Bloomberg:
- US gasoline at the pump fell 1.8 cents to a nationwide average of $2.20 a gallon, the lowest price in over 11 months, a government report showed.
- Crude oil is falling for a third day on speculation mild fall temperatures in the US may trim heating demand, boosting stockpiles.
- US temperatures will average higher than normal across all regions this winter except in the Northeast, where colder-than-average conditions will dominate, meteorologists said in a November-through-January outlook.
- Douglas Emmett, a US real estate investment trust that owns offices and luxury apartments in the LA area and Hawaii, raised $1.39 billion in the largest IPO for a domestic property trust.
- The Panama Canal will double its capacity, making the 92-year-old waterway more competitive to lure the world’s largest tankers and container ships, after voters yesterday approved a $5.3 billion expansion plan.
- Baosteel Group, China’s biggest steelmaker and the world’s sixth-largest, plans to more than double crude steel output to 50 million metric tons by 2012.
- Oxiana Ltd., the fastest growing of Australia’s 10 largest mining company, had a 27% gain in third-quarter copper production and zinc output jumped 22% after it boosted output and bought a mine.
- Investors spend a record $837 million on renewable energy technologies such as solar power, ethanol and bio-diesel during the third quarter as rising fuel costs and improved technology make the industry more likely to become profitable, according to a report from Cleantech Venture Network.
- David Berkowitz, whose Gotham Partners LP closed three years ago after investors withdrawals and a government prove, raised about $155 million for a hedge fund to invest in stocks.
Financial Times:
- GE Money, the consumer finance arm of General Electric(GE), and Wal-Mart Stores(WMT) are close to starting a credit card in China.
- Marsh & McLennan(MMC), the world’s largest insurance broker is “absolutely not” for sale, citing Brian Storms, head of Marsh’s insurance operations.
Union Radio:
- OPEC may cut production by an additional 500,000 barrels a day when the group meets Dec. 14 in Abuja, Nigeria, Venezuelan Energy and Oil Minister Rafael Ramirez said.
Shanghai Daily:
- Papa John’s Intl.(PZZA) plans to have 500 stores in China in the next ten years, citing the company’s CEO.
Economic Daily News:
- Corning Inc.(GLW) has frozen expansion in central Taiwan after local display panel makers delayed construction of new-generation plants.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (LLL), target $91.
- Reiterated Buy on (CVH), target $68.
- Reiterated Buy on (NFLX), target $33.50.
- Reiterated Buy on (SLAB), target $43.
- Reiterated Buy on (PBI), target $51.
Night Trading
Asian Indices are +.25% to +.75% on average.
S&P 500 indicated -.08%.
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
- (ADVS)/.11
- (AFL)/.72
- (AKS)/.34
- (ALK)/2.10
- (AMZN)/.03
- (AV)/.13
- (BLS)/.59
- (EAT)/.46
- (BNI)/1.30
- (CTX)/.68
- (CKFR)/.39
- (CME)/2.87
- (COH)/.31
- (GLW)/.25
- (CYMI)/.65
- (ESV)/1.30
- (ESRX)/.82
- (FAF)/1.16
- (FLEX)/.20
- (GNSS)/.14
- (IM)/.32
- (JBLU)/.00
- (KLAC)/.69
- (LM)/1.02
- (LVLT)/-.14
- (LMT)/1.24
- (LPX)/.09
- (LU)/.04
- (MUR)/1.02
- (NBR)/.99
- (NOC)/1.07
- (PNRA)/.36
- (PD)/4.80
- (QLGC)/.22
- (STX)/.17
- (AMTD)/.22
- (TLAB)/.13
- (WHR)/1.46
- (XTO)/.87
Upcoming Splits
- (HLSH) 1-for-5
Economic Releases
- None of note
BOTTOM LINE: Asian indices are higher, boosted 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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