Bloomberg:
- General Motors(GM) said its second-quarter net loss was $200 million more than first reported because of a charge tied to the sale of its finance unit and warned that the transaction may be delayed.
- PIMCO, the manager of the world’s biggest bond fund, formed a fund to invest in high-yield, high-risk municipal debt.
- Israel expanded its land operations in Lebanon, targeting Hezbollah bases inside the country. Between 70-80% of Hezbollah’s missiles and rocket launchers have been destroyed since the fighting began July 12.
Financial Times:
- The impression that the US and the UK are leading international diplomatic efforts to resolve the Middle East conflict “has go to be countered,” citing an interview with United Nations Deputy Secretary-General Mark Malloch Brown.
- Fidelity Investments expects its fund business to continue to shrink as it generates more revenue from the processing of payroll, health and retirement plans.
Wall Street Journal:
- Fuyao Group Glass Industries, China’s largest automotive glass maker, bid for glass assets managed by Ford Motor(F).
- Kohlberg Kravis Roberts and Silver Lake Partners have won an auction for the semiconductor unit of Philips Electronics NV.
- Coca-Cola(KO) has agreed to an alliance with Apple Computer(AAPL) for the iTunes digital music service to be promoted on the soft drink company’s Web site in Europe.
Shanghai Securities News:
- China may let its currency gain 2% this year to help east the country’s trade imbalance and cut excessive market liquidity.
Late Buy/Sell Recommendations
Goldman Sachs:
- Upgraded (CMED) to Outperform, target $28.50.
Night Trading
Asian Indices are -.50% to +.50% on average.
S&P 500 indicated +.03%.
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/EPS Estimate
- (ADP)/.46
- (AGN)/.83
- (AT)/.87
- (BEC)/.67
- (CBT)/.46
- (CI)/1.94
- (CLX)/1.04
- (CNO)/.45
- (CTSH)/.33
- (CNO)/.45
- (DF)/.53
- (DVN)/1.56
- (DLB)/.13
- (EXPE)/.24
- (GSF)/.86
- (HOC)/1.24
- (INSP)/1.06
- (IDCC)/2.94
- (LVS)/.34
- (MA)/.62
- (NTES)/.27
- (OII)/.51
- (PCG)/.64
- (PG)/.54
- (PRU)/1.44
- (PWR)/.12
- (SBUX)/.17
- (TWX)/.19
Upcoming Splits
- None of note
Economic Releases
- None of note
BOTTOM LINE: Asian indices are mostly lower, weighed down by financial and technology stocks in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.
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