Goldman Sachs:
- Reiterated Outperform on AIG and SYK.
- Reiterated Underperform on HRB.
- Reiterated Attractive view of Oil Service sector, favorites are RIG, DO, SII, BHI and SLB.
Smith Barney:
- Reiterated Bullish view of Managed Care companies.
- Reiterated Buy on CSGS, target $21.
- Reiterated Buy on AMT, target $22.
- Reiterated Buy on EEFT, target $38.
- Reiterated Buy on UNM, target $20.
- Reiterated Buy on JBL, target $35.
- Reiterated Buy on TXN, target $32.
- Reiterated Buy on FSLB, target $22.5.
- Reiterated Sell on SNDK, target $22.
CSFB:
- Raised FITB to Outperform, target $50.
Merrill Lynch:
- Raised ENTG to Buy, target $13.
- Raised WDC to Buy, target $16.50.
Morgan Stanley:
- Cut ELN to Underweight.
- Raised PD to Overweight, target $123.
- Rated SHO Overweight, target $25.
- Rated LQI Overweight, target $10.25.
Banc of America:
- Reiterated Sell on VECO, target $13.75.
- Reiterated Buy on BIIB, target $39.
- Reiterated Buy on AIG, target $69.
UBS:
- Raised BLS to Buy, target $30.
- Raised HPT to Buy, target $45.
- Raised HT to Buy, target $11.50.
- Rated AV Buy, target $15.
Jeffries:
- Rated BSX Buy, target $39.
Deutsche Bank:
- Rated BRCM Buy, target $38.
JP Morgan:
- Added CPB to Focus List.
- Raised WAT to Overweight.
CIBC:
- Rated COL Sector Outperform, target $56.
- Rated CW Sector Outperform, target $66.
Piper Jaffray:
- Reiterated Buy on WDC, target $16.
- Reiterated Buy on CAO, target $20.
Oppenheimer:
- Rated PYX Buy, target $11.
Thursday, March 31, 2005
Thursday Watch
Late-Night Headlines
Bloomberg:
- Morgan Stanley and Goldman Sachs Group are among global companies plowing more than $7 billion into Japan as property prices recover from a 15-year slide.
- Morgan Stanley had its credit rating outlook cut to stable from positive by Standard & Poor's, which cited management concerns after the removal of key executives including President Stephan Newhouse.
- The US dollar is headed for its best quarter since 2001 in Asia on speculation US job creation will lay the ground for the Fed to raise interest rates in larger increments this year.
- Paul Wolfowitz, who today will be elected the 10th president of the World Bank, will continue to pursue his agenda of promoting democracy as head of the world's biggest development institution, friends and colleagues say.
Wall Street Journal:
- Brilliance China Automotive Holdings Ltd. will display its Zhonghua mid-size sedan to the Leipzig Auto Show this weekend, as it prepares to bring the car to Germany as early as September.
- An Iranian opposition group says the country has speeded up construction of a heavy-water nuclear reactor that could allow construction of a heavy-water nuclear reactor that could allow construction of weapons-grade fuel.
Washington Post:
- General Dynamics' Stryker armored vehicles, which were first deployed in Iraq in October 2003, have many defects and put troops at unanticipated risk from rocket-propelled grenades, citing a classified Army study.
- US Airways Group's plan to exit bankruptcy protection is running into complications in the form of rising fuel prices, operational problems, lower employee morale and an increase in customer complaints.
Financial Times:
- The International Monetary Fund said that selling a small portion of its gold reserves to help fund debt relief for poor nations would likely have little market impact.
- Microsoft Corp. should be made to ensure it complies with the European Commission order that it licenses sensitive information on the Windows operating system to rival companies.
- EchoStar Communications said it will move forward with plans to buy assets from Cablevision Systems even after Cablevision Chairman Dolan asked regulators to stop the sale.
Hindu Business Line:
-Indian steelmakers such as Tata Steel Ltd. will raise prices by as much as 8% starting tomorrow to cover soaring raw material costs.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Attractive view of Energy sector, favorites are XOM, AHC, BBG, DVN, ECA, MUR, NFX, PXD, PCO, STR and SU.
- Reiterated Outperform on MSFT, CSCO and KSS.
- Reiterated Underperform on VTS.
Night Trading
Asian Indices are +.75% to +1.0% on average.
S&P 500 indicated +.01%.
NASDAQ 100 indicated unch.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Analyst Actions
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/EPS Estimate
FRE/1.51
GY/-.63
PH/1.11
RHAT/.06
TOY/1.09
Splits
HRS 2-for1
MCRI 2-for-1
BTU 2-for-1
Economic Releases
8:30 EST:
- Personal Income for February is estimated to rise .4% versus a 2.3% decline in January.
- Personal Spending for February is estimated to rise .5% versus an unchanged reading in January.
- The PCE Deflator for February is estimated to rise 2.3% versus a 2.2% rise in January.
- The PCE Core for February is estimated to rise 1.6% versus a 1.6% gain in January.
- Initial Jobless Claims for last week are estimated to fall to 320K versus 324K the prior week.
- Continuing Claims are estimated to fall to 2657K versus 2673K prior.
10:00 EST:
- The Help Wanted Index for February is estimated at 41 versus a reading of 41 in January.
- The Chicago Purchasing Manager Index for March is estimated to fall to 60.5 versus a reading of 62.7 in February.
- Factory Orders for February are estimated to rise .5% versus an increase of .2% in January.
Bloomberg:
- Morgan Stanley and Goldman Sachs Group are among global companies plowing more than $7 billion into Japan as property prices recover from a 15-year slide.
- Morgan Stanley had its credit rating outlook cut to stable from positive by Standard & Poor's, which cited management concerns after the removal of key executives including President Stephan Newhouse.
- The US dollar is headed for its best quarter since 2001 in Asia on speculation US job creation will lay the ground for the Fed to raise interest rates in larger increments this year.
- Paul Wolfowitz, who today will be elected the 10th president of the World Bank, will continue to pursue his agenda of promoting democracy as head of the world's biggest development institution, friends and colleagues say.
Wall Street Journal:
- Brilliance China Automotive Holdings Ltd. will display its Zhonghua mid-size sedan to the Leipzig Auto Show this weekend, as it prepares to bring the car to Germany as early as September.
- An Iranian opposition group says the country has speeded up construction of a heavy-water nuclear reactor that could allow construction of a heavy-water nuclear reactor that could allow construction of weapons-grade fuel.
Washington Post:
- General Dynamics' Stryker armored vehicles, which were first deployed in Iraq in October 2003, have many defects and put troops at unanticipated risk from rocket-propelled grenades, citing a classified Army study.
- US Airways Group's plan to exit bankruptcy protection is running into complications in the form of rising fuel prices, operational problems, lower employee morale and an increase in customer complaints.
Financial Times:
- The International Monetary Fund said that selling a small portion of its gold reserves to help fund debt relief for poor nations would likely have little market impact.
- Microsoft Corp. should be made to ensure it complies with the European Commission order that it licenses sensitive information on the Windows operating system to rival companies.
- EchoStar Communications said it will move forward with plans to buy assets from Cablevision Systems even after Cablevision Chairman Dolan asked regulators to stop the sale.
Hindu Business Line:
-Indian steelmakers such as Tata Steel Ltd. will raise prices by as much as 8% starting tomorrow to cover soaring raw material costs.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Attractive view of Energy sector, favorites are XOM, AHC, BBG, DVN, ECA, MUR, NFX, PXD, PCO, STR and SU.
- Reiterated Outperform on MSFT, CSCO and KSS.
- Reiterated Underperform on VTS.
Night Trading
Asian Indices are +.75% to +1.0% on average.
S&P 500 indicated +.01%.
NASDAQ 100 indicated unch.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Analyst Actions
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/EPS Estimate
FRE/1.51
GY/-.63
PH/1.11
RHAT/.06
TOY/1.09
Splits
HRS 2-for1
MCRI 2-for-1
BTU 2-for-1
Economic Releases
8:30 EST:
- Personal Income for February is estimated to rise .4% versus a 2.3% decline in January.
- Personal Spending for February is estimated to rise .5% versus an unchanged reading in January.
- The PCE Deflator for February is estimated to rise 2.3% versus a 2.2% rise in January.
- The PCE Core for February is estimated to rise 1.6% versus a 1.6% gain in January.
- Initial Jobless Claims for last week are estimated to fall to 320K versus 324K the prior week.
- Continuing Claims are estimated to fall to 2657K versus 2673K prior.
10:00 EST:
- The Help Wanted Index for February is estimated at 41 versus a reading of 41 in January.
- The Chicago Purchasing Manager Index for March is estimated to fall to 60.5 versus a reading of 62.7 in February.
- Factory Orders for February are estimated to rise .5% versus an increase of .2% in January.
BOTTOM LINE: Asian indices are higher, led by exporters, on optimism over US stock gains. I expect US equities to open mixed in the morning as higher energy prices offset lower long-term interest rates. However, stocks should move modestly higher later in the day on short-covering, bargain hunting, quarter-end window dressing and strength in the Technology sector. The Portfolio is 75% net long heading into tomorrow.
Wednesday, March 30, 2005
Wednesday Close
Indices
S&P 500 1,181.41 +1.38%
DJIA 10,540.93 +1.30%
NASDAQ 2,005.67 +1.61%
Russell 2000 614.90 +1.70%
DJ Wilshire 5000 11,633.97 +1.37%
S&P Barra Growth 570.87 +1.39%
S&P Barra Value 606.13 +1.37%
Morgan Stanley Consumer 579.59 +1.16%
Morgan Stanley Cyclical 742.92 +1.31%
Morgan Stanley Technology 458.21 +1.91%
Transports 3,736.32 +1.71%
Utilities 354.47 +1.38%
Put/Call .83 -11.70%
NYSE Arms .57 -60.51%
Volatility(VIX) 13.64 -5.87%
ISE Sentiment 149.00 -10.24%
US Dollar 84.33 +.01%
CRB 311.02 +.68%
Futures Spot Prices
Crude Oil 54.11 -.22%
Unleaded Gasoline 159.80 +1.59%
Natural Gas 7.48 +1.12%
Heating Oil 160.20 +2.94%
Gold 428.70 -.19%
Base Metals 128.54 +.54%
Copper 149.00 -.13%
10-year US Treasury Yield 4.54% -.53%
Leading Sectors
Airlines +5.24%
Internet +2.49%
HMOs +2.32%
Lagging Sectors
Broadcasting +.45%
Homebuilders +.32%
Insurance +.19%
After-hours Movers
WDC +11.9% after boosting 3Q results substantially.
ODMO +6.56% after beating 4Q estimates.
MXO +4.82% on WDC news.
ELN -28.4%, BIIB -9.41% after announcing that their ongoing safety evaluation of TYSABRI has led to a previously diagnosed case of malignant astrocytoma being reassessed as progressive multifocal leukoencephalopathy, in a patient in an open label Crohn’s disease clinical trial.
Evening Review
Detailed Market Summary
Daily ETF Performance
Style Performance
Market Wrap CNBC Video(bottom right)
Futures Recap
S&P 500 Gallery View
Timely Economic Charts
PM Market Call
Real-time/After-hours Stock Quote
In Play
Afternoon Recommendations
Goldman Sachs:
- Reiterated Outperform on AMGN and MSFT.
Afternoon/Evening Headlines
Bloomberg:
- A buyout group led by Texas Pacific Group will invest $350 million in cash for a 12% stake in China’s Lenovo Group Ltd., which is acquiring IBM’s personal computer unit.
- Time Warner plans to test a service called Start Over that lets tv viewers begin a show at any time during its broadcast.
- Johnson & Johnson said today its DePuy Orthopaedics unit received a subpoena from the US Attorney’s Office in Newark, New Jersey, requesting documents on contracts with orthopedic surgeons.
- EBay named Omnicom Group’s BBDO as its ad agency, replacing Goodby, Silverstein & Partners.
CNBC:
- Former Morgan Stanley Chairman S. Parker Gilbert and retired President Robert Scott said they and other former executives might stage a proxy fight to oust CEO Philip Purcell.
Women’s Wear Daily:
- Saks Inc. seeks buyers for its regional department store unit and Belk Inc. is the primary suitor.
S&P 500 1,181.41 +1.38%
DJIA 10,540.93 +1.30%
NASDAQ 2,005.67 +1.61%
Russell 2000 614.90 +1.70%
DJ Wilshire 5000 11,633.97 +1.37%
S&P Barra Growth 570.87 +1.39%
S&P Barra Value 606.13 +1.37%
Morgan Stanley Consumer 579.59 +1.16%
Morgan Stanley Cyclical 742.92 +1.31%
Morgan Stanley Technology 458.21 +1.91%
Transports 3,736.32 +1.71%
Utilities 354.47 +1.38%
Put/Call .83 -11.70%
NYSE Arms .57 -60.51%
Volatility(VIX) 13.64 -5.87%
ISE Sentiment 149.00 -10.24%
US Dollar 84.33 +.01%
CRB 311.02 +.68%
Futures Spot Prices
Crude Oil 54.11 -.22%
Unleaded Gasoline 159.80 +1.59%
Natural Gas 7.48 +1.12%
Heating Oil 160.20 +2.94%
Gold 428.70 -.19%
Base Metals 128.54 +.54%
Copper 149.00 -.13%
10-year US Treasury Yield 4.54% -.53%
Leading Sectors
Airlines +5.24%
Internet +2.49%
HMOs +2.32%
Lagging Sectors
Broadcasting +.45%
Homebuilders +.32%
Insurance +.19%
After-hours Movers
WDC +11.9% after boosting 3Q results substantially.
ODMO +6.56% after beating 4Q estimates.
MXO +4.82% on WDC news.
ELN -28.4%, BIIB -9.41% after announcing that their ongoing safety evaluation of TYSABRI has led to a previously diagnosed case of malignant astrocytoma being reassessed as progressive multifocal leukoencephalopathy, in a patient in an open label Crohn’s disease clinical trial.
Evening Review
Detailed Market Summary
Daily ETF Performance
Style Performance
Market Wrap CNBC Video(bottom right)
Futures Recap
S&P 500 Gallery View
Timely Economic Charts
PM Market Call
Real-time/After-hours Stock Quote
In Play
Afternoon Recommendations
Goldman Sachs:
- Reiterated Outperform on AMGN and MSFT.
Afternoon/Evening Headlines
Bloomberg:
- A buyout group led by Texas Pacific Group will invest $350 million in cash for a 12% stake in China’s Lenovo Group Ltd., which is acquiring IBM’s personal computer unit.
- Time Warner plans to test a service called Start Over that lets tv viewers begin a show at any time during its broadcast.
- Johnson & Johnson said today its DePuy Orthopaedics unit received a subpoena from the US Attorney’s Office in Newark, New Jersey, requesting documents on contracts with orthopedic surgeons.
- EBay named Omnicom Group’s BBDO as its ad agency, replacing Goodby, Silverstein & Partners.
CNBC:
- Former Morgan Stanley Chairman S. Parker Gilbert and retired President Robert Scott said they and other former executives might stage a proxy fight to oust CEO Philip Purcell.
Women’s Wear Daily:
- Saks Inc. seeks buyers for its regional department store unit and Belk Inc. is the primary suitor.
BOTTOM LINE: US stocks had their broadest, strongest rally of 2005 today as oil prices declined, long-term interest rates fell and quarter-end window dressing took hold. The Portfolio finished slightly higher as gains in my Internet longs and Networking longs more than offset losses in my Base Metal shorts. I added a few new longs from various sectors in the afternoon, thus leaving the Portfolio 75% net long. One of my new longs is PHM and I am using a $71 stop-loss on this position. The tone of the market strengthened further into the afternoon as the advance/decline line rose to its daily highs, every sector advanced and volume was decent. Small-caps and Tech outperformed and measures of investor anxiety were mostly lower. Overall, today’s market action was positive. I expect US stocks to rally further near-term as long-term interest rates decline over the next 2 days on weaker-than-expected economic data, thus quelling some speculation that the Fed will raise rates 50 basis points at the next meeting. An unexpected rise in long-term interest rates would likely cut any rally short. I also expect oil to remain in a trading range near-term. However, one more push higher in energy prices is possible over the next 6 weeks before steeper declines occur in the second-half of the year.
Mid-day Scoreboard
Indices
S&P 500 1,177.80 +1.07%
DJIA 10,513.00 +1.04%
NASDAQ 1,999.89 +1.32%
Russell 2000 612.25 +1.26%
DJ Wilshire 5000 11,608.82 +1.15%
S&P Barra Growth 569.75 +1.20%
S&P Barra Value 604.96 +1.17%
Morgan Stanley Consumer 579.06 +1.07%
Morgan Stanley Cyclical 740.78 +1.02%
Morgan Stanley Technology 457.75 +1.81%
Transports 3,727.54 +1.46%
Utilities 354.25 +1.31%
Put/Call .87 -7.45%
NYSE Arms .63 -56.40%
Volatility(VIX) 13.72 -5.31%
ISE Sentiment 123.00 -25.90%
US Dollar 84.17 -.18%
CRB 310.28 +.44%
Futures Spot Prices
Crude Oil 52.95 -2.18%
Unleaded Gasoline 155.90 -.89%
Natural Gas 7.45 +.65%
Heating Oil 156.00 +.24%
Gold 429.60 +.21%
Base Metals 128.54 +.54%
Copper 149.20 +1.46%
10-year US Treasury Yield 4.55% -.35%
Leading Sectors
Airlines +4.71%
Internet +2.08%
Semis +1.88%
Lagging Sectors
Broadcasting +.17%
Hospitals +.16%
Insurance -.06%
Links of Interest
Market Internals
Movers & Shakers
I-Watch Sector Overview
NYSE Unusual Volume
NASDAQ Unusual Volume
NASDAQ 100 Heatmap
DJIA Quick Charts
Chart Toppers
Hot Spots
Option Dragon
Real-time Intraday Chart/Quote
S&P 500 1,177.80 +1.07%
DJIA 10,513.00 +1.04%
NASDAQ 1,999.89 +1.32%
Russell 2000 612.25 +1.26%
DJ Wilshire 5000 11,608.82 +1.15%
S&P Barra Growth 569.75 +1.20%
S&P Barra Value 604.96 +1.17%
Morgan Stanley Consumer 579.06 +1.07%
Morgan Stanley Cyclical 740.78 +1.02%
Morgan Stanley Technology 457.75 +1.81%
Transports 3,727.54 +1.46%
Utilities 354.25 +1.31%
Put/Call .87 -7.45%
NYSE Arms .63 -56.40%
Volatility(VIX) 13.72 -5.31%
ISE Sentiment 123.00 -25.90%
US Dollar 84.17 -.18%
CRB 310.28 +.44%
Futures Spot Prices
Crude Oil 52.95 -2.18%
Unleaded Gasoline 155.90 -.89%
Natural Gas 7.45 +.65%
Heating Oil 156.00 +.24%
Gold 429.60 +.21%
Base Metals 128.54 +.54%
Copper 149.20 +1.46%
10-year US Treasury Yield 4.55% -.35%
Leading Sectors
Airlines +4.71%
Internet +2.08%
Semis +1.88%
Lagging Sectors
Broadcasting +.17%
Hospitals +.16%
Insurance -.06%
Links of Interest
Market Internals
Movers & Shakers
I-Watch Sector Overview
NYSE Unusual Volume
NASDAQ Unusual Volume
NASDAQ 100 Heatmap
DJIA Quick Charts
Chart Toppers
Hot Spots
Option Dragon
Real-time Intraday Chart/Quote
BOTTOM LINE: US stocks are higher mid-day on a technical bounce, end-of-quarter window dressing and lower energy prices. The Portfolio is unchanged as gains in my Homebuilding shorts and Retail longs are offsetting losses in my Chinese ADR shorts and Base Metal shorts. I took profits in a few shorts this morning and added some new longs from various sectors, thus bringing the Portfolio’s market exposure to 50% net long. One of my new longs is OSTK and I am using a $41.50 stop-loss on this position. The tone of the market is positive as the advance/decline line is higher, almost every sector is higher and volume is decent. Technology stocks are outperforming and measures of investor anxiety are mostly lower. Today’s overall market action is positive. I would like to see the major indices hold gains or improve into the close. Stocks should continue bouncing through week’s end on quarter-end window dressing, short-covering, bargain hunting, lower long-term interest rates and declining energy prices. I expect US stocks to trade mixed-to-higher into the close on short-covering, window dressing and bargain hunting.
Today's Headlines
Bloomberg:
- Morgan Stanley Chairman and CEO Philip Purcell says he has the “unanimous” support of his board.
- AIG said a reinsurance contract with Warren Buffet’s Berkshire Hathaway led to the “improper” reporting of financial results.
- GM will spend $44 million to help develop a fleet of vehicles using fuel cells as part of an agreement with the US Department of Energy.
- The US economy expanded at a 3.8% annual rate in the fourth quarter, restrained by a slower building of inventories than the government estimated last month.
- Crude oil is falling more than $1 a barrel to the lowest in almost three weeks after a government report showed that US inventories rose for a seventh straight week.
Wall Street Journal:
- Rising steel prices have made millionaires in some US “Rust Belt” communities such as Fort Wayne, Indiana, that haven’t seen prosperity since the 1950s.
- Berkshire Hathaway Chairman Warren Buffett was told beforehand of a transaction that is central to an investigation into one of its units.
- Short Sellers are finding it more difficult to make money because of increased competition and a less-favorable tax code.
- Citigroup’s Diners Club credit card wants to improve its market share by almost tripling the number of locations where the cards are accepted.
New York Times:
- A review of the UN agency that monitors free elections found management abuses including employees humiliation, misuse of funds and a willingness to tolerate sexual harassment.
- Disney’s Miramax studio and MGM are cutting their production budgets as Hollywood struggles with rising costs of film-making.
Chicago Sun-Times:
- Wm. Wrigley Jr. Co. is opening three facilities around the world to help it meet increasing demand for chewing gum in Asia.
LA Times:
- The Bush administration will announce today it is sending 500 more Border Patrol agents to Arizona to crack down on illegal immigration along the US-Mexican border.
San Francisco Chronicle:
- San Francisco’s Board of Supervisors approved a 45-day moratorium on new medical marijuana clubs until they can devise regulations protecting them from federal law.
Rocky Mountain News:
- Colorado Governor Bill Owens wants the US Congress to revise gaming laws to limit the $20 billion American Indian gambling industry.
China Central Television:
- China called for the scrapping of export rebates on some steel products and curbs on the expansion of steel production.
Financial Times Deutschland:
- Siemens AG and IBM have submitted a joint bid to upgrade the computer system of the German army.
National Post:
- Cognos Inc., Canada’s biggest software maker, plans to increase its workforce 47% to 5,000 by 2008.
- Morgan Stanley Chairman and CEO Philip Purcell says he has the “unanimous” support of his board.
- AIG said a reinsurance contract with Warren Buffet’s Berkshire Hathaway led to the “improper” reporting of financial results.
- GM will spend $44 million to help develop a fleet of vehicles using fuel cells as part of an agreement with the US Department of Energy.
- The US economy expanded at a 3.8% annual rate in the fourth quarter, restrained by a slower building of inventories than the government estimated last month.
- Crude oil is falling more than $1 a barrel to the lowest in almost three weeks after a government report showed that US inventories rose for a seventh straight week.
Wall Street Journal:
- Rising steel prices have made millionaires in some US “Rust Belt” communities such as Fort Wayne, Indiana, that haven’t seen prosperity since the 1950s.
- Berkshire Hathaway Chairman Warren Buffett was told beforehand of a transaction that is central to an investigation into one of its units.
- Short Sellers are finding it more difficult to make money because of increased competition and a less-favorable tax code.
- Citigroup’s Diners Club credit card wants to improve its market share by almost tripling the number of locations where the cards are accepted.
New York Times:
- A review of the UN agency that monitors free elections found management abuses including employees humiliation, misuse of funds and a willingness to tolerate sexual harassment.
- Disney’s Miramax studio and MGM are cutting their production budgets as Hollywood struggles with rising costs of film-making.
Chicago Sun-Times:
- Wm. Wrigley Jr. Co. is opening three facilities around the world to help it meet increasing demand for chewing gum in Asia.
LA Times:
- The Bush administration will announce today it is sending 500 more Border Patrol agents to Arizona to crack down on illegal immigration along the US-Mexican border.
San Francisco Chronicle:
- San Francisco’s Board of Supervisors approved a 45-day moratorium on new medical marijuana clubs until they can devise regulations protecting them from federal law.
Rocky Mountain News:
- Colorado Governor Bill Owens wants the US Congress to revise gaming laws to limit the $20 billion American Indian gambling industry.
China Central Television:
- China called for the scrapping of export rebates on some steel products and curbs on the expansion of steel production.
Financial Times Deutschland:
- Siemens AG and IBM have submitted a joint bid to upgrade the computer system of the German army.
National Post:
- Cognos Inc., Canada’s biggest software maker, plans to increase its workforce 47% to 5,000 by 2008.
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