Bloomberg:
- Crude oil traded near a five-month low in NY amid above average US supplies and less speculation of a significant production disruption.
- Merck & Co.’s(MRK) special investigation on the 2004 withdrawal of its Vioxx painkiller concluded that company scientists and managers “acted with integrity” in studying the drug’s potential heart risks. Former federal judge John Martin Jr. released a 1,700-page report saying Merck adequately studied red flags before the drug’s launch in May 1999.
- KB Home(KBH) reduced its earnings forecast, saying a decline in new orders will cause profit to fall in fiscal 2006 as higher mortgage rates crimped demand.
- South Korea’s central bank left its benchmark interest rate unchanged at a five-year high, following banks in the US, Europe and Australia in signaling that slowing growth is a greater concern than inflation.
- Florida’s Anibal Sanchez pitched a no-hitter in a 2-0 win over the Arizona Diamondbacks, the first in Major League Baseball in more than two years.
Financial Times:
- European Union regulations are being implemented too rigorously, imposing higher costs on small UK businesses and preventing them from hiring new staff, citing a survey conducted by the UK government’s Foreign Policy Centre.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (CSCO), target $26.
Night Trading
Asian Indices are -1.25% to -.25% on average.
S&P 500 indicated -.08%.
NASDAQ 100 indicated -.17%.
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
- (COO)/.74
- (JOSB)/.35
- (KFY)/.29
- (NSM)/.32
- (ZQK)/.04
- (SHFL)/.24
- (UTIW)/.24
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- Initial Jobless Claims for last week are estimated to fall to 315K versus 316K the prior week.
- Continuing Claims are estimated to fall to 2483K versus 2486K prior.
10:00 am EST
- Wholesale Inventories for July are estimated to rise .6% versus a .8% gain in June.
BOTTOM LINE: Asian indices are lower, weighed down by commodity stocks in the region. I expect US equities to open modestly lower and to maintain losses into the afternoon. The Portfolio is 75% net long heading into the day.
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