Evening Review
Detailed Market Summary
Market Gauges
Daily ETF Performance
Style Performance
Market Wrap CNBC Video(bottom right)
S&P 500 Gallery View
Economic Calendar
Timely Economic Charts
GuruFocus.com
PM Market Call
After-hours Movers
Real-time/After-hours Stock Quote
In Play
Thursday, August 10, 2006
Wednesday, August 09, 2006
Thursday Watch
Late-Night Headlines
Bloomberg:
- BP Plc may keep pumping oil from half of the Prudhoe Bay field, BP America President Robert Malone said.
- Pfizer’s best-selling cholesterol medicine Lipitor cuts the risk of stroke recurrence in patients without heart disease, doctors say.
- David Einhorn, founder of $3 billion hedge fund Greenlight Capital LLC, was knocked out of the World Series of Poker last night, taking 18th place and winning $659,730, which he plans to donate to charity.
- Google(GOOG) will give AOL as much as $400 million over five years under an Internet ad agreement.
- Toyota Motor(TM) is setting US sales records and building North American factories faster than any other automaker.
- South Korea’s central bank unexpectedly raised its key interest rate a quarter percentage point to a five-year high to quell inflation in Asia’s third-largest economy.
- Israeli soldiers and Hezbollah fighters clashed in southern Lebanese villages, as the UN Security Council failed to agree on a revised resolution to end the month-long conflict.
Financial Times:
- France may propose its own cease-fire plan to the UN Security Council if terms are not reached with the US on an agreement to end the fighting between Israel and Hezbollah fighters, citing President Jacques Chirac.
Economic Daily News:
- AU Optronics(AUO) won orders from Samsung Electronics and four others to make LCDs for televisions.
Digitimes:
- Samsung Electronics has begun shifting manufacturing capacity to make more flash memory chips in anticipation of orders from Apple Computer(AAPL).
China Securities Journal:
- China’s banking regulator told the nation’s 16 major banks to slow their loan growth in the second half and rein in their overall lending increase to below 15% this year.
- China may raise lending rates for the second time this year to control loans growth.
China Business News:
- China’s government may stop issuing bonds to finance infrastructure projects early next year, citing Li Quan, an academic at the finance ministry.
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian Indices are -.25% to unch. on average.
S&P 500 indicated +.06%.
NASDAQ 100 indicated -.03%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/EPS Estimate
- (ADI)/.44
- (BGG)/.29
- (EAT)/.65
- (CREE)/.14
- (DISH)/.44
- (ELX)/.22
- (EXPE)/.24
- (GG)/.35
- (JCP/.73
- (KSS)/.65
- (NVDA)/.27
- (PSUN)/.14
- (PGN)/.41
- (RRGB)/.39
- (TGT)/.69
- (URBN)/.15
Upcoming Splits
- (PCAR) 3-for-2
- (WFC) 2-for-1
Economic Releases
8:30 am EST
- The Trade Deficit for June is estimated to widen to -$64.5 billion versus -$63.8 billion in May.
- Initial Jobless Claims for last week are estimated at 315K versus 315K the prior week.
- Continuing Claims are estimated to fall to 2475K versus 2480K prior.
2:00 pm EST
- The Monthly Budget Deficit for July is estimated to shrink to -$40.0 billion versus -$53.4 billion in June.
Bloomberg:
- BP Plc may keep pumping oil from half of the Prudhoe Bay field, BP America President Robert Malone said.
- Pfizer’s best-selling cholesterol medicine Lipitor cuts the risk of stroke recurrence in patients without heart disease, doctors say.
- David Einhorn, founder of $3 billion hedge fund Greenlight Capital LLC, was knocked out of the World Series of Poker last night, taking 18th place and winning $659,730, which he plans to donate to charity.
- Google(GOOG) will give AOL as much as $400 million over five years under an Internet ad agreement.
- Toyota Motor(TM) is setting US sales records and building North American factories faster than any other automaker.
- South Korea’s central bank unexpectedly raised its key interest rate a quarter percentage point to a five-year high to quell inflation in Asia’s third-largest economy.
- Israeli soldiers and Hezbollah fighters clashed in southern Lebanese villages, as the UN Security Council failed to agree on a revised resolution to end the month-long conflict.
Financial Times:
- France may propose its own cease-fire plan to the UN Security Council if terms are not reached with the US on an agreement to end the fighting between Israel and Hezbollah fighters, citing President Jacques Chirac.
Economic Daily News:
- AU Optronics(AUO) won orders from Samsung Electronics and four others to make LCDs for televisions.
Digitimes:
- Samsung Electronics has begun shifting manufacturing capacity to make more flash memory chips in anticipation of orders from Apple Computer(AAPL).
China Securities Journal:
- China’s banking regulator told the nation’s 16 major banks to slow their loan growth in the second half and rein in their overall lending increase to below 15% this year.
- China may raise lending rates for the second time this year to control loans growth.
China Business News:
- China’s government may stop issuing bonds to finance infrastructure projects early next year, citing Li Quan, an academic at the finance ministry.
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian Indices are -.25% to unch. on average.
S&P 500 indicated +.06%.
NASDAQ 100 indicated -.03%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/EPS Estimate
- (ADI)/.44
- (BGG)/.29
- (EAT)/.65
- (CREE)/.14
- (DISH)/.44
- (ELX)/.22
- (EXPE)/.24
- (GG)/.35
- (JCP/.73
- (KSS)/.65
- (NVDA)/.27
- (PSUN)/.14
- (PGN)/.41
- (RRGB)/.39
- (TGT)/.69
- (URBN)/.15
Upcoming Splits
- (PCAR) 3-for-2
- (WFC) 2-for-1
Economic Releases
8:30 am EST
- The Trade Deficit for June is estimated to widen to -$64.5 billion versus -$63.8 billion in May.
- Initial Jobless Claims for last week are estimated at 315K versus 315K the prior week.
- Continuing Claims are estimated to fall to 2475K versus 2480K prior.
2:00 pm EST
- The Monthly Budget Deficit for July is estimated to shrink to -$40.0 billion versus -$53.4 billion in June.
BOTTOM LINE: Asian indices are mostly lower, pressured by exporting stocks in the region. I expect US equities to open mixed and to weaken into the afternoon, finishing modestly lower. The Portfolio is 75% net long heading into the day.
***Alert***
I am unable to post the Wednesday Close due to a scheduling conflict. I finished the day postioned 75% net long. I will post the Thursday Watch later this evening.
Today's Headlines
Bloomberg:
- The Lilly Endowment, the fifth-largest US foundation, and the Wal-Mart(WMT) Foundation, the retailer’s charitable arm, were among the biggest donors to hurricane relief and recovery efforts.
- There are no conspiracy theories or political manifestos in Oliver Stone’s new movie “World Trade Center” that opens this weekend. It is a straightforward, old-fashioned tale of heroism, honor, friendship and family, themes that have brought the film praise.
- Ford Motor’s(F) Americas chief said demand for fuel-efficient vehicles is “more permanent” that the company had expected, prompting last month’s announcement that the company would further revamp North American operations. Ford may invest as much as $1 billion in Michigan to make factories more efficient and fund development of hybrid vehicles.
- Federated Dept. Stores(FD), the second largest US dept. store operator, said second-quarter net income more than doubled.
- Walt Disney(DIS) said third-quarter profit rose 39%, led by revenue gains at theme parks and its cable networks.
- Israel’s security cabinet today approved expanding Israel’s incursion into Lebanon as far north as the Litani River in a bid to stop rockets launched by Hezbollah from the region.
- France plans to open new kinds of accommodations for the homeless as it seeks to cut the growing number of people in tents in the streets of Paris.
- Crude oil is rising after the EIA said US gas and oil inventories fell more than expected.
- Shares of Cisco Systems(CSCO), the world’s biggest maker of computer-networking equipment, rose the most in more than four years after the company forecast full-year sales growth that exceeded analysts’ estimates.
Wall Street Journal:
- AMR’s(AMR) American Airlines, Delta Airlines and Continental Airlines have lowered leisure fares following a similar move by UAL Corp.’s United Airlines on Monday.
- A new US bill awaiting President Bush’s signature would let older taxpayers give up to $100,000 a year tax-free from their IRAs to a charity.
- Cinemark USA agreed to buy a rival movie chain, Century Theatres for an undisclosed price to expand its reach in western states.
- First Reserve Corp., a private-equity firm that buys energy companies, will today give details of a $7.8 billion fund, the largest ever pool for investing in the sector.
- US homes and industry could have a reliable source of power for decades to come if energy companies can find further shale-gas fields, such as Barnett Shale, near Forth Worth, Texas. Barnett Shale was a relatively insignificant field until the companies worked out how to extract gas from the rock. Now the field produces 1.3 billion cubic feet of gas a day, or 2.5% of US natural gas production. There are signs that the success may be repeated.
NY Times:
- The FDA may require medical-device manufactures and hospitals to adopt technology for tracking individual items, much like a 2004 rule for identifying drugs and vaccines.
USA Today:
- About 13% of children age 10-17 said they were sexually solicited on the Internet last year, down from 19% five years ago, citing a survey of 1,500 young people to be released today by the Univ. of New Hampshire.
Chronicle of Higher Education:
- Foreign students admitted to graduate schools in the US increased for the second straight year in 2006-2007 by 12% over the previous year.
- Graduate business study programs in the US saw an increase last school year, continuing a trend toward growth. The starting pay for those earning an MBA degree this year was up 4.2% to $92,360. Businesses said they plan to hire 18% more graduates this year than they did last year.
Tex Report:
- Exports of metallurgical coal from Australia to India in the first four months of the year fell 25% from a year ago.
Financial Times:
- Private-equity firms are being flooded with so much money that returns are almost guaranteed to go down as competition for takeovers boosts costs.
- The Lilly Endowment, the fifth-largest US foundation, and the Wal-Mart(WMT) Foundation, the retailer’s charitable arm, were among the biggest donors to hurricane relief and recovery efforts.
- There are no conspiracy theories or political manifestos in Oliver Stone’s new movie “World Trade Center” that opens this weekend. It is a straightforward, old-fashioned tale of heroism, honor, friendship and family, themes that have brought the film praise.
- Ford Motor’s(F) Americas chief said demand for fuel-efficient vehicles is “more permanent” that the company had expected, prompting last month’s announcement that the company would further revamp North American operations. Ford may invest as much as $1 billion in Michigan to make factories more efficient and fund development of hybrid vehicles.
- Federated Dept. Stores(FD), the second largest US dept. store operator, said second-quarter net income more than doubled.
- Walt Disney(DIS) said third-quarter profit rose 39%, led by revenue gains at theme parks and its cable networks.
- Israel’s security cabinet today approved expanding Israel’s incursion into Lebanon as far north as the Litani River in a bid to stop rockets launched by Hezbollah from the region.
- France plans to open new kinds of accommodations for the homeless as it seeks to cut the growing number of people in tents in the streets of Paris.
- Crude oil is rising after the EIA said US gas and oil inventories fell more than expected.
- Shares of Cisco Systems(CSCO), the world’s biggest maker of computer-networking equipment, rose the most in more than four years after the company forecast full-year sales growth that exceeded analysts’ estimates.
Wall Street Journal:
- AMR’s(AMR) American Airlines, Delta Airlines and Continental Airlines have lowered leisure fares following a similar move by UAL Corp.’s United Airlines on Monday.
- A new US bill awaiting President Bush’s signature would let older taxpayers give up to $100,000 a year tax-free from their IRAs to a charity.
- Cinemark USA agreed to buy a rival movie chain, Century Theatres for an undisclosed price to expand its reach in western states.
- First Reserve Corp., a private-equity firm that buys energy companies, will today give details of a $7.8 billion fund, the largest ever pool for investing in the sector.
- US homes and industry could have a reliable source of power for decades to come if energy companies can find further shale-gas fields, such as Barnett Shale, near Forth Worth, Texas. Barnett Shale was a relatively insignificant field until the companies worked out how to extract gas from the rock. Now the field produces 1.3 billion cubic feet of gas a day, or 2.5% of US natural gas production. There are signs that the success may be repeated.
NY Times:
- The FDA may require medical-device manufactures and hospitals to adopt technology for tracking individual items, much like a 2004 rule for identifying drugs and vaccines.
USA Today:
- About 13% of children age 10-17 said they were sexually solicited on the Internet last year, down from 19% five years ago, citing a survey of 1,500 young people to be released today by the Univ. of New Hampshire.
Chronicle of Higher Education:
- Foreign students admitted to graduate schools in the US increased for the second straight year in 2006-2007 by 12% over the previous year.
- Graduate business study programs in the US saw an increase last school year, continuing a trend toward growth. The starting pay for those earning an MBA degree this year was up 4.2% to $92,360. Businesses said they plan to hire 18% more graduates this year than they did last year.
Tex Report:
- Exports of metallurgical coal from Australia to India in the first four months of the year fell 25% from a year ago.
Financial Times:
- Private-equity firms are being flooded with so much money that returns are almost guaranteed to go down as competition for takeovers boosts costs.
Wholesale Inventories at Record Lows
- Wholesale Inventories for June rose .8% versus estimates of a .6% increase and a .9% gain in May.
BOTTOM LINE: Stockpiles at US wholesalers rose .8% in June and sales increased faster, suggesting companies will need to boost production to keep up with demand, Bloomberg said. The inventory-to-sales ratio fell to an all-time low of 1.14 months in June. Stronger-than-expected inventory rebuilding will likely lead to an upward revision to second quarter US GDP growth. I continue to believe inventory rebuilding will help keep US growth relatively healthy over the intermediate-term.
Subscribe to:
Posts (Atom)