Bloomberg:
- Honda Motor Co. chose Indiana as the home of its sixth North American auto-assembly plant.
- J. Crew Group(JCG), the casual clothing retailer part-owned by Texas Pacific Group, raised $376 million through an IPO today, topping its expected price range and signaling strong demand for new issues.
- Bank of China Ltd. drew $84.6 billion of bids for the nation’s biggest public offering, 52 times the stock on offer, underlining demand for new equity after the lifting of a yearlong ban on share sales.
Financial Times:
- High oil prices and the risk of volatility in commodity markets now rank ahead of fraud and the growth of hedge funds as the main concern for the stability of banks and financial regulators, citing a survey by the Center for the Study of Financial Innovation. Trading in derivatives linked to commodities has been one of the largest areas for growth for investment banks.
Xinhua news:
- Chinese government policies meant to curb excessive expansion in investment and credit must be implemented to ensure the economy maintains “stable, fast growth,” citing the head of the nation’s top planning body.
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian Indices are -1.50% to -.75% on average.
S&P 500 indicated -.04%.
NASDAQ 100 indicated -.16%.
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
- (COMS)/.04
- (ARRO)/.33
- (BMET)/.45
- (CAG)/.29
- (EMMS)/-.05
- (MLHR)/.37
- (MKC)/.30
- (MU)/.10
- (PAYX)/.32
- (RHAT)/.09
Upcoming Splits
- (ANDE) 2-for-1
Economic Releases
10:30 am EST
- Bloomberg consensus estimates call for a 1,400,000 barrel crude oil drawdown. Gasoline supplies are expected to rise by 450,000 barrels. Distillate supplies are estimated to rise by 1,450,000 barrels. Finally, refinery utilization is expected to rise 0.30%.
BOTTOM LINE: Asian indices are lower, weighed down by commodity and technology stocks in the region. I expect US equities to open lower and to rally into the afternoon, finishing mixed. The Portfolio is 50% net long heading into the day.
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