Bloomberg:
- Cable-television network MSNBC, bowing to pressure from advertisers including General Motors(GM) and Sprint Nextel(S), said it will no longer simulcast Don Imus’s radio show.
- The Senate fell short of a veto-proof margin in approving legislation today to lift the ban on federal funding for new embryonic stem-cell research.
- Petroleo Brasileiro SA(PBR), Brazils state-controlled oil company, may purchase tankers from Brazilian shipyards to export ethanol as the company moves to quadruple foreign sales of the biofuel.
- Exxon Mobil(XOM) said a power failure idled four units yesterday at its refinery in Baytown, Texas, the largest in the US. The incident was the sixth “malfunction” this year at the plant. Refinery “outages” have resulted in falling gasoline supplies which is boosting prices and gasoline crack spreads to record levels for this time of the year.
- Valero Energy(VLO), the largest US refiner, said emergency flaring was required yesterday at its refinery in Port Arthur, Texas, possibly because a level control valve “malfunctioned.” Agency data indicates it was the plant’s eighth “malfunction” this year.
- The value of mergers and acquisitions in the defense and aerospace industry last year was $33 billion, the highest level since 2000, citing PricewaterhouseCoopers LLP.
- The Fed’s Moskow said high inflation is a greater risk than slow economic growth for the US economy. Moscow also said the fixed rate mortgage market appears fine and that it is very unlikely subprime problems will curb consumer spending.
- The economies of China and India may cool as interest rates rise in the world’s two fastest growing major economies, the International Monetary Fund said.
- Japanese investors purchased foreign bonds at the fastest pace in five months in the first week of the fiscal year, attracted by higher yields overseas.
Nikkei:
- The Bank of Japan may say that consumer prices will rise .3% during the current fiscal year, or slower than the .5% it projected in a report last October.
Late Buy/Sell Recommendations
Morgan Stanley:
- Reiterated Overweight on (AMAG) and (DNA).
Night Trading
Asian Indices are -.50% to +.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
- (CBSH)/.76
- (CPWM)/.85
- (FAST)/.35
- (IFIN)/.51
- (JOSB)/1.25
- (KKD)/.05
- (LRCX)/1.08
- (MTG)/1.70
- (PIR)/-.28
- (PII)/.29
- (RAD)/.03
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- Initial Jobless Claims for last week are estimated to fall to 320K versus 321K the prior week.
- Continuing Claims rose to 2505K versus 2492K prior.
- The Import Price Index for March is estimated to rise .8% versus a .2% gain in February.
BOTTOM LINE: Asian indices are mostly lower, weighed down by automaker and commodity stocks in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.
No comments:
Post a Comment