Bloomberg:
- Iran's former president Akbar Hashemi Rafsanjani, who is campaigning for more jobs and a "new chapter" in his country's relations with the US, may win the first round of presidential elections today, the latest polls show.
- The euro headed for its third weekly decline against the dollar in Asia on speculation European Union policy makers will today fail to resolve differences over the region's budget and constitution.
Wall Street Journal:
- Boeing and Lockheed Martin are competing to sell India 126 fighter jets.
Business Week:
- Older US workers may add 9% to GDP by 2045, or more than $3 trillion a year in today's dollars, as technology and better health allow people to work later into life.
- FedEx's earnings growth will get a boost from business in Asia.
- Hewlett-Packard CEO Hurd plans to reorganize the company's sales force, a move that would dismantle a key piece of predecessor Fiorina's strategic plan.
Financial Times:
- Microsoft must compromise further if it is to comply with its European Union antitrust order.
- Morgan Stanley will not split the role of chairman and chief executive when appointing a successor to Philip Purcell.
Xinhua:
- China will add bank loan fraud and illegal disposal of non-performing assets as new crimes under its Criminal Law.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on FCE/A.
Business Week:
- Alaska Communications Systems(ALSK) shares are an attractive buy because the company has an 8.4% dividend yield amid strong revenue growth.
- Casual Male Retail Group(CMRG) shares may almost double within 12 months as earnings from operations rise because of lower costs and sales of higher-margin brands.
Night Trading
Asian Indices are unch. to +.50% on average.
S&P 500 indicated -.01%.
NASDAQ 100 indicated unch.
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US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
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Before the Bell CNBC Video(bottom right)
Global Commentary
Asian Indices
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Rasmussen Consumer/Investor Daily Indices
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Earnings of Note
Company/EPS Estimate
CC/-.02
ISLE/.31
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FTO 2-for-1
Economic Releases
8:30 EST:
- Current Account Balance for 1Q is estimated at -$190.0B versus -$187.9B in 4Q.
9:45 EST:
- Preliminary Univ. of Mich. Consumer Confidence for June is estimated at 88.8 versus 86.9 in May.
BOTTOM LINE: Asian indices are mostly higher, led by commodity-related stocks in the region. I expect US equities to open mixed and move modestly higher later in the day on better-than-expected consumer confidence and lower long-term rates. The Portfolio is 100% net long heading into the day.
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