Bloomberg:
- California Governor Schwarzenegger called a special election for November, the state's fourth ballot in two years, threatening to bypass lawmakers and win voter approval to curb spending and redraw political lines.
- Ericsson AB and Lucent Technologies are among the companies at Asia's biggest telecom trade show this week vying for business in China and India as the two most populous nations prepare to upgrade cell phone networks.
- China will probably react angrily to the European Union's decision to delay ending a 16-year-old arms embargo on the country and may start to target individual European states to get around the ban, China-based analysts said.
Financial Times:
- The amount of capital being moved out of Russia has reached its highest level since just before the country's financial crisis in 1998, citing a report by Fitch Ratings.
China Daily:
- China's automakers had profits decline 74% in the first four months of 2005 from a year earlier because of falling prices and rising raw material costs.
- China's western province of Xinjiang plans to boost crude oil output fourfold to meet rising demand and may supply 60% of the country's total.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on MERQ, MFE and CBB.
- Reiterated Underperform on WTW and EW.
Night Trading
Asian Indices are unch. to +.25% 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
BE/.00
BBY/.30
BMC/.23
DRL/.42
FLS/.25
KKD/-.03
LEH/2.22
PIR/-.13
URS/.58
Splits
MW 3-for-2
Economic Releases
8:30 EST:
- The Producer Price Index for May is estimated to fall .2% versus a .6% increase in April.
- The PPI Ex Food & Energy for May is estimated to rise .2% versus a .3% increase in April.
- Advance Retail Sales for May is estimated to fall .2% versus a 1.4% gain in April.
- Retail Sales Less Autos for May is estimated to rise .2% versus a 1.1% increase in April.
BOTTOM LINE: Asian indices are mostly higher, led by exporters in the region on optimism over sales to the US. I expect US equities to open modestly higher on better-than-expected economic data. The Portfolio is 75% net long heading into the day.
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