Bloomberg:
- Intl. Business Machines(IBM) said second-quarter profit rose 11% after the company reduced expenses by cutting jobs in Europe and shifting work to India.
- Charles Schwab(SCHW) said second-quarter profit rose 35% after price cuts lured new clients. TD Ameritrade’s(AMTD) third-quarter net income increased 67%.
- Yahoo!(YHOO) said second-quarter profit fell after a year-earlier gain. Sales rose 26% as the company’s Web pages drew more users and advertisers.
- Toyota Motor(TM), the largest seller of hybrid autos, may produce gasoline-electric models that can be recharged at any outlet to reduce the use of gasoline.
- The Senate approved 63-37 legislation to overturn a ban on federal funding for research on new embryonic stem cells.
- Crude oil traded below $74/bbl. in NY after falling to a one-week low yesterday on speculation Middle East oil supplies won’t be disrupted by the military conflict in Lebanon.
- Asian stocks trading in the US posted their worst losing streak in two months.
- Copper prices fell in Shanghai, London, and NY amid concern that consumption in China may drop as the country adopts more measures to slow economic growth.
Financial Times:
- Wal-Mart Stores(WMT) is developing a new generation of hybrid truck engines and other fuel saving technology to improve the efficiency of its truck feet.
- General Motors(GM) will ensure every car and light truck it produces meets or beats the best fuel economy of its rivals, and is willing to sacrifice performance and cost, citing an interview with Vice-Chairman Bob Lutz.
London-based Times:
- Google(GOOG) will introduce click-to-play video ads in the UK, allowing users to select which ad messages they wish to view.
Commerical Times:
- Asustek Computer this month started shipping Playstation 3 units it manufactured to Sony Corp.(SNE) for the rollout of the game console in November.
AP:
- State-licensed casinos in Louisiana won a best-ever $2.38 billion from gamblers in the year ended June 30 even after the devastation from hurricanes Katrina and Rita.
- Israel sent a unit of soldiers into Southern Lebanon to search for weapons and tunnels used by Hezbollah.
JoongAng Ilbo:
- North Korean leader Kim Jong Il ordered the country’s soldiers and civilians to go on a state of military alert, citing an unidentified South Korean government official.
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian Indices are +.50% to +1.0% on average.
S&P 500 indicated +.01%.
NASDAQ 100 indicated -.39%.
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
- (ABT)/.57
- (ALL)/1.61
- (DOX)/.46
- (ASD)/.93
- (AMR)/1.14
- (AAPL)/.44
- (BK)/.56
- (BAC)/1.10
- (CDWC)/.79
- (CAKE)/.28
- (CIT)/1.16
- (ET)/.35
- (EBAY)/.24
- (GD)/1.00
- (GPC)/.69
- (INTC)/.13
- (JPM)/.87
- (JNPR)/.19
- (KMI)/1.02
- (LRCX)/.83
- (MEL)/.52
- (MOT)/.31
- (NVLS)/.38
- (QCOM)/.41
- (RMBS)/.07
- (RYL)/1.93
- (STX)/.41
- (LUV)/.26
- (STJ)/.38
- (STI)/1.48
- (UNH)/.68
- (WM)/.93
Upcoming Splits
- (RS) 2-for-1
Economic Releases
8:30 am EST
- The Consumer Price Index for June is estimated to rise .2% versus a .4% gain in May.
- The CPI Ex Food & Energy for June is estimated to rise .2% versus a .3% gain in May.
- Housing Starts for June are estimated to fall to 1900K versus 1957K in May.
- Building Permits for June are estimated to fall to 1920K versus 1946K in May.
10:00 am EST
- Bernanke Report on Economy & Fed Policy
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil drawdown of 650,000 barrels. Gasoline supplies are expected to fall 875,000 barrels, while distillate inventories are estimated to rise 1,750,000 barrels. Finally, Refinery Utilization is expected to rise 1.0%.
BOTTOM LINE: Asian indices are higher, boosted by technology and automaker stocks in the region. I expect US equities to open mixed and to rally into the afternoon, finishing higher. The Portfolio is 100% net long heading into the day.
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