Bloomberg:
- Legislation authorizing key parts of President Bush’s anti-terrorism strategy advanced in Congress, setting up votes in the House and Senate.
- Chevron Corp.(CVX) is in talks to join with Chinese petroleum producers on exploration and production projects one year after beating out China’s Cnooc Ltd. to acquire Unocal Corp.
- Microsoft(MSFT) boosted its dividend by 11% as the company seeks to distribute more of its $34 billion cash hoard.
- Business confidence among Japanese manufacturers fell in September from three months earlier, according to the Reuters monthly Tanken survey. Sentiment fell to 30 from 39 in June.
- China halted sales of brokerages to overseas firms, thwarting plans by Citigroup(C), Merrill Lynch(MER) and other securities companies to increase trading in the country.
Wall Street Journal:
- The US, European Union and Canada plan to make a complaint to the World Trade Organization about China’s tariffs on auto parts.
Financial Times:
- Poland has emerged as the main potential source of new troops for NATO’s mission in Afghanistan, after the alliance put out an urgent request for more troops.
Xinhua:
- Chinas Premier Wen Jiabao personally signed guidelines giving state-run Xinhua News Agency administrative and censorship powers over foreign new agencies.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (DG), target $17.
- Reiterated Buy on (HUM), target $75.
- Reiterated Buy on (IDTI), target $22.
- Reiterated Buy on (INTU), target $36.
CSFB:
- Global steel prices have begun falling as we envisioned. In view of the inventory glut in the US, price declines could be worse than those during 1H 2005, leading to a prolonged deterioration in the market.
Night Trading
Asian Indices are -.50% to +.75% on average.
S&P 500 indicated -.07%.
NASDAQ 100 indicated +.03%.
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
- (ADBE)/.26
- (BSC)/2.87
- (PIR)/-.28
- (TEK)/.33
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- The Import Price Index for August is estimated to rise .3% versus a .9% gain in July.
- Advance Retail Sales for August are estimated to fall .2% versus a 1.4% increase in July.
- Retail Sales Less Autos for August are estimated to rise .3% versus a 1.0% gain in July.
- Initial Jobless Claims for last week are estimated to rise to 315K versus 310K the prior week.
- Continuing Claims are estimated to rise to 2495K versus 2492K prior.
10:00 am EST
- Business Inventories for July are estimated to rise .5% versus a .8% increase in June.
BOTTOM LINE: Asian indices are modestly higher, boosted by commodity and technology 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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