Bloomberg:
- Japan’s inflation slowed to zero percent in January as oil prices dropped, making it more difficult for the central bank to justify raising interest rates again soon after last week’s increases.
- Japan’s household spending unexpectedly rose for the first time in moiré than a year, suggesting the nation’s consumers may have recovered an appetite for shopping.
- Australia’s retail sales rose almost twice as much as expected in January as surging employment bolstered consumer confidence, signaling the Reserve Bank may not be done raising interest rates after three increases last year.
- Gold fell for a second day in Asia as speculators cut record long positions further on worries over demand for emerging markets. Tokyo gold futures dropped the daily limit.
- Petroleos Mexicanos plans to drill 50 to 60 oil wells in deep waters in the Gulf of Mexico over the next 5 years.
Wall Street Journal:
- BHP Billiton Ltd.(BHP) plans to almost triple its iron ore output during the next decade to more than 300 million metric tons a year, citing Ian Ashby, president of BHP’s iron ore unit.
London-based Times:
- Royal Dutch Shell Plc plans to produce a new road fuel from wood chips and straw in a joint venture with Choren Industries, a German biofuel company, citing Ken Fisher, Shell’s vp for strategy.
Late Buy/Sell Recommendations
Business Week:
- SuperGen(SUPG), a drugmaker expanding in new markets through partnerships, remains undervalued at a time when its stock is likely to climb. This year, sales of Dacogen are expected to reach $120 million, citing Elemer Piros of Rodman & Renshaw who rates the stock a buy, with a 12-month target of $24.
- Tyco Intl(TYC), the conglomerate splitting into three companies, has excited some investors, who are snapping up shares in the anticipation that the split will boost the stock. John Maloney, president of M&R Capital Management Inc., says a sum-of-the-parts valuation puts Tyco’s worth at $40 a share, and owning 100% of three companies will be a big bonus for shareholders.
- Altair Technologies’(ALTI) sales may rise on higher demand for its high-power NanoSafe battery packs. Phoenix orders in 2007 alone may tally as much as $42 million, citing John Roy of WR Hambrecht.
Night Trading
Asian Indices are -.25% to +.75% on average.
S&P 500 indicated +.26%.
NASDAQ 100 indicated +.14%.
Morning Preview
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Economic Releases
10:00 am EST
- Final Univ. of Mich. Consumer Confidence for February is estimated to rise to 93.5 versus 93.3.
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and financial shares in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.
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