Bloomberg:
- Israel will “vanish” just like the Soviet Union collapsed, Iran’s President Mahmoud Ahmadinejad told a conference in Tehran that questions the Holocaust.
- The yen fell to a record low against the euro after Morgan Stanley Japan and Barclays Capital Japan cut growth forecasts for the world’s second-largest economy.
- China increased oil production at the fastest pace in 10 months in November as PetroChina and Cnooc Ltd. pumped more crude.
- Copper futures fell in Shanghai amid concern that slowing economic growth in the US and China might translate into reduced demand for the industrial metal as global stockpiles surge.
- China’s industrial production growth held close to a two-year low in November, suggesting the government is achieving a gradual slowdown in the world’s fastest-growing major economy.
New York Times:
- United Air Lines and Continental Airlines are discussing a possible merger.
Financial Times:
- The US plans military force, backed by Britain, to end violence in Sudan’s Darfur region. Over 200,000 people have died through violence and disease since the conflict began in February 2003, the UN says.
AFP:
- Russian authorities have banned a planned march in memory of killed journalists.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (CRM), target $44.
Night Trading
Asian Indices are -% to +.% on average.
S&P 500 indicated -.%.
NASDAQ 100 indicated -.%.
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Earnings of Note
Company/EPS Estimate
- (PLCE)/1.23
Upcoming Splits
- (GBCI) 3-for-2
Economic Releases
8:30 am EST
- Advance Retail Sales for November are estimated to rise .2% versus a .4% decline in October.
- Retail Sales Less Autos for November are estimated to rise .3% versus a .4% decline in October.
10:00 pm EST
- Business Inventories for October are estimated to rise .4% versus a .4% increase in September.
10:30 pm EST
- Bloomberg consensus estimates call for a weekly crude oil drawdown of 1,300,000 barrels versus a 1,049,000 barrel decline the prior week. Gasoline supplies are expected to rise by 1,000,000 barrels versus a 1,038,000 barrel decline the prior week. Distillate supplies are estimated to decline by 250,000 barrels versus a 459,000 barrel drawdown the prior week. Refinery Utilization is expected to rise .5% versus a 2.39% increase the prior week.
BOTTOM LINE: Asian indices are mostly lower, weighed down by financial and technology shares in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.
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