Bloomberg:
- Bear, Stearns & Co.’s(BSC) Francois Trahan, the top-ranked Wall Street strategist, increased his forecast for where the S&P 500 Index will finish next year, predicting a 15% advance from today’s close.
- Crude oil traded near an eight-month low after falling yesterday on speculation Middle East shipments and a seasonal dip in demand will increase global stockpiles.
- Katie Couric has lost almost 33% of her viewers since she took over as anchor of “The CBS Evening News” and now trails predecessor Bob Schieffer.
- Chevron Corp.(CVX) said it will prepare a proposal for the development of at least three biofuel plants for Ethanex Energy by 2008.
- Nippon Oil, Japan’s biggest petroleum refiner, will cut crude oil processing 25% compared with a year ago this month because of rising stockpiles.
- Amaranth Advisors LLC, the hedge-fund manager that lost $6.6 billion betting on natural gas, bought energy stocks in the third quarter before it was forced to liquidate, according to regulatory filings.
- Rabies was China’s deadliest infectious disease in the first nine months of 2006, with the number of cases surging by 30%, the health ministry said.
Wall Street Journal:
- The US Justice Department will probably approve AT&T’s(T) acquisition of BellSouth Corp.(BLS) for $67 billion with few or no conditions as early as tomorrow.
Financial Times:
- American International Group(AIG) is leading a group set to buy London City Airport for $1.4 billion.
Reuters:
- Ford Motor(F) is recalling more than 139,000 US vehicles because of defects related to door latches, citing the National Highway Traffic Safety Administration.
Late Buy/Sell Recommendations
Merrill Lynch:
- Emerging-market stocks may lag behind those in developed countries until year-end because they are still vulnerable to “sulks and tantrums” in the face of a slowdown in global economic growth.
Night Trading
Asian Indices are unch. to +.25% on average.
S&P 500 indicated -.10%.
NASDAQ 100 indicated -.09%.
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
- (NDN)/.07
- (GCI)/1.11
- (LRCX)/1.03
- (MTB)/1.83
- (MON)/-.21
- (PGR)/.50
- (RI)/.36
Upcoming Splits
- None of note
Economic Releases
2:00 pm EST:
- Minutes of Sept. 20 FOMC Meeting
BOTTOM LINE: Asian indices are slightly higher, boosted by technology and automaker shares in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing modestly mixed. The Portfolio is 100% net long heading into the day.
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