Bloomberg:
- President Bush, in the State of the Union address, urged both political parties to put aside differences and focus on battling terrorism and accomplishing “big things” for the American people.
- The risk premium on high-yield, high-risk corporate bonds fell to the lowest in a decade as a drop in oil prices and surging consumer confidence boosts optimism the US economy will grow fast enough to limit defaults.
- Broadcom Corp.(BRCM) restated financial results to reflect $2.2 billion in costs for misdated stock-option grants, a problem it blamed on former CEO Henry Nicholas.
- Australia’s consumer prices unexpectedly fell for the first time in almost eight years, driving down the nation’s bond yields and currency as investors bet the central bank won’t raise interest rates.
Financial Times:
- Rupert Murdoch’s News Corp.(NWS) joined the Chandler family in its offer to buy Tribune Co.(TRB).
Guardian:
- The UK is not involved in a “war on terror” and “fear-driven” responses to a perceived threat could harm respect for fair trials and provide a temptation to “abandon our values,” citing an interview with Director of Public Prosecutions Ken MacDonald.
BBC:
- Ford Motor(F) has developed a vehicle that runs on non carbon-based alternative fuels, citing Sue Cischke, head of Ford’s safety programs. The car, called the Edge, is a hybrid that can operate on a combination of compressed hydrogen and a battery pack that plugs into a light socket.
Xinhua News Agency:
- China’s government will punish local officials who expand investments “blindly” without saving energy and protecting the environment, citing construction minister Wang Guangtao.
Night Trading
Asian Indices are +.75% to +1.0% on average.
S&P 500 indicated +.13%.
NASDAQ 100 indicated +.34%.
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
- (ABT)/.74
- (AMG)/1.73
- (APD)/.93
- (ATI)/1.61
- (ABC)/.56
- (CBT)/.50
- (CHKP)/.39
- (CPS)/.39
- (COP)/1.95
- (GLW)/.28
- (EBAY).28
- (ETH)/.70
- (FFIV)/.45
- (FDC)/.34
- (GD)/1.14
- (HSY)/.71
- (HTCH)/.10
- (LSI)/.17
- (MCD)/.61
- (NSC)/.96
- (NVLS).55
- (PMTC)/.21
- (QCOM)/.42
- (RMBS).09
- (RYL)/1.84
- (SYMC)/.25
- (TER)/.02
- (TDW)/1.49
- (TRID)/.26
- (VAR)/.36
Upcoming Splits
- None of note
Economic Releases
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil build of 1,300,000 barrels versus a 6,768,000 barrel build the prior week. Gasoline supplies are expected to rise by 1,500,000 barrels versus a 3,491,000 barrel increase the prior week. Distillate inventories are estimated to fall by -250,000 barrels versus a 910,000 barrel increase the prior week. Refinery Utilization is estimated to fall -.40% versus a -3.53% decline the prior week.
BOTTOM LINE: Asian indices are higher, boosted by technology and commodity shares in the region. I expect US equities to open modestly higher and to maintain gains into the afternoon. The Portfolio is 75% net long heading into the day.
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