Bloomberg:
- Adobe Systems(ADBE), the world’s biggest maker of graphic-design software, said third-quarter profit fell 35% as customers waited for updated products. The shares surged 7% after-hours on raised guidance.
- Mexican President Fox canceled plans to kick off Independence Day celebrations in Mexico City tomorrow to avoid potentially violent clashes with election officials.
- The Senate approved legislation today to tighten security at US ports as Republicans overcame Democratic efforts to add provisions related to the Iraq war and intelligence operations.
- The US warned citizens to “exercise caution” in Mexico amid a wave of increasing drug-related violence and kidnapping.
- A Senate committee dealt a rebuff to President Bush by approving military tribunal legislation that would give more legal protection to suspected terrorists.
- Crude oil was little changed below $64 a barrel in NY after rising US fuel supplies prompted renewed selling.
- Copper prices in Shanghai fell on concern that domestic supplies of the metal will rise after the government reduced export tariff rebates on non-ferrous minerals and other products.
- Intercontinental Exchange(ICE), an electronic energy market whose shares have risen 78% this year, agreed to acquire the New York Board of Trade for about $1 billion in cash and stock.
Business Week:
- The health-care industry is buoying the US economy. Since 2001, the industry has added 1.7 million jobs.
Financial Times:
- Internet sites promoting user-generated content, such as YouTube and News Corp.’s MySpace, have become the fastest-growing online brands in the UK, citing Nielsen/NetRatings.
The Guardian:
- Former US Treasury Secretary in the Clinton administration, Larry Summers, will write a monthly column for the Financial Times starting later this month. Summers left Harvard after triggering controversy last year when he told a conference that “innate differences” may explain why there were few female scientists in high-ranking academic positions.
Crain’s NY Business:
- The unemployment rate in NYC fell to 5.1% in August from 5.7% in July. NY state’s unemployment rate dropped to 4.7% in August from 5.1% a month earlier.
AFP:
- Cuba, a net oil importer, is finding oil at rapid rates and may join OPEC in coming years.
Seoul Economic Daily:
- South Korean companies are seeking to build factories, petrochemical and construction operations in Iraq, citing the Federation of Korean Industries.
International Oil Daily:
- China plans to triple its ethanol production to more than 3 million metric tons a year by 2010. The increase would cut China’s dependence on imported oil and boost the income of hundreds of millions of farmers, Liu Qun of the National Development and Reform Commission said at a biofuel conference.
Late Buy/Sell Recommendations
Business Week:
- Omnicare(OCR), a pharmacy services company for health-care providers, may see its stock gain 36% in a year, citing John Maloney, President of M&R Capital Management.
- The shares of Walgreen Co.(WAG) may rise as much as 86% in four years, citing ValueSearch Capital Management President Schwartzman.
- The Knot Inc., owner of a Web site with 4 million unique visitors each month, could rise on online advertising.
Night Trading
Asian Indices are -.50% to +.25% on average.
S&P 500 indicated -.05%.
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
- None of note
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- The Consumer Price Index for August is estimated to rise .2% versus a .4% gain in July.
- The CPI Ex Food & Energy for August is estimated to rise .2% versus a .2% increase in July.
- Empire Manufacturing for September is estimated to rise to 13.5 versus a reading of 10.5 in August.
9:15 am EST
- Industrial Production for August is estimated to rise .2% versus a .4% gain in July.
- Capacity Utilization for August is estimated to rise to 82.5% versus 82.4% in July.
9:45 am EST
- The Preliminary Univ. of Mich. Consumer Confidence reading for September is estimated to rise to 84.0 versus a reading of 82.0 in August.
BOTTOM LINE: Asian indices are mostly lower, weighed down by commodity shares in the region. I expect US equities to open modestly higher and to maintain gains into the afternoon. The Portfolio is 100% net long heading into the day.
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