Bloomberg:
- National Aluminum Co., India’s biggest producer of alumina, expects second-half profit to decline because of falling prices of the raw material used to make the lightweight metal.
- Crude oil traded near a two-month low in NY on signs slowing US demand may take pressure off fuel stockpiles and as energy companies prepare to return workers to the Gulf of Mexico.
Financial Times:
- Private equity companies are attracting senior executives away from public companies, making it more difficult for publicly traded firms to acquire and retain management talent.
Shanghai Securities News:
- China should suspend approvals for development of new coal mines to curb a rise in inventories of the material used to make steel and fuel power plants.
China Securities Journal:
- China may widen the yuan’s trading band to help curb economic growth and damp speculation on the currency after an interest-rate increase this month.
Hindu Business Line:
- Indian steel companies may lower prices of hot-rolled coil starting Sept. 1.
Late Buy/Sell Recommendations
CSFB:
- Downgraded (ROK) to Underperform, target $58.
- Each of the key industry indicators we look to for the future direction of US steel prices continue to suggest there is more downside risk than upside potential in US steel prices in late 2006/early 2007.
Night Trading
Asian Indices are unch. to +.50% on average.
S&P 500 indicated -.03%.
NASDAQ 100 indicated +.05%.
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
- (BSG)/.15
- (DSW)/.30
- (JDSU)/.00
- (TIVO)/-.14
- (UNFI)/.30
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- Preliminary 2Q GDP is estimated to rise 3.0% versus a prior estimate of a 2.5% gain.
- Preliminary 2Q GDP Price Index is estimated to rise 3.3% versus a prior estimate of a 3.3% gain.
- Preliminary 2Q Personal Consumption is estimated to rise 2.5% versus a prior estimate of a 2.5% gain.
- Preliminary 2Q Core PCE is estimated to rise 2.9% versus a prior estimate of a 2.9% gain.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil drawdown of 1,500,000 barrels. Gasoline supplies are expected to fall by 600,000 barrels. Distillate inventories are estimated to rise by 1,300,000 barrels. Finally, Refinery Utilization is expected to rise .2%.
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and financial stocks in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
No comments:
Post a Comment