Bloomberg:
- Toyota Motor, Honda Motor and Nissan Motor, Japan’s three largest automakers, increased US sales in January, buoyed by strong demand for more fuel-efficient vehicles.
- The billionaire Desmarais family, which has made more than $9.5 billion of acquisitions in Canada in the past decade, is now targeting the US with its purchase of money manager Putnam Investments.
- SAC Capital Advisors LLC, the hedge-fund firm run by Steven Cohen, bought a 5.3% stake in Crocs Inc.(CROX), the casual-shoe maker whose shares have more than doubled since it went public a year ago. 11.9 million of the stock’s 28.6 million share float is sold short.
- The Senate voted 94-3 to approve an increase in the minimum wage after Democrats and Republicans agreed to extend tax breaks for small businesses that would bear the cost of the higher wages.
- Electronic Arts(ERTS) said third-quarter profit fell less than forecast as demand for titles including “Need for Speed” exceeded company projections. ERTS rose 6% in after-hours trading.
- Copper futures in Shanghai fell after global inventories of the metal used to make pipes and wires rose. Stockpiles monitored by exchanges in London, New York and Shanghai rose 1.6% yesterday to the highest since June 2004.
- China started construction of a $3.8 billion hydropower station in the southwest as demand for cleaner-burning fuels rises on state policies to cut pollution.
Financial Times:
- Colombia’s free trade deal with the US may be ratified by June, citing Colombia’s trade minister Maria Araujo.
Bisnis Indonesia:
- Indonesia will build a $110 million bio-fuel plant with an annual capacity of 400,000 tons in Bengkulu province on Sumatra island.
South China Morning Post:
- Hong Kong’s Securities and Futures Commission plans to relax curbs on short selling for the first time since the rules were introduced during the Asian financial crisis.
- China’s state-owned companies have been ordered to report all fixed-asset investment to the government. The government has asked the companies to file monthly reports to curb wasteful spending and overheated investments in new factories, production lines and real estate projects, citing the State-owned Assets Supervision and Administration Commission.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (HEW), target $32.50.
- Reiterated Buy on (WW), target $55.
- Reiterated Buy on (ECIL), target $11.
Business Week:
- Access Pharmaceuticals(ACCP) is attracting investor interest as drugs developed by the company to treat cancer may become blockbusters. The drugs could become blockbusters at a time when the stock is undervalued, citing Kevin Raidy of health-care hedge fund H4 Capital. The shares could rise to $10-$20 within two years.
- Archer-Daniels-Midland’s(ADM) may regain some of the value they lost as ethanol fell out of favor with investors recently. Carl Birkelbach of Birkelbach Investment Securities estimated the stock will rise to $46 this year.
Night Trading
Asian Indices are +.50% to +1.25% on average.
S&P 500 indicated -.02%.
NASDAQ 100 indicated -.03%.
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
- (APCC)/.21
- (AXL)/-.03
- (ACI)/.39
- (CVX)/1.73
- (GCI)/1.49
- (ITT)/.67
- (NYX)/.46
- (R)/1.09
- (THQI)/.97
- (WEN)/.21
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- The Change in Non-farm Payrolls for January is estimated at 150K versus 167K in December.
- The Change in Manufacturing Payrolls for January is estimated at -11K versus -12K in December.
- The Unemployment Rate for January is estimated at 4.5% versus 4.5% in December.
- Average Hourly Earnings for January are estimated to rise .3% versus a .5% gain in December.
10:00 am EST
- Factory Orders for December are estimated to rise 1.9% versus a .9% gain in November.
- The Final Univ. of Mich. Consumer Confidence for January is estimated at 98.0 versus prior estimates of 98.0.
BOTTOM LINE: Asian indices are higher, boosted by technology and industrial shares in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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