Bloomberg:
- China’s oil imports, a driving force behind record prices, have “stabilized” and may decline within three years, Cnooc Ltd. Chairman Fu Chengyu said. China aims to cut the amount of energy used to produce each unit of gross domestic product by 20% in five years, and 4% this year.
- Brazil’s central bank cut the benchmark lending rate to the lowest level in at least 20 years to help speed economic growth, underscoring President Luiz Inacio Lula da Silva’s success in curbing inflation.
- Hynix Semi, Asia’s second-largest maker of memory chips, said second-quarter profit rose 36% after the company increased production faster than industry leader Samsung Electronics.
- Crude oil traded below $73 a barrel in NY after falling for a third day yesterday when a US government report showed the nation’s gasoline supply unexpectedly rose as production increased and demand eased.
- Xstrata Plc increased its hostile bid for Canadian nickel miner Falconbridge Ltd. by 7.2% to $16.3 billion to thwart Phelps Dodge’s(PD) plans for the mining industry’s largest takeover.
- Steel Authority of India, the nation’s biggest steelmaker, may say first-quarter profit fell 12%, for a fourth straight decline, as coal costs rose and competition from China drove down metal prices.
- The House of Representatives failed to override President Bush’s veto of legislation that would have permitted federal funding of research on new embryonic stem cells, ending the issue in Congress this year.
- The US Army Corps of Engineers’ design of flood-control projects, which was criticized after Hurricane Katrina, would be subject to outside oversight under a measure passed by the US Senate today.
Financial Times:
- Citigroup(C), Motorola(MOT) and Altria Group’s(MO) Philip Morris are among US companies concerned over a German tax reform plan that would bar businesses from deducting interest, leasing and rent payments form taxable profits, citing the American Chamber of Commerce.
21st Century Business Herald:
- Best Buy(BBY) is in talks to buy China’s San Lian Commerce Co. for $100 million.
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian Indices are +1.25% to +2.25% on average.
S&P 500 indicated +.15%.
NASDAQ 100 indicated +.65%.
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
- (AMD)/.22
- (AMGN)/.94
- (AH)/.89
- (AVID)/.33
- (B)/.37
- (BAX)/.52
- (BRCM)/.35
- (COF)/2.06
- (CERN)/.32
- (CMA)/1.14
- (DPZ)/.37
- (DJ)/.35
- (DHI)/.95
- (FFIV)/.51
- (FCS)/.20
- (FITB)/.66
- (FDC)/.55
- (F)/.12
- (FSL)/.49
- (GILD)/.54
- (GDW)/1.29
- (GOOG)/2.21
- (HON)/.61
- (ITW)/.78
- (IMCL)/.38
- (IGT)/.31
- (JCI)/1.68
- (LEG)/.45
- (MDC)/2.15
- (MEDI)/-.24
- (MCHP)/.36
- (MSFT)/.30
- (NE)/1.31
- (BTU)/.56
- (PFE)/.48
- (SHW)/1.25
- (SLM)/.70
- (SYK)/.51
- (UNP)/1.33
- (UB)/1.27
- (VRSN)/.24
- (WB)/1.15
- (WYE)/.76
Upcoming Splits
- (CX) 2-for-1
Economic Releases
8:30 am EST
- Initial Jobless Claims are estimated to fall to 320K versus 332K the prior week.
- Continuing Claims are estimated to fall to 2425K versus 2429K prior.
10:00 am EST
- Leading Indicators for June are estimated to rise .2% versus a .6% decline in May.
12:00 pm EST
- Philly Fed for July is estimated to fall to 12.0 versus a reading of 13.1 in June.
2:00 pm EST
- Minutes of June 29 FOMC Meeting.
BOTTOM LINE: Asian indices are higher, boosted by technology and automaker stocks in the region. I expect US equities to open modestly higher and to maintain gains into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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