Bloomberg:
- US ethanol output could rise as much as 60% by year-end as more plants start operating, hurting prices and profits, according to analysts from UBS AG and Friedman, Billings, Ramsey.
- Google Inc.(GOOG) shares may rise at least another 30% by the end of the year as the most popular Internet search engine company reports a jump in first-quarter revenue and earnings, according to Goldman Sachs(GS).
- India’s economic growth will slow “significantly” this year and higher interest rates will reduce inflation, according to the Asian Development Bank’s top economist.
- Motorola(MOT) CEO Zander is “well-supported” by directors as sales slump and billionaire shareholder Carl Icahn battles for a board seat, said Miles White, a company board member.
- Nasdaq Stock Market(NDAQ) will introduce an index tracking Chinese companies traded in the US as part of an effort to lure more international listings.
- Toyota Motor Corp.(TM) and Honda Motor(HMC) posted US sales gains of more than 10% and Mazda Motor Corp. had its biggest increase in 26 years to lead Asian carmakers to another month of rising market share in the US. Higher gas prices last month aided demand for fuel-efficient vehicles such as Toyota’s Prius gasoline-electric car and Yaris subcompact, Honda’s Fit and Mazda’s Mazda3.
- Indian car sales may slow to below 10% in the year that began April 1, from 24% last year, because of higher interest rates, citing analysts, dealers and bankers.
- The yen will slump 5% this quarter, the worst start to a fiscal year since 1989, as Japanese free up more capital for investment overseas, said Toru Umemoto, chief foreign-exchange strategist at Barclays Capital.
- New Century Financial(NEWC) can borrow up to $150 million to fund operations while it auctions off its assets, a judge ruled.
- OPEC’s daily production is running about 465,000 barrels above the group’s informal target of 25.8 million barrels a day, a Bloomberg news survey showed.
- Japan’s electricity prices may surge 58% because safety cover-ups could prompt the government to order the closure of more nuclear reactors, cutting power supply, Mizuho Investors Securities says.
CNBC:
- Goldman Sachs(GS) is advising private equity firm Apollo Management on an IPO.
Financial Times:
- Global solar equipment sector revenue will increase 400% within 3 years to $90 billion, from $20 billion last year, citing a report by German research group Photon Consulting. The report forecasts profit will increase even more quickly, with control of costs raising margins to almost 60%. Demand for the silicon, used to make solar cells, will increase to 400,000 tons in 2015, compared with 41,000 metric tons in 2006. By 2015, 7.6% of all electricity used in homes throughout the world’s 30 richest nations could be generated by solar power.
- NYSE Euronext Inc., the newly merged exchange group, may consider a deal with a US derivatives exchange, citing CEO Thain.
London-based Times:
- The SEC is looking at trading activity which took place before the April 2 announcement that KKR was buying First Data Corp.(FDC).
Guardian:
- NYSE Group(NYX) CEO Thain said he is concerned about “the quality” of corporate governance, transparency and adequate protection of minority shareholders at Russian companies.
Late Buy/Sell Recommendations
Citigroup:
- Upgraded (COCO) to Buy, target $19.
Night Trading
Asian Indices are +.50% to +1.25% on average.
S&P 500 indicated +.09%.
NASDAQ 100 indicated +.10%.
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
- (AYI)/.50
- (AES)/.11
- (BBY)/1.52
- (CC)/.63
- (GBX)/.54
- (BLUD)/.19
- (MU)/.02
- (MON)/.93
- (MSM)/.61
- (RVI)/.24
Upcoming Splits
- None of note
Economic Releases
10:00 am EST
- Factory Orders for February are estimated to rise 1.8% versus a -5.6% decline in January.
- ISM Non-Manufacturing for March is estimated to rise to 55.0 versus 54.3 in February.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil build of 500,000 barrels versus a -846,000 barrel drawdown the prior week. Gasoline supplies are estimated to fall by -150,000 barrels versus a -258,000 barrel decline the prior week. Distillate supplies are expected to fall by -1,000,000 barrels versus a -700,000 barrel decline the prior week. Refinery Utilization is expected to rise .6% versus a .7% increase the prior week.
BOTTOM LINE: Asian indices are higher, boosted by automaker and 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.
No comments:
Post a Comment