Bloomberg:
- The average US gasoline pump price fell 15.5 cents in the past two weeks to $2.87/gallaon as inventory of the fuel rose, Trilby Lundberg said, citing her survey of about 7,000 filling stations nationwide.
- Two Fox News journalists were freed in the Gaza Strip today after being kidnapped two weeks ago by a Palestinian group that demanded the release of Muslims held in US prisons.
- A Delta Air Lines Comair commuter plane crashed shortly after takeoff at Blue Grass Airport in Lexington, Kentucky, killing 49 and critically injuring one.
- Florida ordered the mandatory evacuation today of visitors in the Florida Keys as Tropical Storm Ernesto tracked toward the state from the Carribean.
- Energy companies have only evacuated some non-essential staff from platforms in the Gulf of Mexico as projections show Tropical Storm Ernesto moving away from the main offshore oil and gas producing regions.
- Hedge funds and other speculators are wagering more than ever on a continuing rally in US Treasuries.
- Gold’s appeal is fading as a slowing global economy and lower oil prices ease inflation concerns.
- FedEx(FDX) and the union for its pilots reached a tentative contract agreement after almost 30 months of talks.
- The dollar gained against the euro and yen this week as traders said bets against the US currency grew excessive.
- Wal-Mart Stores(WMT) said August same-store sales in the US rose about 2.7%, which bettered last month’s 2.4% gain. The company had forecast an increase of 1-3%.
Barron’s:
- Dell(DELL) plans to spend $150 million to improve its customer service.
NY Times:
- Sybase Inc.(SY) CEO Chen wants the company’s wireless business to have as much annual revenue as its database-software unit in three to five years, or about $500 million.
- US schools this year will have about 55 million students, the most in the nation’s history, amid an influx of immigrants similar to the early 20th century.
Business Week:
- Housing: The Roof Won’t Collapse on the US Economy
Detroit News:
- Ford Motor(F) is considering selling a “significant” stake in its Ford Credit finance unit.
InfoWorld:
- SAP’s CEO sees huge overcapacity being generated in China and an economic downturn there in 2008.
Sueddeutsche Zeitung:
- Electronic Arts(ERTS) is seeking to buy German rivals to boost its market share, citing the company’s Germany CEO.
Berliner Zeitung:
- A planned tax increase will act as a “major brake” on Germany’s economic expansion next year, just as the economy shows signs of recovering, citing Gustav Horn, chief economist at the IMK economic research institute.
Emirates Today:
- Monster.com, the job-listing service operated by Monster Worldwide(MNST), expects to increase 500% the number of listings on its new Gulf portal this year.
Al-Ahram:
- Hezbollah and Israel will swap prisoners within two to three weeks in an arrangement orchestrated by Germany.
Handelsblatt:
- Rio Tinto Group(RTP) CEO Clifford expects commodity prices to drop.
Commercial Times:
- AU Optronics(AUO) expects demand for its liquid-crystal displays to rise in the fourth quarter, citing company chairman KY Lee. Production lines at AU are running at capacity on lower inventories and rising orders for LCDs used in televisions.
Weekend Recommendations
Barron's:
- Had positive comments on (WRNC), (CTX), (TOL), (LEN), (KBH), (HOT), (HLT), (CBS), (ANAD) and (PHM).
Night Trading
Asian indices are -.50% to +.25% on average.
S&P 500 indicated -.02%
NASDAQ 100 indicated -.02%.
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
- (CAE)/.80
Upcoming Splits
- None of note
Economic Releases
- None of note
BOTTOM LINE: Asian Indices are mostly lower, weighed down by commodity and technology shares in the region. I expect US stocks to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the week.
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