Bloomberg:
- President Bush urged Congress to extend tax cuts enacted in his first term and asked lawmakers to address rising energy and health-care costs.
- China plans to let investors buy stocks using margin and sell shares short, seeking to channel more of the nation’s $4 trillion of bank deposits into the stock market and boost trading.
- The global takeover boom shows no sign of peaking. If anything, buyout firms are setting their sights on bigger targets, and corporations are stepping up the pace of purchases while financing remains cheap.
- Flextronics Intl.(FLEX) said it agreed to sell its software unit to a Kohlberg Kravis Roberts affiliate for about $900 million.
- BAA Plc, the target of a hostile takeover from Spain’s Grupo Ferrovial SA, said it rejected a bid led by Goldman Sachs Group(GS) that valued the world’s largest airports operator at $16.5 billion.
- China’s economic growth rose an estimated 10.2% in the first quarter, President Hu Jintao said, as manufacturing investment and exports surged.
Wall Street Journal:
- The Chicago Mercantile Exchange(CME) and the Chicago Board of Trade(BOT) are closing a loophole that had undermined the anonymity of electronic trading.
NY Times:
- LensCrafters will spend an estimated $312 million to upgrade its stores, aiming to distance itself from low-priced competitors.
- Toyota Motor(TM) is considering building its eighth North American assembly plant and is looking at four southern US states for the site.
- Three top Israeli generals warned in separate interviews this week that the army is ready to invade the Gaza Strip to put an end to Palestinian rocket attacks if ordered.
- The US baby boom generation has heeded the advice to stay physically active and is also experiencing more injuries requiring surgery.
- News Corp. (NWS) is introducing a poker show even as the Travel Channel’s “World Poker Tour” has lost 36% of its viewers since its debut and online-poker revenue increases may slow.
Washington Post:
- The administration of President Bush will award as much as $3 billion in contracts in coming weeks to develop new radiation monitors to detect nuclear weapons crossing the country’s borders.
LA Times:
- Sales of wristwatches to young US consumers are falling as trendier accessories including cellular phones and portable music players also indicate the time, citing marketing studies.
Crain’s Chicago Business:
- Sears Holdings(SHLD) is testing its Sears Auto Centers at Kmart stores in a move that could double the size of its car-repair business.
Financial Times:
- Nasdaq Stock Market’s(NDAQ) ability to pay for a takeover bid for London Stock Exchange Plc has been called into question, citing credit rating companies and the newspaper’s own analysis.
- Oracle Corp.(ORCL) is contemplating introducing its own version of the Linux operating system and it considered purchasing Linux distributor Novell Inc.(NOVL), citing CEO Ellison.
- The Nobel Foundation, which funds the Nobel Prizes, invested in Corbin Capital Partners, Rock Creek Potomac fund and the Carnegie Worldwide Long/Short fund in its first hedge fund investments.
AP:
- Television broadcasters are challenging a FCC ruling that found three shows “indecent” because of obscene language.
Sunday Times:
- The NYSE is expected to build a stake in the London Stock Exchange after the Nasdaq Stock Market(NDAQ) bought a holding this month.
Xinhua News Agency:
- Wal-Mart Stores(WMT) will build the company’s sixty-eighth store in China in the southern province of Hainan, citing the retailer’s Chinese partner.
Weekend Recommendations
Barron's:
- Had positive comments on (SEPR), (HPQ), (UNH) and (PDCO).
- Had negative comments on (HRB).
Night Trading
Asian indices are -.50% to unch. on average.
S&P 500 indicated +.17%.
NASDAQ 100 indicated -.03%.
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
- (BRO)/.36
- (CBI)/.01
- (C)/1.02
- (ETN)/1.32
- (GPC)/.66
- (JBHT)/.31
- (KRI)/.59
- (MI)/.77
- (RF)/.62
- (STI)/1.43
- (WB)/1.12
Upcoming Splits
- (AVD) 4-for-3
- (NBR) 2-for-1
Economic Releases
8:30 am EST
- Empire Manufacturing for April is estimated to fall to 24.3 versus a reading of 31.2 in March.
9:00 am EST
- Net Foreign Security Purchases for February are estimated to fall to $60.0 billion versus $66.0 billion in January.
1:00 pm EST
- The NAHB Housing Market Index for April is estimated to come in at 55 versus a reading of 55 in March.
BOTTOM LINE: Asian Indices are mostly lower, weighed down by exporting shares in the region. I expect US stocks to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 50% net long heading into the week.
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