Bloomberg:
- General Motors(GM) revised its first-quarter results to reflect a change in accounting, resulting in its first profit in six quarters.
- Samsung Electronics and Hynix Semiconductor, which make about 67% of the memory chips used in music players and mobile phones, said they raised prices for the first time this year as a glut of the chips eased.
- Sony Corp.(SNE) demonstrated the PlayStation 3 for the first time and pledged again to have the new console on store shelves by November. The new system will cost at least $100 more than Microsoft’s(MSFT) Xbox 360.
Wall Street Journal:
- Overseas banks may be required to incorporate their branches in China as the nation prepares to set up a deposit insurance system to protect investors.
- With six days left for American retirees to sign up for a federal prescription drug benefit, some 6 million have yet to enroll, and legislators may extend the deadline.
Financial Times:
- GlaxoSmithKline Plc(GSK) private investors have been sent a threatening letter from an animal rights group telling them to sell their shares within 14 days or face public exposure.
Digitimes:
- Quanta Computer Inc. won 60% of Dell’s(DELL) 2007 notebook-computer orders, becoming the US company’s biggest laptop supplier.
Maeil Business Newspaper:
- Three out of every 10 of South Korea’s non-financial listed companies didn’t earn enough to pay the interest on their debt last year, citing data from the Bank of Korea.
Late Buy/Sell Recommendations
Banc of America:
- Rated OMC Buy.
Night Trading
Asian Indices are -.25% to +.25% on average.
S&P 500 indicated -.03%.
NASDAQ 100 indicated -.01%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
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Global Commentary
Asian Indices
European Indices
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Rasmussen Consumer/Investor Daily Indices
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Earnings of Note
Company/EPS Estimate
- (BIDU)/.12
- (CELL)/.18
- (CVC)/-.08
- (CRL)/.57
- (CHD)/.53
- (CSCO)/.26
- (DYN)/-.12
- (ENER)/-.16
- (HANS)/.71
- (HB)/.84
- (KCS)/.65
- (LAMR).03
- (MRX)/.20
- (MYL)/.24
- (PXD)/.48
- (SLE)/.25
- (SINA)/.15
- (SNHY)/.37
- (SYMC)/.25
- (ELOS)/.42
- (URI)/.18
- (DIS)/.31
- (WPI)/.32
- (WTW)/.55
- (WGR)/.74
Upcoming Splits
- (ANST) 2-for-1
Economic Releases
10:00 am EST
- Wholesale Inventories for March are estimated to rise .5% versus a .8% gain in February.
BOTTOM LINE: Asian indices are mostly lower, weighed down by technology stocks in the region after Dell(DELL) lowered guidance. I expect US equities to open modestly lower and to trade modestly higher into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.
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