Bloomberg:
- Investment in China’s real estate, factories and utilities slowed in July, suggesting government curbs on expansion are taking effect.
- The UN plans to deploy a 3,500-member force in southern Lebanon within 15 days as Israel began withdrawing its soldiers after a cease-fire halted more than a month of fighting with the Hezbollah group.
- Jones Apparel Group(JNY) abandoned an attempt to sell itself after failing to find a buyer.
- Australian consumer confidence plunged by the most in 17 years to a five-year low after the central bank raised interest rates a second time this year to stem inflation.
Financial Times:
- Hedge funds and banks will spend almost $500 million on technology this year to improve their credit derivatives system.
Xinhua News:
- China’s government will issue rules this month or in September to bar Internet Web sites from airing short films without government permission.
Late Buy/Sell Recommendations
Smith Barney:
- Reiterated Buy on (DKS), target $48.
- Reiterated Buy on (HAR), target $110.
Night Trading
Asian Indices are +.50% to +1.0% on average.
S&P 500 indicated -.01%.
NASDAQ 100 indicated unch.
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
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Earnings of Note
Company/EPS Estimate
- (BEAS)/.12
- (BLI)/-.05
- (CAI)/.72
- (CHRS)/.24
- (DAKT)/.16
- (EL)/.48
- (GYMB)/.03
- (HPQ)/.47
- (HOTT)/-.02
- (LDG)/.38
- (MW)/.58
- (NTAP)/.23
- (ROST)/.32
- (CRM)/.04
- (SNPS)/.18
- (TLB)/-.08
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- The Consumer Price Index for July is estimated to rise .4% versus a .2% gain in June.
- The CPI Ex Food & Energy for July is estimated to rise .2% versus a .3% gain in June.
- Housing Starts for July are estimated to fall to 1808K versus 1850K in June.
- Building Permits for July are estimated to fall to 1840K versus 1860K in June.
9:15 am EST
- Industrial Production for July is estimated to rise .6% versus a .8% gain in June.
- Capacity Utilization for July is estimated to rise to 82.7% versus 82.4% in June.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude drawdown of 1,300,000 barrels. Gasoline supplies are expected to fall 1,800,000 barrels. Distillate inventories are estimated to rise by 500,000 barrels. Finally, Refinery Utilization is estimated to rise .25%.
BOTTOM LINE: Asian indices are higher, boosted by technology and automaker stocks in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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