoff in service. China is trying to verify every telephone subscriber in the country as the government attempts to stem telephonic fraud and unauthorized transmissions, including pornographic or politically charged content.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on SYMC, SBUX, AMGN and FORM.
- Reiterated Underperform on ABC.
Business Week:
- Sohu.com Inc. will benefit from growth in China’s online advertising market, citing CE Unterberg Towbin analyst Tian Hou.
Night Trading
Asian Indices are +.50% to +1.0% on average.
S&P 500 indicated +.02%.
NASDAQ 100 indicated unch.
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Economic Releases
8:30 am EST
- The Change in Non-farm Payrolls for November is estimated to rise to 210K versus 56K in October.
- The Change in Manufacturing Payrolls for November is estimated to fall to 5K versus 12K in October.
- The Unemployment Rate for November is estimated to remain at 5.0% versus 5.0% in October.
- Average Hourly Earnings for November are estimated to rise .2% versus a .5% gain in October.
BOTTOM LINE: Asian indices are higher on strength in tech stocks in the region after more positive US economic reports. I expect US equities open modestly higher and to build on gains later in the afternoon. The Portfolio is 100% net long heading into the day.
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