Bloomberg:
- Israel and Hezbollah intensified their attacks as the UN prepared a resolution that US Secretary of State Condoleezza Rice said is a first step to ending fighting in Lebanon now in its fourth week.
- The US and France agreed on a proposed UN Security Council resolution designed to end the fighting between Israel and the militant Islamic group Hezbollah in Lebanon.
- Iran won’t suspend uranium enrichment even after the UN Security Council called for it to do so or face possible sanctions.
- President Bush said comprehensive immigration overhaul must begin with border security and include a guest-worker program and a means for many of the undocumented workers in the US to gain legal status.
- Senator Joe Lieberman, trailing an anti-war challenger in Connecticut’s Democratic primary election race, said his support for President Bush’s decision to liberate Iraq doesn’t mean he’s turned his back on fellow Democrats.
- Crude oil rose after BP Plc shut Alaska’s Prudhoe Bay field, the largest in the US, because it found a pipeline was corroded.
Wall Street Journal:
- DirectTV Group(DTV) and EchoStar Communications(DISH), US satellite tv providers, are gaining few customers as cable companies offer telephone and Internet service.
NY Times:
- New York will require all school children to take a language exam after the federal government ordered it to improve testing of students who speak limited English.
- Adobe Systems(ADBE) is concerned Microsoft Corp.(MSFT) users will be blocked from using its software to create PDF documents, citing CEO Chizen.
EE Times:
- Strong sales of high-definition TVs and other consumer electronics are projected to continue the second half of the year, according to an executive for Sony Electronics Inc.(SNE)
Washington Post:
- Energy-efficient techniques are spreading in commercial real-estate construction and renovation in a bid to control energy costs. Innovations including sun-reflecting ceramic dots in windows, giant vats of ice for overnight energy storage, plant-covered rooftops, bigger eaves and compact fluorescent lighting are being used. Experts say new energy-saving devices, better construction and smarter management can reduce electricity consumption by 20% in older commercial buildings and as much as 50% in new ones.
San Jose Mercury News:
- Venture capital investments in alternative energy start-up companies rose almost 400% in the second quarter from year-ago levels, citing data from research group VentureOne.
Crain’s Chicago Business:
- RR Donnelley & Sons(RRD) CEO Angelson held discussions with a group of buyout firms in recent months.
LA Times Times:
- Steven Spielberg, Jeffrey Katzenberg and Haim Saban are among prominent Democratic donors in Hollywood endorsing Republican California Governor Arnold Schwarzenegger’s re-election bid.
Sunday Times:
- Iran is trying to import uranium from the Democratic Republic of Congo, citing a UN report and unidentified Tanzanian customs officials.
Il Sole/24 Ore:
- The European Central Bank will continue to raise interest rates in coming months as economic growth accelerates, Lorenzo Bini Smaghi, an ECB executive board member said.
Independent:
- Iran will consider “painful” reprisals if the UN imposes sanctions over its refusal to suspend its uranium enrichment program, citing Ali Larijani, Iran’s nuclear negotiator. Iran may use its oil exports as a “weapon,” Larijani said.
Nihon Keizai:
- Japan’s government is discussing countermeasures after China National Offshore Oil Corp. said on Friday it started gas production in the East China Sea near territory claimed by Japan.
Commercial Times:
- AU Optronics(AUO) and Chi Mei Optronics Corp., Taiwan’s two biggest makers of display panels used in televisions, are considering investing in production of solar cells.
Business Standard:
- Starbucks Corp.(SBUX) plans to open outlets in India in 2007.
Weekend Recommendations
Barron's:
- Had positive comments on (IP).
- Had negative comments on (ADM) and (DELL).
Night Trading
Asian indices are -.25% to +.25% on average.
S&P 500 indicated -.07%
NASDAQ 100 indicated -.03%.
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
- (AES)/.16
- (AMT)/.02
- (ACF)/.55
- (CPKI)/.29
- (CUZ)/.27
- (EP)/.18
- (FST)/.55
- (FTO)/1.05
- (HANS)/.28
- (FLSH)/.22
- (MVL)/.11
- (MDR)/.53
- (MNT)/.27
- (OSIP)/-.03
- (PCLN)/.50
- (ELOS)/.39
- (WGR)/.61
Upcoming Splits
- None of note
Economic Releases
3:00 pm EST
- Consumer Credit for June is estimated to fall to $3.6 billion versus $4.4 billion in May.
BOTTOM LINE: Asian Indices are mixed as gains in mining stocks are being offset by losses in exporting shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the week.
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