Bloomberg:
- EMC Corp.(EMC) agreed to buy RSA Security(RSAS) for about $2.1 billion to expand its security software business.
- Atlanta’s $32 million purchase of Martin Luther King Jr.’s papers, made just days before they were to be auctioned by Sotheby’s Holdings, will be a catalyst for getting a new civil rights museum built in the city, Mayor Shirley Franklin said.
- The US House of Representatives passed a resolution condemning the news media for reports last week that exposed a government program that tracks terrorism financing. The resolution, which passed 227-183, condemns the disclosure of classified programs and says they “may endanger the lives of Americans.”
- Japan’s consumer prices rose .6% in May from a year earlier, adding to evidence that deflation in the world’s second-largest economy may be over and supporting the Bank of Japan’s case for raising interest rates from near zero.
- A long-range missile test by North Korea would call into question commitments by the US and other countries to give security guarantees and aid in return for North Korea ending its nuclear program, a US government official said.
Wall Street Journal:
- Goldman Sachs Group(GS) was the top-earning investment bank in Asia excluding Japan in the first half, with estimated revenue exceeding $205 million, citing Dealogic Plc.
AP:
- The family of a man who disappeared from a Royal Caribbean Cruises Ltd.(RCL) ship last year is suing the company in Florida state court for unspecified monetary damages.
Xinhua News Agency:
- China will step up development of technology for monitoring Internet sites accessed within the country, citing the country’s top information gatekeeper.
China Securities Journal:
- China’s economy is growing too quickly and the government will take measures to slow growth, citing Zhu Zhixin, a deputy director with the National Development and Reform Commission.
Late Buy/Sell Recommendations
Business Week:
- Southern Copper(PCU) is benefiting from the mergers of other mining companies and may become a takeover target, citing Carl Birkelbach, CEO of Birkelbach Investment Securities.
- Acusphere Inc.(ACUS), which is developing drugs using microparticle technology, is undervalued at a time when it is expected to produce more favorable results, citing analyst Deborah Knobelman of Piper Jaffray.
- Devon Energy(DVN) may rise 55% on acquisition interest from Exxon Mobil(XOM) and Chevron Corp.(CHV), citing Oppenheimer’s Fadel Gheit.
Night Trading
Asian Indices are +.75% to +2.0% on average.
S&P 500 indicated -.09%.
NASDAQ 100 indicated -.22%.
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
- (CLF) 2-for-1
- (LOW) 2-for-1
Economic Releases
8:30 am EST
- Personal Income for May is estimated to rise .2% versus a .5% increase in April.
- Personal Spending for May is estimated to rise .4% versus a .6% gain in April.
- The PCE core for May is estimated to rise .2% versus a .2% gain in April.
9:45 am EST
- The Final Univ. of Mich. Consumer Confidence reading for June is estimated to rise to 82.5 versus a prior estimate of 82.4.
10:00 am EST
- The Chicago Purchasing Index for June is estimated to fall to 59.0 versus a reading of 61.5 in May.
BOTTOM LINE: Asian indices are sharply higher, boosted by commodity, automaking and technology stocks in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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