Bloomberg:
- Oracle Corp.(ORCL) said fourth-quarter profit and revenue exceeded forecasts on soaring sales of database licenses.
- Bill Gates will step down from his day-to-day role at Microsoft(MSFT) in July 2008.
- More than 33,000 union workers at GM(GM) and Delphi have signed up for a buyout program designed to help the companies with plant closings, the head of the UAW said.
- Leaders of Hamas, blocked by international sanctions from wiring funds, are filling the Palestinian Authority’s empty treasury by carrying millions of dollars in cash into the Gaza Strip, stashed in suitcases and hidden money belts.
- A long-range missile test by North Korea would violate an agreement Japanese Prime Minister Koizumi reached with the country’s leader, Kim Jong Il, in 2002, Japan’s chief cabinet secretary said.
Wall Street Journal:
- Metals prices may fall further if raw material consumers increase their use of alternatives such as plastics and less-expensive metals, citing analysts. Industries that use copper have started substituting, citing London-based research company CRU.
Financial Times:
- Russian President Putin said Iran is “ready to negotiate” over its nuclear program.
- The Sarbanes-Oxley Act has benefited accountancy firms as companies pay them more fees to ensure they meet corporate governance regulations, citing research by law firm Foley & Lardner.
London-based Times:
- BP Plc, Europe’s biggest oil company, plans to invest around $37 billion on US projects to explore and produce more oil and natural gas. The company will spend $16 billion in the next decade on exploration and production in the Gulf of Mexico, and plans to invest $17 billion at its onshore facilities.
Maeil Business Newspaper:
- The US will likely call a session of the UN Security Council if North Korea test fires a long-range missile this weekend.
Late Buy/Sell Recommendations
Lehman Brothers:
- Recommended selling the Canadian, Australian and New Zealand dollars and to buy the US dollar.
Business Week:
- Mirant Corp.(MIR), a US power company, could become a takeover target with utility holding company FPL Group(FPL) named as a possible buyer, citing unidentified analysts.
- RAE Systems(RAE), which makes instruments that detect gas and radiation levels, may rise on demand in homeland security products from the US and China governments, citing NY Global Securities’ Julie Chen.
- The shares of Black & Decker(BDK), which makes power tools, may fall because of declining sales, citing Christopher Laudani of Equity Research Online.
Night Trading
Asian Indices are +1.75% to +2.75% on average.
S&P 500 indicated -.03%.
NASDAQ 100 indicated +.11%.
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
- (CCL)/.44
- (WGO)/.38
Upcoming Splits
- (IIIN) 2-for-1
- (OII) 2-for-1
- (PARL) 2-for-1
- (IFO) 2-for-1
Economic Releases
8:30 pm EST
- 1Q Current Account Deficit is estimated to shrink to -$222.0B versus -$224.9B in 4Q.
9:45 am EST
- Preliminary Univ. of Mich. Consumer Confidence for June is estimated to fall to 79.0 versus a reading of 79.1 in May.
1:00 am EST
- The NAHB Housing Market Index for June is estimated at 45 versus a reading of 45 in May.
BOTTOM LINE: Asian indices are sharply higher, boosted by technology and exporting stocks in the region. I expect US equities to open modestly higher and to maintain gains into the afternoon. The Portfolio is 100% net long heading into the day.
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