- Corn fell the maximum permitted by the Chicago Board of Trade and wheat dropped the most in 13 weeks after the government said US farmers planted more of both crops than previously expected.
- Hogs fell to a two-month low after a government report showed the U.S. herd on June 1 was the largest for that date since at least 1964, signaling ample supplies for pork processors.
- Venezuelan President Hugo Chavez was personally involved in covering up his nation's role in an Argentine election scandal, according to an FBI statement by a Venezuelan witness who may testify at a criminal trial in Miami.
- David Bensimon, managing director at Polar Pacific, says oil prices are ‘peaking’. (video)
- Confidence among Japan's largest manufacturers fell to a four-year low and companies expect earnings to decline for the first time since the 2001 recession.
- The Bank of Korea said inflation will accelerate to the fastest pace in a decade this year, propelled by record fuel and food prices that will also hinder household spending and business investment.
- The dramatic rise in oil prices is a bubble, famous turnaround investor Wilbur Ross told CNBC Monday, noting that there is no apparent supply problem with crude. "Remember when oil went to $70 a barrel in the so-called 'Arab Oil Crisis,' there was a shortage. There were lines at gas stations, talking about rationing. There isn't a line at any gas station anywhere in the world, so there's clearly not a physical shortage," he said. The U.S. Energy Information Administration revised down U.S. April oil demand by 863,000 barrels per day (bpd) to 19.77 million bpd — 3.9 percent below year-ago levels — as surging fuel costs erode demand in the world's top consumer.
- Commodities: The Tipping Point? Some players may think the boom in energy, metals and food is rewriting the rules of investing. Don’t bet your portfolio on it. pension funds, hedge funds, and individuals began to pour money into the commodities market, first in a trickle, then in a steady stream, and now in a torrent. One favored vehicle: exchange-traded funds (ETFs) that track a broad array of commodities. According to TrimTabs Investment Research, more than $38 billion is now held in commodity ETFs, up more than 30% in the past five months.
- As appealing as it may be to hipsters, the iPhone 3G was designed with business users in mind as well. Software developers are all too happy to design applications for business. Salesforce.com (CRM) was part of Apple's(AAPL) initial software development kit launch in March. The iPhone and its applications will have "huge ramifications for how people conduct business," says Chuck Dietrich, vice-president of Salesforce Mobile. "The ability to run sophisticated applications on a handheld will change how people conduct life and business." Salesforce will have a version of its customer relationship management software available for the new iPhone, though it hasn't said when or at what price.
- Ex-Intel head Grove: Electric transportation ‘has to be done’
- JPMorgan Chase & Co (JPM) reigned supreme across global debt and equity underwriting for the last quarter.
- The Iraqi government sued dozens of companies, including oil giant Chevron Corp.(CVX), for more than $10 billion on Monday, saying they paid kickbacks to former Iraqi leader Saddam Hussein's government under the U.N. oil-for-food program.
- The Group of Eight leaders will agree at their summit next week on a new initiative to expand civilian use of atomic power to curb global warming with the principles of ensuring nonproliferation, safety and nuclear security, according to a draft of a postsummit statement.
Late Buy/Sell Recommendations
- Rated (LEH) Overweight.
- Rated (GS) Overweight.
- Rated (TROW) Underweight.
- Rated (BEN) Overweight.
Keefe, Bruyette and Woods:
- Upgraded (CMA) to Outperform, target $32.
Asian Indices are -1.25% to +.25% on average.
S&P 500 futures +.30%.
NASDAQ 100 futures +.27%.
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Earnings of Note
- (PDO) 5-for-4
10:00 am EST
- ISM Manufacturing for June is estimated to fall to 48.5 from 49.6 the prior month.
- ISM Prices Paid for June is estimated at 87.0 versus 87.0 the prior month.
- Construction Spending for May is estimated to fall .6% versus a .4% decline in April.
- Total Vehicle Sales for June are estimated to fall to 14.0M versus 14.3M in May.
Other Potential Market Movers
- The weekly retail sales report, (TDG) analyst day and (CPB) analyst presentation could also impact trading today.