Bloomberg:
- A proposed $140 billion fund for asbestos exposure victims was killed in the US Senate.
- The Fed’s benchmark interest rate “might have to increase some more,” said Jeffrey Lacker, president of the Fed Bank of Richmond.
- US Treasury Secretary John Snow said Congress shouldn’t raise the capital gains tax, which was lowered in May 2003, and should protect the middle class from the alternative minimum tax.
- Oil traded below $60 for a second day as rising US inventories eased concern about supplies before the peak summer motoring season.
Wall Street Journal:
- The IRS supports a method individuals use to avoid gift taxes by prepaying family members’ tuition bills.
Financial Times:
- Nasdaq Stock Market Inc.(NDAQ) is to introduce a new top tier for companies to list their shares to compete with other stock exchanges.
London-based Times:
- Saudi Arabia plans to double its oil refining capacity over the next five years by investing $20 billion in its facilities, citing Oil Minister Ali al-Naimi.
Independent:
- Online gambling companies’ shares have declined following a potential political move in the US to clampdown on the industry.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on (OXY), (NFP) and (GILD).
- Reiterated Underperform on (VICL) and (WPI).
Night Trading
Asian Indices are -.75% to +.50% on average.
S&P 500 indicated -.13%.
NASDAQ 100 indicated -.09%.
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
(AMAT)/.16
(AQNT)/.14
(BIIB)/.47
(CECO)/.67
(CMX)/.55
(CEN)/.25
(DTE)/2.00
(EXPE)/.25
(FST)/.56
(GENZ)/.60
(GTRC)/1.14
(HPQ)/.44
(JNY)/.45
(NTAP)/.21
(ODP)/.32
(OSI)/.55
(PFCB)/.33
(PENN)/.43
(PGN)/.52
(SNPS)/.14
Upcoming Splits
- (CLDN) 3-for-2
- (JOSB) 5-for-4
Economic Releases
8:30 am EST
- Empire Manufacturing for February is estimated to fall to 18.0 versus a reading of 20.1 in January.
9:00 am EST
- Net Foreign Security Purchases for December are estimated to fall to $76.2 billion versus $89.1 billion in November.
9:15 am EST
- Industrial Production for January is estimated to rise .2% versus a .6% rise in December.
- Capacity Utilization for January is estimated to rise to 80.8% versus 80.7% in December.
10:00 am EST
- Bernanke Report on Economy & Fed Policy
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude build of 1,000,000 barrels. Gasoline inventories are estimated to rise 1,600,000 barrels, and distillate supplies are expected to decrease by 1,000,000 barrels. Finally, refinery utilization is expected to remain unchanged.
1:00 pm EST
- NAHB Housing Market Index for February is estimated at 57 versus a reading of 57 in January.
BOTTOM LINE: Asian indices are mostly lower, pressured by commodity producers in the region. I expect US equities to open modestly lower and to trade higher into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.
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