- Nelson Peltz, the billionaire investor known for pressing companies to take steps to increase their stock prices, is raising $2 billion for his hedge-fund group Trian Fund Management LP.
- CBS’s nightly newscast drew its smallest audience in 20 years last week, extending the drop in viewership for anchor Katie Couric that began almost from her first days on the job.
- James Chanos, president of Kynikos Assoc., is bearish on Moody’s Corp.(MCO), the bond rating company whose biggest shareholder is Warren Buffett. Kynikos sold Moody’s stock short, Chanos said.
- Dow Jones’(DJ) controlling Bancroft family, reversing decades of resistance to a sale of the company, said it will consider offers and plans to meet with Rupert Murdoch’s News Corp.(NWS/A) on his $5 billion bid.
- JPMorgan Chase(JPM) expects credit conditions to worsen and possibly make it cheaper to buy rivals.
- Shares of ethanol producers fell today, following separate analyst reports from Banc of America and UBS AG that said increased ethanol supplies will hurt prices and profits.
- Manufacturing activity in China expanded at a slower pace in May, according to a survey of purchasing managers released today. A plan for state companies to pay dividends may help to cool investment that threatens to leave the country with idle factories if the economy slows. Manufacturing overcapacity may lead to deflation and turn
- Trading in options to buy Staples(SPLS) surged to six times their daily average amid speculation the company might benefit from a takeover of rival OfficeMax(OMX).
- Chinese investors opened more than 420,000 new brokerage accounts on May 30, well above the daily average for the year, even as the government tripled the tax on securities transactions.
- The US dollar traded near the highest in more than three months against the yen before a
- Peter Kreisky, president of Kreisky Media Consultancy, expects the Bancrofts to sell Dow Jones(DJ) to News Corp.(NWS/A).
Wall Street Journal:
- CKX Inc.(CKXE), the operator of Elvis Presley’s
- More than 70% of Chinese who studied overseas in the past two decades remained abroad, hindering the nation’s scientific progress, citing
Xinhua News Agency:
Late Buy/Sell Recommendations
- Reiterated Buy on (CHS), target $32.
- Rated (CELL) Outperform.
- Earnings growth could push railroad stocks up an additional 35% through 2009, citing Morgan Stanley analyst William Greene.
- ConocoPhillips(COP) has become the third-largest
- Sepracor Inc.(SEPR) will be more profitable than analysts’ consensus, citing Robert Hazlett of BMO Capital Markets Corp.
Asian Indices are +.50% to +1.25% on average.
S&P 500 indicated +.16%.
NASDAQ 100 indicated +.12%.
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NASDAQ 100 Pre-Market Indicator/Heat Map
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Earnings of Note
- None of note
- (ANSS) 2-for-1
- (CI) 3-for-1
- (TSBK) 2-for-1
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- Personal Income for April is estimated to rise .3% versus a .7% gain in March.
- Personal Spending for April is estimated to rise .4% versus a .3% gain in March.
- The PCE Core for April is estimated to rise .2% versus unch. in March.
- The Change in Non-farm Payrolls for May is estimated at 132K versus 88K in April.
- The Unemployment Rate for May is estimated at 4.5% versus 4.5% in April.
- Average Hourly Earnings for May are estimated to rise .3% versus a .2% gain in April.
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- Pending Home Sales for April are estimated to rise .3% versus a -4.9% decline in March.
- ISM Manufacturing for May is estimated to fall to 54.0 versus a reading of 54.7 in April.
- ISM Prices Paid for May is estimated at 73.0 versus a reading of 73.0 in April.
- Total Vehicle Sales for May are estimated to fall to 16.3M versus 16.4M in April.
Other Potential Market Movers
- The Fed’s Kroszner speaking, (WMT) Analyst Day, (WY) Analyst Meeting, (AIG) Financial Services Presentation, ASCO Annual Meeting, Bank of American Healthcare Conference, Sanford Bernstein Strategic Decisions Conference, Cowen Tech Conference and Lehman Wireless/Wireline Conference could also impact trading today.