Weekend HeadlinesBloomberg:- Wal-Mart Stores said September sales at its US stores open at least a year are rising within its forecast in the aftermath of Hurricane Katrina.
- OPEC should raise output quotas for the sixth time in 15 months as oil and gas prices stay near record highs, the ministers for Saudi Arabia and the United Arab Emirates said.
- Qatar is planning a $1.8 billion refinery to process heavy crude oil as gasoline and diesel demand rises and regulations stall construction of new plants in Europe and the US.
- Afghans voted today in the country’s first legislative elections since 1969.
- Kuwait is in talks with the Bush administration to build an oil refinery in the US, seeking to construct the nation’s first new plant in three decades.
- The euro is falling to a month’s low versus the US dollar in Asia after German opposition leader Angela Merkel and Chancellor Gerhard Schroeder each claimed the right to run the government after an inconclusive result in elections yesterday.
Wall Street Journal:- Centennial Communications, which provides wireless-telephone services in the US and the Caribbean, is considering selling itself in a deal worth as much as $1.5 billion.
- Wal-Mart Stores has created a prototype store in a Dallas suburb with wider aisles, lower shelves and more displays of pricier products as it seeks to lure more wealthy shoppers.
TheDeal.com:- After raising $4 billion in a 14.2 million-share secondary offering late last week,
Google Inc. is sitting on a total of roughly $7 billion in cash.
Washington Post:- The US is realigning its forces in the Pacific in reaction to China’s escalating power.
- The Washington, DC police dept. plans to deploy several hundred officers to counter an antiwar rally and march near the White House on Sept. 24.
NY Times:- New Orleans residents including Barry Kern of Kern Studios are looking ahead to holding Mardi Gras next year as they recover from Hurricane Katrina.
- The Walt Disney Co. will release the first of four computer-animated films on Nov. 4 as it tries to match the success of rivals Pixar and DreamWorks Animation SKG.
Boston Globe:- AES Corp. has proposed building a $500 million liquefied natural-gas plan on Outer Brewster Island in Boston Harbor.
Philadelphia Inquirer:- Philadelphia and neighboring country health-care facilities are spending more than $4 billion to build and expand their properties after years of closings in the area.
AFP:- Iraqi lawmakers approved amendments to the country’s draft constitution and sent the charter to the United Nations, which will print five million copies for the public before an Oct. 15 referendum.
Independent on Sunday:- UK Prime Minister Tony Blair accused the British Broadcasting Corp. of “gloating” over the devastation to the southern US from Hurricane Katrina.
The Business:- Tesco Plc, the biggest UK food retailer, is considering a purchase of Albertson’s Inc. that could value the second-largest US grocery chain at $7.6 billion.
Weekend RecommendationsBarron's: - Had positive comments on APC, BP, COCO, COP, DUK, ETR, EXC, WYE, MO, HPQ, FD, EMR, DSX and PMCS.
- Had negative comments on HXM, BA and IP.
Goldman Sachs:- Reiterated Outperform on EMC.
- Reiterated Underperform on EDS.
Night Trading Asian indices are unch. to +.25% on average.
S&P 500 indicated -.12%.
NASDAQ 100 indicated -.12%.
Morning PreviewUS AM Market CallNASDAQ 100 Pre-Market Indicator/Heat MapPre-market CommentaryBefore the Bell CNBC Video(bottom right)
Global CommentaryAsian IndicesEuropean IndicesTop 20 Business StoriesIn PlayBond TickerDaily Stock EventsMacro CallsRasmussen Consumer/Investor Daily IndicesCNBC Guest ScheduleEarnings of NoteCompany/EstimateAES/.15
CCL/1.35
NKE/1.42
Upcoming SplitsNone of note
Economic Releases1:00 pm EST- The NAHB Housing Market Index for September is estimated at 67 versus a reading of 67 in August.
BOTTOM LINE: Asian Indices are higher, spurred by gains in mining shares in the region. I expect US stocks to open modestly lower on higher energy prices and rising apprehension ahead of Tuesday’s Fed meeting. The Portfolio is 75% net long heading into the week.
