Bloomberg:
- The SEC approved rules that may allow institutional investors to put up less collateral when buying stocks on margin and trading derivatives contracts.
- China’s spending on factories, real estate and other fixed assets grew at a slower pace for the fifth straight month in November after the government curbed lending and project approvals.
- BP Plc(BP), Europe’s second-biggest oil company, said the US CFTC’s staff is recommending civil enforcement actions against it for improper trading of unleaded gasoline futures contracts in 2002.
- Suncor Energy said it may acquire land near Edmonton, Alberta, to build a refining plant to handle future expansion of its oil-sands operations, the second-largest in the world.
- OPEC may decide to postpone a production cut when it meets today as crude oil trades above $61 a barrel.
- China, the world’s biggest energy user after the US, approved funding for $307 million of projects to turn biomaterials into fuels as the nation conserves resources and cuts its reliance on oil imports.
Wall Street Journal:
- The US need to take “bold action” to improve the education system, citing NYC Mayor Bloomberg. Bloomberg compared the system to the “flabby, inefficient, outdated” US auto industry in the 1970s. 18 out of 100 high-school freshman will graduate on time, enroll directly in college and earn a two-year degree in three years or a four-year degree in six. The US isn’t receiving sufficient returns from “enormous” investment in education. Many teachers are recruited from among the bottom third of college classes and receive lifetime tenure after three years. Students are left to flounder in the early years and later face expensive remediation programs with limited success.
Nihon Keizai:
- The Bank of Japan will probably refrain from raising interest rates at its final policy meeting of the year next week.
China Daily:
- Chinese exporters may face higher trade barriers as trading partners including the European Union and the US tighten rules regarding energy and chemical use, citing a Chinese quality-control official.
Late Buy/Sell Recommendations
Citigroup:
- Rated (NUAN) Buy, target $15.
- Raised 2007 Russell 2000 target to 888, implying 12.6% upside.
- Maintained 2007 S&P 500 target of 1600, implying 13.3% upside.
Night Trading
Asian Indices are +.50% to +.75% on average.
S&P 500 indicated +.01%.
NASDAQ 100 indicated +.04%.
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Earnings of Note
Company/EPS Estimate
- (ADBE)/.33
- (BSC)/3.36
- (CIEN)/.13
- (COST)/.50
- (LEH)/1.68
- (MGAM)/.00
- (PIR)/-.34
- (ZQK)/.51
- (SAPE)/.04
- (TEK)/.37
- (WGO)/.31
Upcoming Splits
- (GBCI) 3-for-2
- (AFG) 3-for-2
Economic Releases
8:30 am EST
- The Import Price Index for November is estimated to rise .1% versus a -2.0% decline in October.
- Initial Jobless Claims for last week are estimated to fall to 320K versus 324K the prior week.
- Continuing Claims are estimated to fall to 2475K versus 2524K prior.
10:30 pm EST
- Bloomberg consensus estimates call for a weekly natural gas drawdown of -147 bcf versus an -11 bcf decline the prior week.
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 75% net long heading into the day.
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