Bloomberg:
- Oil may fall for a fifth week amid rising US fuel inventories and speculation that losses on natural gas bets at Amaranth Advisors LLC will trigger selling of energy futures by other funds, a Bloomberg survey showed.
- Yagi Strengthened into a Supertyphoon, or Category 5 storm, with winds of 161 miles per hour, as it moved on a path US forecasters said will take it near Tokyo within 48 hours.
- Palestinian Authority President Abbas said a new national unity government he is forming will recognize Israel and renounce violence, key elements needed to get international aid flowing to the Gaza Strip and West Bank.
- China and Russia, both leading players in the effort to persuade North Korea to abandon its nuclear program, didn’t attend a US-hosted meeting on the issue, US Assistant Secretary of State Christopher Hill said.
- The 400 richest people in the US are all billionaires for the first time ever this year, according to Forbes Magazine’s annual list.
- Texas Instruments(TXN) said its board authorized the repurchase of an additional $5 billion of its common stock to boost returns for investors.
- Nike(NKE) said first-quarter profit fell 13% on stock-option expenses and higher marketing costs. The shares jumped as sales and orders rose more than analysts estimated.
- Palm(PALM) said first-quarter profit fell 9.2% as the company spent more to develop products and battled competitors. The shares rose after Palm announced a stock buyback.
China Business News:
- Iron ore prices will drop in the long term because of increasing global production capacity of the steel-making ingredient, citing Charles “Chip” Goodyear, the CEO of BHP Billiton(BHP).
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (NKE), target $104.
- PBM stocks oversold on Wal-mart(WMT) generic price cut.
Business Week:
- Schering-Plough Corp.(SGP) could be acquired or may consider merging with a rival pharmaceutical company, citing Catherine Arnold, an analyst with Credit Suisse.
- Newell Rubbermaid(NWL) shares will grow after increased spending on research and development, new products and advertising helped the company beat analysts’ earnings forecasts in the past two quarters, citing Lee Schultheis, investment chief at Alpha Hedged Strategies Fund.
- Drugmaker Cleveland BioLabs(CBLI) is expected to benefit from its partnership with Cleveland Clinic Foundation, famous for treating heart ailments and cancer, citing Cynthia Ekberg Tsai, general partner at Madelin Fund.
Night Trading
Asian Indices are -% to -.% on average.
S&P 500 indicated +%.
NASDAQ 100 indicated +%.
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
- None of note
BOTTOM LINE: Asian indices are lower, weighed down by technology and automaker shares 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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