Bloomberg:
- Homes in Unterhaching, a German town of 22,000 south of Munich, will be warmed by hot water piped from 3,300 meters underground starting in May. They’re at the leading edge of a shift toward geothermal power generation that may swell Germany’s capacity 1,000-fold within a decade.
- Crude oil is falling another .14/bbl. in NY after yesterday plunging the most in 20 months as mild US weather curbed near-record speculation by investment funds.
- US Senator Charles Grassley said a balanced US budget by 2012 is “very possible.”
- Copper futures in Shanghai fell the maximum daily limit of 4% to a six-month low on diminishing speculation by investment funds as stockpiles rise.
Wall Street Journal:
- Gains in the yuan are eroding profit margins at an increasing number of Chinese exporters, citing local business executives.
Financial Times:
- Tribune Co.(TRB) bidders interested in buying the company, which owns media outlets and the Chicago Cubs, face a deadline of mid-January to make final offers.
Financial Express:
- Verizon Communications(VZ) may enter the race to acquire Indian wireless operator Hutchison Essar Ltd.
Night Trading
Asian Indices are -.75% to +.75% on average.
S&P 500 indicated +.04%.
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)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Conference Calendar
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Earnings of Note
Company/EPS Estimate
- (AYI)/.64
- (ARRO)/.34
- (STZ)/.60
- (LI)/.57
- (MON)/.10
- (TXI)/.55
- (GPN)/.44
- (RI)/.28
- (SGR)/.19
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- Initial Jobless Claims for last week are estimated to rise to 320K versus 317K the prior week.
- Continuing Claims for last week are estimated to fall to 2500K versus 2530K prior.
10:00 am EST
- Factory Orders for November are estimated to rise 1.3% versus a -4.7% decline in October.
- ISM Non-Manufacturing for December is estimated to fall to 57.0 versus a reading of 58.9 in November.
- Pending Home Sales for November are estimated to rise .8% versus a -1.7% decline in October.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil drawdown of -2,000,000 barrels versus an -8,132,000 barrel decline the prior week. Gasoline supplies are expected to rise by 1,500,000 barrels versus a 2,938,000 barrel rise the prior week. Distillate inventories are estimated to rise by 850,000 barrels versus a 472,000 barrel increase the prior week. Finally, Refinery Utilization is expected to rise .2% versus a .23% increase the prior week.
BOTTOM LINE: Asian indices are mixed as gains in automakers are offsetting losses in commodity shares in the region. I expect US equities to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.
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