Bloomberg:
- Crude oil is trading below $59/bbl. in NY after yesterday dropping the most in almost 14 months on expectations that a US government report will show a jump in fuel stockpiles.
- The Chinese government may relax rules concerning foreign ownership of its steel companies in order to help the industry to consolidate.
- Shares of Nintendo gained after the company raised its full-year profit forecast by 20%, citing sales of its DS model.
- South Korea expressed its “deeply serious concern and regret” over North Korea’s announcement it will conduct a nuclear test and told Kim Jong Il’s regime to withdraw plans.
- Australia’s central bank kept its benchmark interest rate unchanged at a 5 ½ year high today as economic growth slows and global inflation cools.
- China’s government will speed up the closure of small-scale steel plants as the country’s economy slows, Xie Qihua, chairwoman of China’s largest steelmaker Baosteel Group, said.
Commercial Times:
- Asustek Computer may ship more than 2 million notebook computers this quarter, up by more than 25% from the previous three months.
Late Buy/Sell Recommendations
Citigroup:
- According to our US Enterprise contacts, business picked up in a major way in Sept., enough to make up for a slower than expected summer, resulting in what looks to be an in-line September quarter. More importantly, 4Q optimism is very high with many of our contacts raising their expectations for 4Q, 2006 on the whole, and 2007.
- Reiterated Buy on (SWKS), target $9.30.
- Reiterated Buy on (DKS), raised target to $54.
- Reiterated Buy on (URBN), target lowered to $23.
Night Trading
Asian Indices are -.50% to unch. on average.
S&P 500 indicated +.02%.
NASDAQ 100 indicated +.08%.
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
- (ARRO)/.38
- (CPRT)/.29
- (SSI)/.18
- (VTS)/.42
Upcoming Splits
- (DRQ) 2-for-1
Economic Releases
8:15 am EST:
- The ADP employment change for September is estimated at 115K versus 107K.
10:00 am EST:
- The ISM Non-Manufacturing Index for September is estimated to fall to 56.0 versus a reading of 57.0 in August.
- Factory Orders for August are estimated to fall .2% versus a .6% decline in July.
10:30 am EST:
- Bloomberg consensus estimates call for a weekly crude oil drawdown of 1,100,000 barrels versus a 109,000 barrel decline the prior week. Gasoline supplies are expected to rise by 1,200,000 barrels versus a 6,345,000 barrel build the prior week. Distillate inventories are estimated to rise by 1,500,000 barrels versus a 2,618,000 barrel increase the prior week. Finally, refinery utilization is estimated to fall .83% versus a .99% decline the prior week.
BOTTOM LINE: Asian indices are mostly lower, weighed down by commodity shares in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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