Bloomberg:
- Peabody Energy Corp.(BTU) said it agreed to purchase Australia’s Excel Coal Ltd. for about $.134 billion in cash.
- Bisys Group(BSG) said personal details of 61,000 hedge fund investors were lost when an employee’s truck carrying the files was stolen.
- Andres Manuel Lopez Obrador led in a recount of Mexican election ballots that authorities say will determine the outcome of the nation’s closest ever presidential vote.
- Apple Computer(AAPL) and Creative Technology said in court papers they “remain open to the possibility” of ending their litigation battles over handheld music players.
Financial Times:
- Citigroup Inc.(C) saved over $500 million in 2005 by introducing a central computerized purchasing system and renegotiating contracts, citing an interview with Tim Tynan, head of the company’s business services unit.
- Republican Senators Bill Frist, John McCain and Democratic Senator Charles Schumer have written to President Bush saying that Russia should either let US hedge fund manager William Browder back into Russia or provide a credible explanation as to why it is denying entry to its largest foreign portfolio investor.
China Daily:
- China Petroleum & Chemical and Jiangsu Sanfangxiang Industry are among more than 100 Chinese polyester fiber makers facing dumping charges from the US.
Chosun Ilbo:
- North Korea may test-fire as many as four more short or medium-range missiles within the next five days.
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian Indices are -1.25% to unch. on average.
S&P 500 indicated -.07%.
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/EPS Estimate
- (AYI)/.57
- (DLP)/1.34
- (LI)/.51
- (HI)/.02
- (TIBX)/.06
Upcoming Splits
- (INTU) 2-for-1
- (WOS) 2-for-1
- (HANS) 4-for-1
- (HP) 2-for-1
- (UBS) 2-for-1
Economic Releases
8:30 am EST
- Initial Jobless Claims for last week are estimated to rise to 315K versus 313K the prior week.
- Continuing Claims are estimated to fall to 2408K versus 2409K prior.
10:00 am EST
- ISM Non-Manufacturing for June is estimated to fall to 59.0 versus a reading of 60.1 in May.
- Pending Home Sales for May are estimated to fall .2% versus a 3.7% decline in April.
10:30 am EST
- Bloomberg consensus estimates call for a 2,000,000 barrel crude oil drawdown. Gasoline supplies are expected to fall by 800,000 barrels. Distillate supplies are estimated to rise by 1,650,000 barrels. Finally, refinery utilization is expected to rise 0.30%.
BOTTOM LINE: Asian indices are mostly lower, weighed down by exporting stocks in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.
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