Late-Night Headlines
Bloomberg:
- House Financial Services Committee Chairman Barney Frank said Democrats are likely to reach an agreement with President Bush on an economic stimulus plan that may be passed early this year.
- The risk of Citigroup Inc.(C) defaulting fell after the biggest
- Stacy Smith, chief financial officer of Intel Corp.(INTC) sees no slowdown in computer business. (video)
Wall Street Journal:
- Toxic Factories Take Toll On China’s Labor Force.
- Romney Wins Michigan Primary After Tight Contest With McCain.
- John Paulson Bet Big on Drop in Housing Values; Greenspan Gets a New Gig, Soros Does Lunch.
MarketWatch.com:
- Rising oil prices meet silence on the campaign trail.
- Three Wall Street firms cut ratings across energy sector.
NY Times:
- Bloomberg Hires Quadrangle to Manage His Wealth.
SmartMoney.com:
- Luxury Stocks at a Discount.
- Apple’s(AAPL) slim new laptop promises to pump up Mac sales.
Late Buy/Sell Recommendations
Citigroup:
- Upgraded (TIN) to Buy, target $26.
- Reiterated Buy on (MER), target $75.
Night Trading
Asian Indices are -3.0% to -2.0% on average.
S&P 500 futures -.65%.
NASDAQ 100 futures -1.56%.
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Earnings of Note
Company/EPS Estimate
- (AMR)/-.76
- (PGR)/.33
- (JPM)/.92
- (WFC)/.40
- (KMP)/.45
- (CLC)/.51
- (FIG)/.20
Upcoming Splits
- (STAN) 2-for-1
Economic Releases
8:30 am EST
- The Consumer Price Index for December is estimated to rise .2% versus a .8% gain in November.
- The CPI Ex Food & Energy for December is estimated to rise .2% versus a .3% gain in November.
9:00 am EST
- Net Long-term TIC Flows for November are estimated to fall to $50.0B versus $114.0B in October.
9:15 am EST
- Industrial Production for December is estimated to fall .2% versus a .3% gain in November.
- Capacity Utilization for December is estimated to fall to 81.2% versus 81.5% in November.
1:00 pm EST
- The NAHB Housing Market Index for January is estimated at 19.0 versus 19.0 in December.
2:00 pm EST
- Fed’s Beige Book
Other Potential Market Movers
- The weekly MBA Mortgage Applications report, weekly EIA energy inventory report, Cowen Consumer Conference and Goldman Sachs Energy Conference could also impact trading today.