Bloomberg:
- South Korea’s government is aware North Korea may be preparing to conduct a second nuclear explosion, after a report said US satellites picked up activity at the site of the country’s first test last week.
- Schlumberger Ltd.(SLB), the world’s largest provider of oilfield services, and companies that drill wells and haul pipe are beating energy producers in the stock market. Falling oil prices mean the trend may not last. Services companies are so stretched and rental prices for rigs and exploration equipment so high that things can only go downhill from here, said Steven Yuan, an analyst at Sun Hung Kai Securities, in Hong Kong.
Wall Street Journal:
- Sears Holdings Corp.(SHLD), a discount retailer, opened 99 stores devoted to its preppy Lands’ End clothing unit within its department stores.
Financial Times:
- Morgan Stanley(MS) is near to an agreement that will see its investment and private bankers rewarded for referring business, citing retail brokerage head James Gorman.
- NetJets Europe Ltd., a unit of NetJets Inc., the business-jet fleet operator owned by Warren Buffett’s Berkshire Hathaway Inc., has ordered 30 jets from Raytheon Co.(RTN)
Kyodo News Service:
- Bank of China Ltd., the nation’s second-largest lender, has halted fund remittances to North Korea in at least some of its branches since yesterday.
Shanghai Securities News:
- China’s land prices grew .87% in the second quarter of this year, slower than the .92% first-quarter growth, citing the Ministry of Land and Resources’ research arm.
China Daily:
- Learning to play golf will be made compulsory for students taking business courses at Xiamen University in eastern China.
China Securities Journal:
- China will let state-owned companies listed on domestic markets give stock options to their executives as incentives to improve earnings.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (SCHW), target $22.
CSFB:
- US sheet steel supply is exceeding demand by 5M-7M tonnes. Mill capacity utilization has declined to 83.2% from 87.9% the prior week. Lower utilization rates are often met with lower prices. September steel imports are set to rise 75.3% y-o-y. Service center steel inventories, which are released Oct. 18th, are poised to show a sharp increase.
Night Trading
Asian Indices are -.75% to -.25% on average.
S&P 500 indicated -.14%.
NASDAQ 100 indicated -.19%.
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
- (ASD)/.82
- (ASO)/.53
- (CGNX)/.21
- (CSX)/.51
- (EMC)/.12
- (FRX)/.65
- (FCX)/1.59
- (INTC)/.17
- (IBM)/1.35
- (JEF)/.32
- (JNJ)/.93
- (KEY)/.72
- (LLTC)/.37
- (MAN)/1.03
- (MER)/1.47
- (MOT)/.34
- (NVLS)/.51
- (ODP)/.44
- (STT)/.79
- (SYK)/.46
- (STI)/1.46
- (TSS)/.27
- (UTX)/.96
- (USB)/.66
- (WFC)/.63
- (YHOO)/.11
Upcoming Splits
- (SAY) 2-for-1
Economic Releases
8:30 am EST:
- The Producer Price Index for September is estimated to fall .7% versus a .1% increase in August.
- The PPI Ex Food & Energy for September is estimated to rise .2% versus a .4% decline in August.
9:00 am EST:
- Net Foreign Security Purchases for August are estimated to rise to $56.5 billion versus $32.9 billion in July.
9:15 am EST:
- Industrial Production for September is estimated to fall .1% versus a .1% decline in August.
- Capacity Utilization for September is estimated to fall to 82.2% versus 82.4% in August.
1:00 pm EST:
- The NAHB Housing Market Index for October is estimated at 30 versus a reading of 30 in September.
BOTTOM LINE: Asian indices are lower, weighed down by automaker 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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