Bloomberg:
- STMicroelectronics NV(STM), Europe’s largest maker of computer chips, may be targeted for a takeover, according to traders betting on the creditworthiness of companies in the credit-default swap market.
- Congress moved closer to passing legislation creating military tribunals to try terrorist suspects before it recesses at week’s end for the Nov. 7 election.
- Toyota Motor, Honda Motor and Nissan Motor, Japan’s three largest carmakers, will highlight diesel models at the Paris Motor Show today as they aim to grab a greater share of a segment that accounts for half of all car sales in Europe.
- Chevron(CVX), the second-largest US oil company, said third-quarter oil and natural gas output rose 6% as some wells damaged by hurricanes in the Gulf of Mexico last year resumed production.
- The US House of Representatives passed legislation requiring regulators to investigate the $1.2 trillion hedge-fund industry and made recommendations as to whether it needs more oversight.
- The yuan rose to the highest since July last year after US Treasury Secretary Henry Paulson said trade-sanction threats aren’t the right way to deal with China.
China Daily:
- China is promoting the use of ethanol-enriched gasoline for motor vehicles in nine provinces, citing an official with the National Development Reform Commission.
Late Buy/Sell Recommendations
Smith Barney:
- Reiterated Buy on (WEN), target $75.
- Reiterated Buy on (AZO), target $124.
CSFB:
- Reiterated Buy on (EMR).
Night Trading
Asian Indices are +.25% to +.50% on average.
S&P 500 indicated -.03%.
NASDAQ 100 indicated unch.
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
- (AM)/-.16
- (FDO)/.23
- (TXI)/1.07
Upcoming Splits
- (ATE) 1-for-2
- (GEO) 3-for2
Economic Releases
8:30 am EST
- Final 2Q GDP is estimated to rise 2.9% versus prior estimates of a 2.9% gain.
- Final 2Q GDP Price Index is estimated to rise 3.3% versus prior estimates of a 3.3% gain.
- Final 2Q Personal Consumption is estimated to rise 2.6% versus prior estimates of a 2.6% increase.
- Final 2Q Core PCE is estimated to rise 2.8% versus prior estimates of a 2.8% gain.
- Initial Jobless Claims for last week are estimated to fall to 315K versus 318K the prior week.
- Continuing Claims are estimated to rise to 2473K versus 2461K prior.
BOTTOM LINE: Asian indices are slightly higher, boosted by automaker, commodity and technology shares in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.
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