Bloomberg:
- US investors last year put the least money into domestic stock funds in a rising market since 1989, according to industry statistics. Investors’ reticence to dive into equities implies there’s plenty of cash available to fuel gains, said Jeff Schappe of BB&T Asset Management.
- Crude oil fell for a second day in NY, dropping back below $56/bbl., on skepticism OPEC can maintain prices amid falling heating demand in the US.
- US gasoline at the pump fell 2.8 cents to a nationwide average of $2.31 a gallon the week ended today, the biggest decline in almost 3 months.
- Shares of Sony(SNE) posted their biggest gain in more than five months after the company met its PlayStation 3 shipment target in the US last year.
- China National Petroleum Corp., the country’s largest producer of oil and gas, will increase capital expenditures by 25% this year to $32 billion as it drills domestically and abroad.
- China National Offshore Oil Corp., the nation’s third-largest oil company, plans to partner with PT Sinar Mas Agro Resources & Technology, to invest $5.5 billion in biofuel projects.
- US and European regulators, turning a spotlight on one of Wall Street’s most profitable businesses, are conducting a joint probe into whether banks and securities firms set strict enough limits on loans to hedge funds.
- Kim Eng Tan, analyst at S&P Singapore, said there is a “very strong” chance that his company will reduce its outlook on Thailand’s credit rating.
- Toyota Motor(TM) and Honda Motor(HON), the two biggest Japanese automakers in the US, expect demand for fuel-efficient vehicles to add to their record US share this year.
Wall Street Journal:
- General Electric(GE) is auctioning its plastics unit after the US Dept. of Justice expressed concerns about lack of competition among bidders.
- Cingular Wireless LLC may provide mobile-phone service for a new device from Apple Computer(AAPL). The phone may be introduced as soon as tomorrow.
Economic Times:
- Global funds investing in Indian stocks may need to pay a capital-gains tax of 10% on income from sale of shares within a year of buying.
Late Buy/Sell Recommendations
Citigroup:
- Rated (AT) Buy, target $63.
- Rated (LTR) Buy, target $53.
- Favorite retail stocks for 2007 are (LOW) and (DG).
Night Trading
Asian Indices are -.25% to +1.0% on average.
S&P 500 indicated +.09%.
NASDAQ 100 indicated +.12%.
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
- (AA)/.65
- (VOXX)/.65
- (HELE)/.85
- (RI)/.28
- (VOL)/.62
Upcoming Splits
- None of note
Economic Releases
- None of note
BOTTOM LINE: Asian indices are mostly higher, boosted by technology shares in the region. I expect US equities to open modestly higher and to build on gains into the afternoon. The Portfolio is 100% net long heading into the day.
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