Bloomberg:
- Crude oil imports by Japan, the world’s largest consumer of the fuel after the US and China, fell for a night consecutive month in January, dropping 4.8% from a year earlier. Imports of liquefied natural gas grew 14% to 5.94 million metric tons.
- The yen will weaken another 3% against the dollar by June as a Bank of Japan interest-rate increase won’t stop investors borrowing the currency to buy higher-yielding assets, said Nomura Securities.
- Tom Daschle, former US Senate majority leader, will endorse fellow Democrat Barack Obama for president.
- The IRS said the tax status of 8,500 residents of the US Virgin Islands who earn more than $75,000, including employees of hedge funds, would face renewed scrutiny as the agency steps up efforts to root out tax evaders.
- Cisco Systems(CSCO) and Apple Inc.(AAPL) agreed to share the iPhone brand, dismissing Cisco’s lawsuit for trademark infringement.
London-based Times:
- Warner Music Group(WMG) is planning a cash bid of over $3.9 billion for EMI Group.
CNBC TV-18:
- Indian tax sleuths today raided stockbrokers, property developers and top doctors, citing tax officials. Raids are being conducted in Mumbai. Mumbai is India’s financial capital, home to the country’s two biggest stock exchanges, the central bank and several companies.
Investor Daily Indonesia:
- Indonesia plans to spend $551 million to finance alternative energy projects in villages nationwide.
Xinhua News Agency:
- China’s steelmakers used 8.8% less energy in 2006 than the previous year, citing the nation’s top economic planning agency.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (BBY), target $63.
Night Trading
Asian Indices are +.75% to +1.0% on average.
S&P 500 indicated +.02%.
NASDAQ 100 indicated +.05%.
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
- (ARW)/.73
- (BEAS)/.14
- (BDN)/.65
- (CHK)/.77
- (CQB)/-.47
- (DNR)/.30
- (DCI)/.37
- (EME)/.72
- (ESV)/1.30
- (FSS)/.26
- (GSF)/1.22
- (HRB)/1.11
- (HMA)/.29
- (INTU)/.42
- (JCP)/1.96
- (JLG)/.31
- (LAMR)/.09
- (KSE)/.71
- (CLI)/.28
- (MORN)/.28
- (NEM)/.37
- (NBL)/1.05
- (OMX)/.40
- (PDCO)/.43
- (PTEN)/1.03
- (PCG)/.45
- (PWR)/.16
- (SWY)/.60
- (SRE)/1.27
- (TOL)/.28
- (WMB)/.26
Upcoming Splits
- (TRMB) 2-for-1
Economic Releases
8:30 am EST
- Initial Jobless Claims for last week are estimated at 325K versus 357K the prior week.
- Continuing Claims are estimated at 2510K versus 2560K prior.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil build of 1,050,000 barrels versus a -589,000 barrel decline the prior week. Gasoline supplies are expected to fall -50,000 barrels versus a -2,058,000 barrel decline the prior week. Distillate inventories are estimated to fall by -2,875,000 barrels versus a -3,018,000 barrel decline the prior week. Refinery utilization is expected to rise .25% versus a -.70% decline the prior week. Finally, natural gas supplies are expected to fall by -226 bcf versus a -259 bcf withdrawal the prior week.
BOTTOM LINE: Asian indices are higher, boosted by technology 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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