Bloomberg:
- General Motors(GM) increased its 2005 loss by $2 billion and restated earnings for the four previous years on accounting errors after delaying an annual filing to US regulators because of financial reporting problems at a mortgage unit.
Wall Street Journal:
- H&R Block(HRB) CEO Mark Ernst called NY Attorney General Eliot Spitzer’s $250 million lawsuit an “unfair attack” against the company.
- St. Paul Travelers(STA) is in talks to acquire Zurich Financial Services of Switzerland, the country’s biggest insurer.
China Oil News:
- China is creating a system for disclosing information on the oil market to help it manage energy trading in the country.
Late Buy/Sell Recommendations
Business Week:
- Vodafone Group’s(VOD) ADRs are undervalued and may rise, citing Gary Stroik of investment firm Wealth Builders.
- Hershey(HSY) could put itself up for sale, citing Michael Metz of Oppenheimer Funds.
- Cortex Pharmaceuticals(COR), which is developing a hyperactivity drug, could rise as the company seeks to attract a major drugmaker as a partner, citing analyst Elemer Piros of Rodman & Renshaw.
Night Trading
Asian Indices are unch. to +.50% on average.
S&P 500 indicated -.11%.
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
- (TKLC)/.19
- (TEX)/.86
- (TRY)/.06
Upcoming Splits
- (WBSN) 2-for-1
Economic Releases
9:15 am EST
- Industrial Production for February is estimated to rise .8% versus a .2% decline in January.
- Capacity Utilization for February is estimated to rise to 81.4% versus 80.9% in January.
- The Preliminary Univ. of Mich. Consumer Confidence Index for March is estimated to rise to 88.0 versus a reading of 86.7 in February.
BOTTOM LINE: Asian indices are mostly higher, boosted by financial shares in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.
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