Bloomberg:
- The US, China, Russia and three European powers have agreed on “far-reaching proposals” in an attempt to persuade Iran to curtail its nuclear program.
- NYSE Group(NYX) agreed to buy Euronext NV for $9.96 billion, forming the first transatlantic stock exchange and edging out a rival bid by Deutsche Boerse AG.
- Japanese shares declined after Nikkei English News said prosecutors in Tokyo are examining whether an investment fund overseen by shareholder activist Yoshiaki Murakami violated Japanese securities law.
- Vonage Holdings(VG) customers who want to back out of last week’s IPO by the Internet phone company may have a legal basis for doing so.
- Copper futures in Shanghai fell for a third day on concern a Chinese government agency may sell as much as 100,000 metric tons of the metal from its stockpiles.
- Crude oil may decline for a second week on signs that rising inventories and higher refinery output will meet gasoline demand during the US summer driving season, a Bloomberg survey showed.
Financial Times:
- GlaxoSmithKline Plc(GSK), Europe’s largest drugmaker, plans to bid over $15 billion for Pfizer’s(PFE) consumer health care unit.
Late Buy/Sell Recommendations
ThinkEquity Partners:
- Rated (AIRN) Buy, target $8.
- Rated (MTLK) Buy, target $9.
Merrill Lynch:
- Raised (AUO) to Buy.
Business Week:
- IPass Inc.(IPAS) shares may climb as shareholders urge the software maker to improve corporate governance, citing Eric Appell, an analyst at Merriman Curhan Ford & Co.
- Forest Labs(FRX), maker of drugs for depression, pain and cardiovascular and respiratory disorders, is poised to grow after declining 8.7% this year, citing Kavita Thomas of First Global Markets.
Night Trading
Asian Indices are -.50% to +.50% on average.
S&P 500 indicated -.16%.
NASDAQ 100 indicated -.12%.
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
- None of note
Upcoming Splits
- (BRY) 2-for-1
- (MFC) 2-for-1
- (SCSC) 2-for-1
Economic Releases
8:30 am EST
- The Change in Non-farm Payrolls for May is estimated at 170K versus 138K in April.
- The Change in Manufacturing Payrolls for May is estimated at 5K versus 19K in April.
- The Unemployment Rate for May is estimated at 4.7% versus 4.7% in April.
- Average Hourly Earnings for May are estimated to rise .3% versus a .5% gain in April.
10:00 am EST
- Factory Orders for April are estimated to fall 2.1% versus a 4.1% gain in March.
BOTTOM LINE: Asian indices are mixed as losses in commodity stocks are being offset by gains in exporters in the region. I expect US equities to open modestly lower and to rise into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.
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