Bloomberg:
- US airline pilots could fly to age 65 as long as the other person in the cockpit is under age 60, according to a rule aviation regulators may propose.
- Air America Radio, the bankrupt liberal talk-radio network, agreed to be sold to New York real estate investor Stephen L. Green for an undisclosed price. Green, 69, is chairman of SL Green Realty(SLG), the biggest owner of Manhattan office buildings.
- McDonald’s Corp.(MCD) has chosen the trans fat-free cooking oil it will use for frying at its 13,000 US stores, allowing the company to comply with laws aimed at improving health while maintaining the taste of its French fries.
- Baoshan Iron & Steel, the listed unit of China’s largest steelmaker, expects output of steel products to rise 10% to 23 million tons in 2007 from a year earlier.
- Korea Electric Power, the country’s dominant power supplier, and two other domestic companies will increase their investment in renewable energy 15% by 2008.
Gulf News:
- South Korean refiners plan to cut crude oil use by 20,000 barrels a day in February. The refiners are cutting fuel output because of profits from processing oil aren’t high enough to justify increased output.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (GLW), target $29. We think that the fiber-to-the-home trends at Verizon(VZ) suggests that 2007 should be a solid year of fiber/equipment spending, which will benefit Corning.
Night Trading
Asian Indices are -.25% to +.25% on average.
S&P 500 indicated unch.
NASDAQ 100 indicated +.04%.
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Earnings of Note
Company/EPS Estimate
- (MMM)/1.14
- (AFL)/.67
- (ALL)/1.84
- (APOL)/.62
- (BDK)/1.32
- (BKC)/.26
- (CME)/2.98
- (CB)/1.34
- (CL)/.77
- (COCO)/.10
- (CFC)/1.03
- (DBD)/.74
- (FLEX)/.22
- (IEX)/.64
- (ITW)/.73
- (K)/.46
- (LXK)/.95
- (MBI)/1.47
- (MRK)/.50
- (PBG)/.32
- (PPC)/-.07
- (PG)/.83
- (SAF)/1.53
- (SNDK)/.74
- (SII)/.71
- (UPS)/1.04
- (WYE)/.71
Upcoming Splits
- (SSI) 3-for-2
Economic Releases
10:00 am EST
- Consumer Confidence for January is estimated to rise to 110.0 versus 109.0 in December.
BOTTOM LINE: Asian indices are mixed as weakness in energy stocks is being offset by strength in automaker shares in the region. I expect US equities to open modestly higher and to weaken into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.
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