Bloomberg:
- Royal Dutch Shell Plc, BP Plc, ConocoPhillips(COP) and Marathon Oil(MRO) reached agreement with the US Minerals Management Service to pay oil and gas royalties under botched Gulf of Mexico leases from 1998 and 1999.
- Samsung Electronics of South Korea and liquid-crystal display makers in Taiwan and Japan my face the largest antitrust penalty ever after a probe of possible price-fixing in the $69 billion industry.
- Confidence among Japan’s largest manufacturers rose to a two-year high in December and companies said they plan to increase spending at the fastest pace in 15 years.
- Cosan SA Industria e Comercio, the world’s largest sugarcane processor, reported a record profit as ethanol and sugar sales rose, driven by higher demand in Brazil and the US.
- The Dept. of Homeland Security will propose requiring chemical makers such as DuPont(DD) and railroads such as CSX Corp.(CSX) to better secure shipments of dangerous chemicals, a department official said.
- OPEC shouldn’t target high oil prices by restricting output, Japan’s Trade Minister Akira Amari said. “Oil consuming nations should work on energy conservation and efficiency to reduce demand for oil,” Amari told reporters. The reduction in demand may equal the 500,000 barrel-a-day output cut decided by OPEC yesterday.
Late Buy/Sell Recommendations
Morgan Stanley:
- Reiterated Overweight on (ET), target $30.
Business Week:
- Fortune Brands’(FO) shares may rise 12% in the next year, citing Gregory Gieber of AG Edwards.
- Shanda Interactive(SNDA), China’s second-biggest provider of online games, will benefit from growth in Internet and broadband usage.
Night Trading
Asian Indices are +.50% to +1.0% on average.
S&P 500 indicated +.04%.
NASDAQ 100 indicated +.12%.
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Economic Releases
8:30 am EST
- The Consumer Price Index for November is estimated to rise .2% versus a -.5% decline in October.
- The CPI Ex Food & Energy for November is estimated to rise .2% versus a .1% increase in October.
9:00 am EST
- Net Long-term TIC Flows for October are estimated to rise to $70.0 billion versus $65.1 billion in September.
9:15 pm EST
- Industrial Production for November is estimated to remain unch. versus a .2% gain in October.
- Capacity Utilization for November is estimated to rise to 82.1% versus a reading of 82.0% in October.
BOTTOM LINE: Asian indices are higher, boosted by automaker and technology shares in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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