Bloomberg:
- Wal-Mart Stores(WMT) said March same-store sales in the US rose about 1.3% as customers curtailed spending because of higher fuel costs and a later Easter.
- President Bush renewed his push for making his first-term tax cuts permanent and said Democrats who oppose the move would weaken the US economy.
- Alcatel SA(ALA) agreed to merge with Lucent Technologies(LU), creating a company with a combined market value of $36 billion to compete with Ericsson AB(ERICY) and Cisco Systems(CSCO).
- The Bank of Japan may keep interest rates low “for a long time” to allow consumer prices to reach levels they would have attained had the country not experienced more than seven years of deflation, said Paul McCulley, a managing director at PIMCO.
- Confidence among Japan’s largest manufactures unexpectedly fell in March in the first survey since the Bank of Japan ended its five-year deflation-fighting policy.
EE Times:
- For the first time in history, the optoelectronics market this year is projected to surpass the discrete semiconductor business and become the second largest segment in the semiconductor industry behind integrated circuits, according to IC Insights.
NY Times:
- Sherwin-Williams(SHW) and two other former makers of lead-based paint potentially face having to pay billions of dollars to repaint or renovate Rhode Island homes after losing a case in February.
- US conservation groups such as the Nature Conservancy and the Conservation Fund are trying to work out agreements with companies to buy up timberland to protect them from further development.
- The Tampa Bay Devil Rays baseball team have Wall Street experience in the front office where financial models and data mining join scouting and trades.
Reuters:
- Harrah’s Entertainment(HET), the world’s largest casino operator, said it would cost more than $3 billion to build a gaming resort in Singapore if its bid proved to be a winner.
Financial Times:
- Texas Pacific Group may this month say it has raised over $14 billion for a new buy-out fund.
- Time Warner’s(TWX) Time Warner Cable unit will aim to boost its mobile phone services by purchasing wireless spectrum or through acquisitions, citing an interview with CEO Parsons.
- Mergers and acquisitions are proving to be more successful and are creating greater investor value than during previous periods of high activity, citing a survey by London’s Cass Business School and consultants Towers Perrin.
Independent:
- Richard Branson, the UK billionaire who controls Virgin Group Ltd., plans to invest $400 million in factories producing ethanol, which may be used as fuel for his trains and planes.
AFP:
- US Secretary of State Condoleezza Rice and UK Foreign Secretary Jack Straw arrived in Baghdad on a surprise visit today to put pressure on Iraqi leaders to speed up the formation of a new government.
Middle East Economic Digest:
- Fluor Corp.(FLR) may win a contract worth $500 million to build a petrochemical plant in Saudi Arabia.
Weekend Recommendations
Barron's:
- Had positive comments on (ADM), (HSP), (TUP) and (MSFT).
Night Trading
Asian indices are +.50% to +1.25% on average.
S&P 500 indicated +.45%.
NASDAQ 100 indicated +.47%.
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/Estimate
- (IMGC)/.18
- (JOSB)/.98
- (MU)/.06
- (TARO)/.11
Upcoming Splits
- (DBRN) 2-for-1
- (NX) 3-for-2
- (FCEN) 3-for-2
- (BHE) 3-for-2
- (BWS) 3-for-2
Economic Releases
10:00 am EST
- Construction Spending for February is estimated to rise .5% versus a .2% gain in January.
- Pending Home Sales for February are estimated to fall .5% versus a 1.1% decline in January.
- ISM Manufacturing for March is estimated to rise to 57.5 versus a reading of 56.7 in February.
- ISM Prices Paid for March is estimated to fall to 61.0 versus a reading of 62.5 in February.
Afternoon
- Total Vehicle Sales for March are estimated to rise to 16.7M versus 16.6M in February.
BOTTOM LINE: Asian Indices are higher, boosted by financial shares in the region. I expect US stocks to open higher and to weaken slightly into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the week.
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