Bloomberg:
- Hedge-fund inflows plunged 64% in the fourth quarter from the pace of the previous three months as returns trailed market indexes and investors reacted to the collapse of Amaranth Advisors LLC.
- Crude oil is falling for a second day in NY after plunging below $50 a barrel yesterday for the first time since May 2005 following a surge in US oil and fuel stockpiles.
- Australia and the US said they are concerned at China test firing a missile into space to destroy an obsolete weather satellite orbiting the Earth.
- Merck & Co.(MRK) was granted a mistrial after a Los Angeles jury couldn’t reach a verdict following six days of deliberations in a case over the heart attacks of two men who used the company’s Vioxx painkiller.
- Copper futures in Shanghai are falling to a nine-month low, after data showed supply of the metal outpacing demand, outweighing signs that the US housing sector may be recovering.
- Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures Ltd., says oil will fall to $40/bbl. on “huge” supplies.
- Venezuela seeks enforcement of oil production quotas among fellow members of OPEC, not a production cut, the country’s oil minister said.
- Madeleine Albright, the former US secretary of state during the Clinton administration, raised $329 million to invest in emerging markets.
- IBM(IBM) said fourth-quarter profit rose 11% on new contracts and acquisitions to bolster the company’s software unit. The shares fell 5% after-hours on disappointing hardware sales.
- Consumer Reports magazine retracted an article that said most infant car seats failed in crash tests, after US auto-safety regulators questioned the results.
- Capital One Financial(COF) said profit rose 39% as loan losses fell. The stock rose .90 in after-hours trading.
- By a margin of 68% to 31%, respondents in a new Bloomberg/LA Times poll said the economy is doing well – the highest percentage since 2001.
- Toyota Motor(TM) recalled more than half a million pickup trucks and sport-utility vehicles in the US due to a steering fault that may have led to 11 accidents.
- The yen’s decline may accelerate as the Bank of Japan damaged its credibility by leaving interest rates on hold, said Toru Umemoto, at Barclays Capital, the most accurate forecaster of the yen last year in Bloomberg surveys.
- China’s tax administrator is trying to downplay a rule that says duties will be based on market value instead of estimates, after its announcement four days ago roiled property stocks on the Shanghai and Shenzhen exchanges.
- The global crude oil market is “adequately supplied” and producers should avoid reducing output further to preserve consuming countries’ stocks, Intl. Energy Agency Executive Director Claude Mandil said.
- Asian gasoline prices may fall further as China, Asia’s largest refiner, fires up new oil-processing plants and increases exports.
Xinhua News Agency:
- Local governments are fabricating inflated data for a national agricultural census to meet preset targets, citing China’s chief statistician.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (KLAC), target $65.
- Maintain Buy on (WY), target $85.
Business Week:
- US Airways’(LCC) shares could rise 29% within a year even if the carrier’s $10.5 billion offer for Delta Air Lines is rejected. Credit Suisse’s Daniel McKenzie said the stock could rise to a range of $72 to $76 in 12 months.
- UCBH Holdings(UCBH) is looking to buy in China to fuel growth, citing company Executive VP Jonathan Downing.
Night Trading
Asian Indices are -.75% to +.25% on average.
S&P 500 indicated -.03%.
NASDAQ 100 indicated -.06%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
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Earnings of Note
Company/EPS Estimate
- (C)/1.00
- (FAST)/.31
- (GE)/.64
- (JCI)/.84
- (KEY)/.73
- (MOT)/.25
- (RF)/.72
- (SLB)/.85
- (STI)/1.46
Upcoming Splits
- (GROW) 2-for-1
Economic Releases
8:30 am EST
- The Preliminary Univ. of Mich. Consumer Confidence reading for January is estimated at 92.0 versus a reading of 91.7 in December.
BOTTOM LINE: Asian indices are mostly lower, weighed down by commodity 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 50% net long heading into the day.
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