Bloomberg:
- President Bush said Congress needs to make temporary tax cuts permanent and increase funding for basic research in math, science, computers and energy to keep the US economy thriving.
- Iranian President Mahmoud Ahmadinejad called for Islamic nations to “mobilize” to “remove” Israel, which he termed the “main problem” of the Islamic world.
- Corporate tax receipts this year will likely cross the $300 billion threshold for the first time ever, boosting President Bush’s effort to trim the US budget deficit. The Congressional Budget Office, in a monthly review released yesterday, estimated that corporate tax receipts would exceed $330 billion in fiscal 2006, up 18% from 2005.
- Treasury investors, encouraged by slowing jobs growth, are more bullish than they have been since the aftermath of the Sept. 11 terrorist attacks.
- A UN resolution that would impose sanctions on North Korea is the only way to respond to its missile launches, Japanese Foreign Minister Taro Aso said.
- Roger Federer snapped his losing streak against Rafael Nadal and became the first man since Pete Sampras to win four straight Wimbledon titles.
- “Pirates of the Caribbean: Dead Man’s Chest,” the sequel to the 2003 Walt Disney(DIS) hit, took in a record $132 million in estimated ticket sales, the most ever for a three-day debut.
- Italy beat France 5-3 in a penalty shootout to win soccer’s World Cup for a European record fourth time after Zinedine Zidane scored and got a red card in the French captain’s last game in Berlin.
- China is in the best position to pressure North Korea into giving up its nuclear weapons, US lawmakers and Undersecretary of State Nicholas Burns said on network television news show today.
- Scientists discovered a genetic change that doubles the risk of breast cancer, a finding that may lead to better screening and treatment of the disease.
Wall Street Journal:
- China may force foreign companies to allow labor unions under a proposed legal change that would affect firms including Wal-Mart Stores(WMT).
NY Times:
- US tax receipts have been greater than expected this year and will lead to a decline in the US budget deficit. The US is expected to announce July 11 that tax receipts from corporations and wealthy will be about $250 billion more than last year, and the deficit is anticipated to be about $100 billion less than the White House forecast six months ago.
- US regulators may approve as early as next week a new once-daily HIV drug that combines Bristol-Myers Squibb’s(BMY) Sustiva and Gilead Sciences’(GILD) Truvada.
- Texas Instruments(TXN) focused on its integrated-circuits business and invented new uses for its processors to recapture the market share it lost when it strayed into other product lines.
Washington Post:
- President Bush will allow greater cooperation with Russia in the peaceful use of nuclear power.
Detroit Free Press:
- Oakland County, Michigan, may sell $500 million in bonds to pay for retirees’ health-care costs over the next 30 years.
Financial Times:
- Kraft Foods(KFT) has paid about $1.1 billion to acquire part of United Biscuits Group.
- French and German union leaders will oppose a possible three-way alliance between General Motors(GM), Nissan Motor and Renault SA, as it could accelerate the move of jobs out of Western Europe.
- The performance of hedge funds steadied in early July after the industry’s most difficult two-month period in at least five years, citing unidentified investors.
Sunday Times:
- Hilton Hotels(HLT) plans to expand the number of properties it has worldwide by more than a third.
Xinhua News Agency:
- Yum! Brands’(YUM) KFC chain plans to open 100 drive-through outlets in China within three years.
Yomiuri:
- Japan may deploy three of four Patriot interceptor missile systems earlier than planned after North Korea test-fired missiles this week.
Folha de S.Paulo:
- Wal-Mart Stores(WMT) forecast sales from its Brazilian operations will rise to $18.3 billion in 10 years.
Nihon Keizai:
- Japan is making steady progress toward ending deflation, the government will say in its report on the economy and fiscal policy.
Middle East Economic Survey:
- White Nile Operating Co. expects to boost production at its Thar Jath field in Sudan to 60,000 barrels a day.
AFP:
- Make Oil AG plans to build a refinery in the Kurdish area of northern Iraq to process crude from a newly discovered oil field in the region.
China Securities Journal:
- China’s money supply grew at the slowest pace in six months after the central bank stepped up efforts to drain money from the banking system.
Weekend Recommendations
Barron's:
- Had positive comments on (GD) and (LGF).
Night Trading
Asian indices are -.75% to +.% on average.
S&P 500 indicated +.04%
NASDAQ 100 indicated +.10%.
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/Estimate
- (AA)/.86
- (CHTT)/.58
- (EMMS)/-.05
- (HELE)/.26
- (IRBT)/-.20
- (SCHN)/.95
- (SGR)/.37
- (SMSC)/.24
Upcoming Splits
- None of note
Economic Releases
10:00 am EST
- Wholesale Inventories for May are estimated to rise .5% versus a .9% increase in April.
3:00 pm EST:
- Consumer Credit for May is estimated to fall to $3.2B versus $10.6B in April.
BOTTOM LINE: Asian Indices are lower, weighed down by automaker and technology shares in the region. I expect US stocks to open mixed and to trade modestly lower into the afternoon. The Portfolio is 50% net long heading into the week.
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