Bloomberg:
- US inventories of distillate fuel, a category that includes heating oil and diesel, probably rose as refineries prepared for the winter months, a Bloomberg News survey indicated. Distillate inventories are already 18% above their five-year average for this time of the year.
- Crude oil fell below $61 a barrel for a second day in New York on concern a cut in output by Venezuela and Nigeria will do little to reduce global supplies.
- US Steel(X) may curb output if North American demand falters and inventories climb, said CEO John Surma. “I don’t like to make a lot of steel to put it on the warehouse floor,” Surma said. “The trends are obvious, and they are tracking somewhat what happened in 2004 or 2005.”
South China Morning Post:
- LDK Solar Hi-Tech, a maker of solar power equipment in China, plans to raise $300 million in an IPO on the Nasdaq Stock Market(NDAQ) next year.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (SPLS), target $31.
- Office products and consumer electronics retailers likely experienced the strongest sales gains in September, with the former driven by a better than expected back-to-school season, and the latter driven by continued strength in flat panel TVs and laptops.
Night Trading
Asian Indices are -.25% to unch. on average.
S&P 500 indicated +.06%.
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
- (LWSN)/.01
- (MOS)/.23
Upcoming Splits
- (LIHR) 2-for-1
Economic Releases
Afternoon:
- Total Vehicle Sales for September are estimated to rise to 16.5M versus 16.1M in August.
- Domestic Vehicle Sales for September are estimated to rise to 12.6M from 12.5M in August.
BOTTOM LINE: Asian indices are mostly lower, weighed down by 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 75% net long heading into the day.
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