Bloomberg:
- The US raised its terror alert to the highest level for flights from the UK afer the discovery of a "well-advanced plan" that suggested al-Qaeda was plotting to use liquid explosives and detonators disguised as electronic devices to blow up jetliners in midair, officials said.
- Crude oil traded near its lowest level this month after a foiled terrorist plot to attack airlines raised concern travelers will avoid flying, reducing jet-fuel demand.
- Japan’s economy grew .8%, less than half the pace expected, in the quarter ended June 30 as companies such as Toshiba at into stockpiles to keep up with demand.
- The Bank of Japan kept its benchmark interest rate unchanged as growth in the world's second largest economy cooled more than expected.
- GM(GM), DaimlerChrysler AG and BMW AG are investing more than $1 billion combined on a shared gasoline-electric system for autos that will compete with hybrid leader Toyota Motor(TM).
- Brocade Communications(BRCD) officers and directors agreed to strengthen corporate governance at the software maker and to help pay $525,000 in legal fees to settle shareholder lawsuits over stock-option backdating.
- Evercore Partners, the investment bank co-founded by former Deputy Treasury Secretary Roger Altman, raised $83 million in an IPO as investors bet more companies will turn to independent advisers for help with mergers and acquisitions.
- Harley-Davidson(HDI) is changing its stock symbol to “HOG,” a slang term for large motorcycles the company is famous for making.
- Target Corp.(TGT), JC Penney(JCP) and Kohl’s Corp.(KSS), defying predictions of a slowdown in consumer spending, reported profit that exceeded analysts’ estimates as sales of women’s accessories, clothing and food accelerated.
- Spot prices for alumina have collapsed 56% since March, according the Metal Bulletin. Chinese aluminum exports are likely to rise 100% over the next 12-18 months, according to Morgan Stanley.
NY Times:
- The US Dept. of Homeland Security urged users of Microsoft’s Windows operating system to install a patch that fixes a security flaw in the software.
Financial Times:
- Over 50% of Britons aged between 16 and 24 use social networking Web sites at least once a week.
Financial News:
- Posco may invest in the development of Canada’s oil sands.
AFP:
- British Prime Minister Tony Blair says an agreement on a UN resolution for the Middle East conflict could be reached “within the next 24 hours.”
- Muslims living in the UK will have “a sense of unease” over the fallout on their communities from the arrest of 24 people in connection with a probe into an alleged plot to blow up aircraft bound for the US, citing Inayat Bunglawala, a spokesman for the Muslim Council of Britain. “All right-thinking people must support the police in the intelligence-led actions they take to foil terrorist plots,” Bunglawala said.
Yomiuri:
- Sixty-five percent of Japanese people surveyed said China was “untrustworthy,” while 66% said relations between Japan and China were “bad.”
Star:
- Malaysia’s first shipment of biodiesel will leave for Europe next week. About 60,000 tons of biodiesel processed by Carotino Sdn. will be sent to Germany on Aug. 15.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (URBN), target $24.
Morgan Stanley:
- Reiterated Overweight on (JCP), target $80.
Business Week:
- Repligen Corp.(RGEN), a drug development company, could win 1% to 2% of ImClone Systems’(IMCL) Erbitux sales, citing Eric Ende of Merrill Lynch.
- Commercial Metals(CMC) is a potential takeover target, citing S&P analyst Leo Larkin.
Night Trading
Asian Indices are -.25% to +.25% on average.
S&P 500 indicated +.05%.
NASDAQ 100 indicated +.23%.
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
- None of note
Upcoming Splits
- (WFC) 2-for-1
- (RAI) 2-for-1
Economic Releases
8:30 am EST
- The Import Price Index for July is estimated to rise .8% versus a .1% gain in June.
- Advance Retail Sales for July are estimated to rise .9% versus a .1% decline in June.
- Retail Sales Less Autos for July are estimated to rise .5% versus a .3% increase in June.
10:00 am EST
- Business Inventories for June are estimated to rise .5% versus a .8% increase in May.
BOTTOM LINE: Asian indices are mixed as gains in technology shares are offsetting losses in commodity stocks in the region. I expect US equities to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 75% net long heading into the day.
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