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Friday, November 10, 2006
Thursday, November 09, 2006
Friday Watch
Late-Night Headlines
Bloomberg:
- A judge in Argentina issued an international arrest warrant for Iran’s former president Akbar Hashemi Rafsanjani over the 1994 bombing of a Jewish center in Buenos Aires.
- Britain will be a target of terrorists “for a generation” as it faces a “serious, growing” and “sustained” threat of attack, citing MI5 director-general Eliza Manningham-Buller.
- Boeing(BA) won an order to replace the fleet of helicopters that rescue downed US pilots, a program that may be worth as much as $15 billion.
- Genentech(DNA) agreed to acquire Tanox Inc., a collaborator on the asthma treatment Xolair, for $919 million.
- Activist investor Bill Ackman, of NY-based hedge fund Pershing Square Capital Management LP, said he purchased an 11% stake in Borders Group(BGP).
- Democrats are taking a go-slow approach to regulating hedge funds and may consider changes sought by Wall Street to the Sarbanes-Oxley corporate-accounting law, reflecting the priorities of financial firms that gave a majority of their donations to Democrats. In the first half of the year, employees of the 100 largest hedge funds and 50 biggest buyout firms contributed $7.4 million, and Democrats received $5 million of that money, Federal Election Commission records show.
- Chevron Corp.(CVX) said it made a “significant” natural gas discovery off Western Australia.
- China’s October producer prices grew at the slowest pace since May as increases in the costs of oil and minerals including zinc and copper slowed.
- The yen rose from a record low against the euro as Bank of Japan Governor Toshihiko Fukui said interest-rate increases will help extend the economic recovery.
Dow Jones:
- DaimlerChrysler AG(DCX) is pressuring Chrysler Group, its US operation, to ready a turnaround plan by next month aimed at reviving earnings.
Financial Times:
- Clear Channel Communications(CCU) may be sold to a group of private equity buyers as early as next week.
- Archer Daniels Midland(ADM) wants renewable energy resources to be treated the same as fossil fuels by governments and regulators, citing CEO Woertz.
Economic Daily:
- Sony(SNE) will buy flat panels from AU Optronics(AUO) and Chi Mei Optoelectronics next year for televisions measuring 40-inches and smaller.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (URBN), target $29.
Business Week:
- Goodrich(GR), the world’s largest supplier of aircraft landing gear that’s benefiting from a rebound in airline orders, could become a takeover target, citing Jeffrey Kleintop at PNC Wealth Management, which owns shares.
- Hovnanian Enterprises(HOV) may rise as much as 80% after the share price was cut in half this year as homebuilder shares declined, citing Schaeffer’s Investment Research CEO Bernie Schaeffer, who owns shares.
Night Trading
Asian Indices are -.25% to +.25% on average.
S&P 500 indicated -.04%.
NASDAQ 100 indicated +.01%.
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
- (CHC)/.41
- (HEW)/.26
Upcoming Splits
- None of note
Economic Releases
- None of note
Bloomberg:
- A judge in Argentina issued an international arrest warrant for Iran’s former president Akbar Hashemi Rafsanjani over the 1994 bombing of a Jewish center in Buenos Aires.
- Britain will be a target of terrorists “for a generation” as it faces a “serious, growing” and “sustained” threat of attack, citing MI5 director-general Eliza Manningham-Buller.
- Boeing(BA) won an order to replace the fleet of helicopters that rescue downed US pilots, a program that may be worth as much as $15 billion.
- Genentech(DNA) agreed to acquire Tanox Inc., a collaborator on the asthma treatment Xolair, for $919 million.
- Activist investor Bill Ackman, of NY-based hedge fund Pershing Square Capital Management LP, said he purchased an 11% stake in Borders Group(BGP).
- Democrats are taking a go-slow approach to regulating hedge funds and may consider changes sought by Wall Street to the Sarbanes-Oxley corporate-accounting law, reflecting the priorities of financial firms that gave a majority of their donations to Democrats. In the first half of the year, employees of the 100 largest hedge funds and 50 biggest buyout firms contributed $7.4 million, and Democrats received $5 million of that money, Federal Election Commission records show.
- Chevron Corp.(CVX) said it made a “significant” natural gas discovery off Western Australia.
- China’s October producer prices grew at the slowest pace since May as increases in the costs of oil and minerals including zinc and copper slowed.
- The yen rose from a record low against the euro as Bank of Japan Governor Toshihiko Fukui said interest-rate increases will help extend the economic recovery.
Dow Jones:
- DaimlerChrysler AG(DCX) is pressuring Chrysler Group, its US operation, to ready a turnaround plan by next month aimed at reviving earnings.
Financial Times:
- Clear Channel Communications(CCU) may be sold to a group of private equity buyers as early as next week.
- Archer Daniels Midland(ADM) wants renewable energy resources to be treated the same as fossil fuels by governments and regulators, citing CEO Woertz.
Economic Daily:
- Sony(SNE) will buy flat panels from AU Optronics(AUO) and Chi Mei Optoelectronics next year for televisions measuring 40-inches and smaller.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (URBN), target $29.
Business Week:
- Goodrich(GR), the world’s largest supplier of aircraft landing gear that’s benefiting from a rebound in airline orders, could become a takeover target, citing Jeffrey Kleintop at PNC Wealth Management, which owns shares.
- Hovnanian Enterprises(HOV) may rise as much as 80% after the share price was cut in half this year as homebuilder shares declined, citing Schaeffer’s Investment Research CEO Bernie Schaeffer, who owns shares.
Night Trading
Asian Indices are -.25% to +.25% on average.
S&P 500 indicated -.04%.
NASDAQ 100 indicated +.01%.
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
- (CHC)/.41
- (HEW)/.26
Upcoming Splits
- None of note
Economic Releases
- None of note
BOTTOM LINE: Asian indices are mixed as gains in energy stocks offset losses in automaker shares in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.
Wednesday, November 08, 2006
Thursday Watch
Late-Night Headlines
Bloomberg:
- Democrats won a US Senate seat in Virginia, giving them majorities of both chambers of Congress for the first time in 12 years.
- Time Warner(TWX) sold $5 billion of bonds in its first sale since 2002 to refinance debt and buy back stock.
- A federal judge temporarily blocked a law approved yesterday by California voters that bars registered sex offenders from living within 2,000 feet of a school or a park frequented by children. US District Court Judge Susan Illston in San Francisco issued an order halting the state from enforcing the new law, saying a sex offender who sued today is likely to succeed on his claim that the restriction is unconstitutional.
- Over-sized dogs and those without photo identification in Beijing are being snatched by the city police to curb the spread of rabies, which has killed about 200 people a month in China this year.
- Archer Daniels Midland(ADM), the world’s biggest grain processor and ethanol producer, said it may expand its se of palm oil in Indonesia and sugar in Brazil to produce bio-fuels as demand for alternative energy soars.
- As many as 60 million Chinese are considered obese, 20 million of them suffer from diabetes while 160 million have high blood pressure, the Chinese Center for Disease Control and Prevention said yesterday on its Web site.
International Oil Daily:
- Natural Fuel Ltd., an Australian renewable energy company, will build a $130 million biodiesel plant in Singapore, citing the CEO.
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian Indices are -.25% to +.75% on average.
S&P 500 indicated -.01%.
NASDAQ 100 indicated +.24%.
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
- (AIG)/1.42
- (CPKI)/.33
- (DLB)/.11
- (ENER)/.09
- (EXPE)/.30
- (GLBC)/-1.55
- (GT)/.24
- (HANS)/.33
- (JCP)/1.22
- (KG)/.38
- (KSS)/.64
- (MTZ)/.24
- (NVDA)/.34
- (RRI)/.34
- (SNDA)/.18
- (TXU)/1.95
- (URBN)/.18
- (VIA)/.48
- (DIS)/.34
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- The Trade Deficit for September is estimated to shrink to -$66.0 billion versus -$69.9 billion in August.
- The Import Price Index for September is estimated to fall -1.0% versus a -2.1% decline in August.
- Initial Jobless Claims for last week are estimated to fall to 318K versus 327K the prior week.
- Continuing Claims are estimated to rise to 24245K versus 2415K prior.
10:00 am EST
- Preliminary Univ. of Mich. Consumer Confidence for November is estimated at 93.6 versus 93.6 the prior month.
- Wholesale Inventories for September are estimated to rise .5% versus a 1.1% gain in August.
Bloomberg:
- Democrats won a US Senate seat in Virginia, giving them majorities of both chambers of Congress for the first time in 12 years.
- Time Warner(TWX) sold $5 billion of bonds in its first sale since 2002 to refinance debt and buy back stock.
- A federal judge temporarily blocked a law approved yesterday by California voters that bars registered sex offenders from living within 2,000 feet of a school or a park frequented by children. US District Court Judge Susan Illston in San Francisco issued an order halting the state from enforcing the new law, saying a sex offender who sued today is likely to succeed on his claim that the restriction is unconstitutional.
- Over-sized dogs and those without photo identification in Beijing are being snatched by the city police to curb the spread of rabies, which has killed about 200 people a month in China this year.
- Archer Daniels Midland(ADM), the world’s biggest grain processor and ethanol producer, said it may expand its se of palm oil in Indonesia and sugar in Brazil to produce bio-fuels as demand for alternative energy soars.
- As many as 60 million Chinese are considered obese, 20 million of them suffer from diabetes while 160 million have high blood pressure, the Chinese Center for Disease Control and Prevention said yesterday on its Web site.
International Oil Daily:
- Natural Fuel Ltd., an Australian renewable energy company, will build a $130 million biodiesel plant in Singapore, citing the CEO.
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian Indices are -.25% to +.75% on average.
S&P 500 indicated -.01%.
NASDAQ 100 indicated +.24%.
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
- (AIG)/1.42
- (CPKI)/.33
- (DLB)/.11
- (ENER)/.09
- (EXPE)/.30
- (GLBC)/-1.55
- (GT)/.24
- (HANS)/.33
- (JCP)/1.22
- (KG)/.38
- (KSS)/.64
- (MTZ)/.24
- (NVDA)/.34
- (RRI)/.34
- (SNDA)/.18
- (TXU)/1.95
- (URBN)/.18
- (VIA)/.48
- (DIS)/.34
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- The Trade Deficit for September is estimated to shrink to -$66.0 billion versus -$69.9 billion in August.
- The Import Price Index for September is estimated to fall -1.0% versus a -2.1% decline in August.
- Initial Jobless Claims for last week are estimated to fall to 318K versus 327K the prior week.
- Continuing Claims are estimated to rise to 24245K versus 2415K prior.
10:00 am EST
- Preliminary Univ. of Mich. Consumer Confidence for November is estimated at 93.6 versus 93.6 the prior month.
- Wholesale Inventories for September are estimated to rise .5% versus a 1.1% gain in August.
BOTTOM LINE: Asian indices are mostly higher, boosted by technology shares in the region. I expect US equities to open modestly higher and to maintain gains into the afternoon. The Portfolio is 100% net long heading into the day.
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