Bloomberg:
- Crude oil traded near a 10-month low in NY on speculation OPEC won’t enforce a production cut as demand growth slows.
- South Korea’s central bank kept its benchmark interest rate unchanged for a second month as sliding fuel costs damped inflation and consumer spending slackened.
- UTStarcom Inc.(UTSI), the biggest supplier of wireless telephone systems in China, hired Merrill Lynch(MER) to explore options to help boost a stock that has dropped almost 80% since August 2003.
- CB Richard Ellis Group(CBG), the world’s largest provider of commercial property services, will join the S&P 500 Index, replacing BellSouth Corp.(BLS) after its purchase by AT&T(T).
- US ethanol producers are forging ahead with expansion plans even with construction costs rising and prices for the grain-based fuel half their levels in July, VeraSun Energy(VSE) CEO Endres said.
- AT&T’s(T) $79 billion purchase of Bellsouth(BLS) hit a regulatory snag as the FCC postponed a vote on the deal scheduled for tomorrow.
- Imports of refined copper and copper products into China, the world’s biggest user of the metal, fell 24% in the first nine months of the year, from a year ago.
- Butch Kezner, chief executive officer of Kerzner International, has died in a helicopter accident in the Dominican Republic, the company said in a statement issued in Singapore today.
Commercial Times:
- Samsung Electronics’ orders of electronic parts, such as liquid-crystal displays, from Taiwan suppliers may reach $3.2 billion this year. That would be 60% more than Samsung ordered from Taiwan suppliers last year. AU Optronics(AUO) and Chi Mei Optoelectronics are among the companies that supply Samsung.
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian Indices are unch. to +.25% on average.
S&P 500 indicated +.01%.
NASDAQ 100 indicated -.06%.
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
- (APOL)/.66
- (GENZ)/.71
- (HDI)/1.10
- (MTG)/1.56
- (PII)/1.07
- (WGO)/.39
Upcoming Splits
- None of note
Economic Releases
8:30 am EST:
- The Trade Deficit for August is estimated to shrink to -$66.7 Billion versus -$68.0 billion in July.
- Initial Jobless Claims for last week are estimated to rise to 311K versus 302K the prior week.
- Continuing Claims are estimated to fall to 2445K versus 2448K prior.
10:30 am EST:
- Bloomberg consensus estimates call for a weekly crude oil build of 1,500,000 barrels versus a 3,355,000 barrel increase the prior week. Gasoline supplies are expected to fall by 450,000 barrels versus a 1,153,000 build the prior week. Distillate inventories are estimated to fall by 125,000 barrels versus a 178,000 barrel increase the prior week. Finally, Refinery Utilization is expected to fall .4% versus a 2.5% decline the prior week.
2:00 pm EST:
- Fed’s Beige Book
- The monthly budget surplus for September is estimated at $52.0 Billion versus $35.7 Billion in August.
BOTTOM LINE: Asian indices are slightly higher, boosted by technology and industrial shares in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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