Bloomberg:
- East Asia’s economic growth may slow next year as exports cool, and the resulting moderation in inflation will reduce pressure on central banks in the region to raise interest rates, the Asian Development Bank said.
Wall Street Journal:
- News Corp.(NWS) is coming close to buying back Liberty Media’s(LINTA) $11 billion stake in its company, in exchange for a stake in DirectTV Group(DTV).
- Iraq’s draft hydrocarbons law recommends foreign companies be involved in developing the country’s deposits using production sharing contracts and buyback contracts.
Financial Times:
- Al-Qaeda is establishing its headquarters in Pakistan from where it trains recruits and directs terror attacks on other nations, citing the findings of Britain’s security services.
- Hershey Co.(HSY) lowered its profit forecast for 2006 because of a recall of Canadian candy last month and sales that were less than the company expected.
- Dell Inc.(DELL) hired a new vice president to oversee online sales and support in a push to increase Internet sales.
- International Securities Exchange(ISE) filed a patent infringement lawsuit against the Chicago Board Options Exchange, opening a new front in the rivalry between the two largest US options markets.
- Weyerhaeuser Co.(WY), North America’s largest lumber producer, said it may close some plants and curtail operations at others because of “challenging” market conditions.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (RVBD), target $39.
- Upgraded (AAP) to Buy, target $44.
- Reiterated Buys on (CVH), (UNH), (WLP), (HUM) and (HNT).
- Rated (SNPS) Buy, target $34.
Night Trading
Asian Indices are unch. to +.75% on average.
S&P 500 indicated -.09%.
NASDAQ 100 indicated unch.
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
Conference Calendar
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/EPS Estimate
- (ATW)/.80
- (CHP)/-.25
- (CENT)/.48
- (ESL)/.66
- (FLE)/-.32
- (IDT)/-.21
- (JJZ)/.14
- (JOSB)/.29
- (MOV)/.61
- (NSM)/.27
- (PTMK)/-.20
- (SWHC)/.08
- (TTC)/.08
- (UTIW)/.31
- (PAY)/.29
Upcoming Splits
- (CRVL) 3-for-2
- (GRC) 5-for-4
Economic Releases
8:30 am EST
- Initial Jobless Claims for last week are estimated to fall to 325K versus 357K the prior week.
- Continuing Claims are estimated to fall to 2460K versus 2480K prior.
3:00 pm EST
- Consumer Credit for October is estimated to rise to $4.0 billion versus -$1.2 billion in September.
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and automaker 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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