Bloomberg:
- ASML Holding NV, Europe’s largest maker of equipment used to make semiconductors, forecast a drop in orders this quarter from the previous three months.
- Abu Dhabi, holder of the world’s fifth-largest oil reserves, will offer stakes in its five biggest fields to foreign companies such as Exxon Mobil to boost output capacity by 25%.
- The OECD plans to cut its growth estimates for this year and next because of weaker-than-expected economies in Japan and Europe.
- Joseph Perella and Terry Meguid, Morgan Stanley’s top two investment bankers, plan to resign as the exodus of senior managers from the world’s No. 2 securities firm gathers pace.
- Siebel Systems said Michael Lawrie stepped down as CEO, less than a year after raking the reins from Thomas Siebel.
- Merck said it probably earned first-quarter profit of 62 cents a share, more than the company had forecast.
- Crude oil is falling more than $1 a barrel to a seven-week low after an Energy Dept. report showed that US inventories climbed for a ninth consecutive week as OPEC boosted production.
Wall Street Journal:
- California officials expect the state to be able to handle summer electricity demand if temperatures are normal, but a hot season could mean shortages in the south of the state.
- A food workers’ union said it filed claims of unfair labor practices against Wal-Mart Stores to press the retailer to release documents.
- The US Congress is due to start a debate today on the Central American Free Trade Agreement.
- The House Energy and Commerce Committee gave federal regulators primary authority over the location of liquefied natural gas terminals on US coasts.
- The SEC will postpone the deadline for requiring companies to start expensing employee stock options.
- Amazon.com had an injunction imposed against it lifted by a state appellate court in a dispute with Toys “R” Us over exclusivity rights.
Dow Jones:
- Brijot Imaging Systems, a security company that has licensed millimeter-wave technology from Lockheed Martin, plans to deliver camera systems that can spot weapons on people from 45 feet.
NY Times:
- The rising cost of steel is forcing US developers to scale back or drop projects.
- Yahoo! said it will give free Web sites to small businesses.
- US companies reported about a 12% average return on pension investments last year.
Metal Bulletin:
- Copper production at a mine in Chile owned by Anglo American Plc and Falconbridge Ltd. dropped to 65% of capacity because of technical problems.
San Francisco Chronicle:
- A California legislative committee approved a bill that would allow terminally ill patients in the state to hasten their death.
Tehran Times:
- Iran is China’s third-largest supplier of crude oil, after Saudi Arabia and Angola.
Wednesday, April 13, 2005
Economic Releases
- Advance Retail Sales for March rose .3% versus estimates of a .8% increase and a .5% gain in February.
- Retail Sales for March rose .1% versus estimates of a .5% increase and a .6% gain in February.
- Summary of Weekly Petroleum Data for the Week Ending April 8, 2005.
- Retail Sales for March rose .1% versus estimates of a .5% increase and a .6% gain in February.
- Summary of Weekly Petroleum Data for the Week Ending April 8, 2005.
Morning Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on MUR and AMLN.
Smith Barney:
- Said to Buy SSCC on weakness, target $23.
- Reiterated Buy on ENN, target $12.25.
- Reiterated Buy on KPA, target $15.25.
- Reiterated Sell on IMCL, target $29.
- Reiterated Buy on BIIB, target $42.
- Reiterated Buy on MXRE, target $28.50.
- Reiterated Buy on FDRY, target $11.
- Reiterated Buy on AMTD, target $13.25.
Morgan Stanley:
- Rated IMCL Overweight, target $52.
- Reiterated Overweight on GSF, target $49.
Lehman Brothers:
- Lowered HDI to Underweight.
- Reiterated Overweight on JOYG, target $50.
- Reiterated Overweight on BUCY, target $44.
CSFB:
- Raised EYET to Outperform, target $40..
- Raised BWA to Outperform, target $55.
- Rated ENZN Underperform, target $10.
- Reiterated Outperform on GCI, target $97.
- Reiterated Outperform on UTX, target $107.
Thomas Weisel:
- Raised BWNG to Outperform.
Raymond James:
- Rated SVM Strong Buy, target $17.50.
UBS:
- Raised APPB to Buy, target $33.
- Raised GOL to Buy, target $36.
Deutsche Bank:
- Rated BLC Buy, target $28.
- Reiterated Outperform on MUR and AMLN.
Smith Barney:
- Said to Buy SSCC on weakness, target $23.
- Reiterated Buy on ENN, target $12.25.
- Reiterated Buy on KPA, target $15.25.
- Reiterated Sell on IMCL, target $29.
- Reiterated Buy on BIIB, target $42.
- Reiterated Buy on MXRE, target $28.50.
- Reiterated Buy on FDRY, target $11.
- Reiterated Buy on AMTD, target $13.25.
Morgan Stanley:
- Rated IMCL Overweight, target $52.
- Reiterated Overweight on GSF, target $49.
Lehman Brothers:
- Lowered HDI to Underweight.
- Reiterated Overweight on JOYG, target $50.
- Reiterated Overweight on BUCY, target $44.
CSFB:
- Raised EYET to Outperform, target $40..
- Raised BWA to Outperform, target $55.
- Rated ENZN Underperform, target $10.
- Reiterated Outperform on GCI, target $97.
- Reiterated Outperform on UTX, target $107.
Thomas Weisel:
- Raised BWNG to Outperform.
Raymond James:
- Rated SVM Strong Buy, target $17.50.
UBS:
- Raised APPB to Buy, target $33.
- Raised GOL to Buy, target $36.
Deutsche Bank:
- Rated BLC Buy, target $28.
Wednesday Watch
Late-Night Headlines
Bloomberg:
- Japan's government said it will allow oil drilling in an area of the East China Sea claimed by China, a decision that may escalate tension between the nations amid anti-Japanese rioting in Beijing and other Chinese cities.
- Crude oil is falling to a six-week low in NY, the seventh drop in eight days, after the IEA reduced its forecast for world fuel demand.
Wall Street Journal:
- A new Goldman Sachs Group private-equity fund worth $8.5 billion that's expected to be announced today will be a challenge for the US securities firm to pursue buyouts without offending clients who rely on it for advice.
Financial Times:
- Tensions between China and Japan, sparked by new Japanese textbooks about its colonial history, may delay United Nations plans to enlarge the Security Council.
Reuters:
- SAP AG, the world's largest maker of business-management software, may increase its partnerships with small software companies to broaden its product base.
AP:
- Merck asked a judge in Alabama to dismiss the first scheduled trail over Vioxx.
- Anheuser-Busch, the world's largest beermaker and the No.1 US buyer of rice, says it will boycott rice grown in Missouri if plans go forward to plant a genetically modified version of the grain intended to be used to produce drugs.
NY Times:
- Israeli Prime Minister Ariel Sharon told President Bush on April 11 that Iran is near "a point of no return" in learning how to develop a nuclear weapon.
Washington Post:
- Insurgent attacks in Mosul, Iraq, have declined by almost half since mid-November of last year.
- The US House of Representatives probably will approve today a permanent repeal of estate taxes in response to popular demand.
Mainichi:
- Apple Computer plans to start an online music store in Japan this year.
Business Standard:
- Boeing expects India to buy planes worth $35 billion over the next 20 years.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on ACN, BC and MDT.
- Reiterated Attractive view of Lodging sector.
Night Trading
Asian Indices are -.25% to +.75% on average.
S&P 500 indicated unch.
NASDAQ 100 indicated -.07%.
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
AMD/.02
AAPL/.24
BBT/.75
CBH/.45
FAST/.49
HDI/.76
IFIN/.56
LRCX/.43
MOGN/.16
Splits
TTC 2-for-1
UCBH 2-for-1
Economic Releases
8:30 EST
- Advance Retail Sales for March are estimated to rise .8% versus a .4% increase in February.
- Retail Sales Less Autos for March are estimated to rise .5% versus a .4% gain in February.
Bloomberg:
- Japan's government said it will allow oil drilling in an area of the East China Sea claimed by China, a decision that may escalate tension between the nations amid anti-Japanese rioting in Beijing and other Chinese cities.
- Crude oil is falling to a six-week low in NY, the seventh drop in eight days, after the IEA reduced its forecast for world fuel demand.
Wall Street Journal:
- A new Goldman Sachs Group private-equity fund worth $8.5 billion that's expected to be announced today will be a challenge for the US securities firm to pursue buyouts without offending clients who rely on it for advice.
Financial Times:
- Tensions between China and Japan, sparked by new Japanese textbooks about its colonial history, may delay United Nations plans to enlarge the Security Council.
Reuters:
- SAP AG, the world's largest maker of business-management software, may increase its partnerships with small software companies to broaden its product base.
AP:
- Merck asked a judge in Alabama to dismiss the first scheduled trail over Vioxx.
- Anheuser-Busch, the world's largest beermaker and the No.1 US buyer of rice, says it will boycott rice grown in Missouri if plans go forward to plant a genetically modified version of the grain intended to be used to produce drugs.
NY Times:
- Israeli Prime Minister Ariel Sharon told President Bush on April 11 that Iran is near "a point of no return" in learning how to develop a nuclear weapon.
Washington Post:
- Insurgent attacks in Mosul, Iraq, have declined by almost half since mid-November of last year.
- The US House of Representatives probably will approve today a permanent repeal of estate taxes in response to popular demand.
Mainichi:
- Apple Computer plans to start an online music store in Japan this year.
Business Standard:
- Boeing expects India to buy planes worth $35 billion over the next 20 years.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on ACN, BC and MDT.
- Reiterated Attractive view of Lodging sector.
Night Trading
Asian Indices are -.25% to +.75% on average.
S&P 500 indicated unch.
NASDAQ 100 indicated -.07%.
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
AMD/.02
AAPL/.24
BBT/.75
CBH/.45
FAST/.49
HDI/.76
IFIN/.56
LRCX/.43
MOGN/.16
Splits
TTC 2-for-1
UCBH 2-for-1
Economic Releases
8:30 EST
- Advance Retail Sales for March are estimated to rise .8% versus a .4% increase in February.
- Retail Sales Less Autos for March are estimated to rise .5% versus a .4% gain in February.
BOTTOM LINE: Asian indices are mostly higher on optimism over the rebound in US stocks and declining energy prices. I expect US equities to open modestly higher on a continuation of today's rally and lower energy prices. The Portfolio is 100% net long heading into tomorrow.
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