Bloomberg:
- Crude oil was trading near a seven-week low in NY after yesterday falling below $58 for the first time this year as a report showed US stockpiles jumped almost five times estimates.
- Shares of United Microelectronics, the world’s second-biggest made-to-order chip supplier, posted their biggest jump in two years on the company’s plan to buy back 5% of its stock.
Wall Street Journal:
- More than $200 billion in credit derivatives are linked to General Motors(GM), which has about $30 billion in debt.
- Amazon.com(AMZN) is in discussions with four music companies, including Warner Music Corp. and EMI Group Plc, to obtain licensing for a digital-music service.
Financial Times:
- Merrill Lynch(MER) will start a unit to advise companies on how to address investors activism, citing an internal company memo.
- Knight Ridder’s(KRI) sale may be affected by its holding in the CareerBuilder.com Web site.
London-based Times:
- London house prices rose 2% in January, the biggest monthly gain for two years, citing UK real estate agents Haart and Knight Frank LLC.
Nikkei English News:
- Audible Inc.(ADBL) plans to offer in Japan a fee-based system to distribute and download copyright online music and video.
Xinhua News Agency:
- China’s pollution has become a “blasting fuse” for social instability, citing Zhou Shengxian, director of the State Environmental Protection Administration.
International Oil Daily:
- Saudi Aramco awarded the right to invest in a $5 billion oil refinery to Total SA.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on (MSFT) and (CMX).
- Reiterated Underperform on (AZR), (KEA) and (F).
Night Trading
Asian Indices are -.25% to +.75% on average.
S&P 500 indicated +.07%.
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
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Macro Calls
Rasmussen Consumer/Investor Daily Indices
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Earnings of Note
Company/EPS Estimate
(ASF)/.26
(AAP)/.36
(BHI)/.73
(CNA)/.64
(DELL)/.41
(DDS)/.88
(FAF)/1.10
(GT)/.25
(INTU)/.95
(JCP)/1.63
(LH)/.65
(LTR)/2.09
(NVDA)/.49
(PCLN)/.27
(TGT)/1.05
(TK)/.179
(WPI)/.35
(WTW)/.37
(XMSR)/-.92
Upcoming Splits
- (CLDN) 3-for-2
- (TIE) 2-for-1
Economic Releases
8:30 am EST
- The Import Price Index for January is estimated to rise 1.0% versus a .2% decline in December.
- Housing Starts for January are estimated to rise to 2020K versus 1933K in December.
- Building Permits for January are estimated to fall to 2064K versus 2075K in December.
- Initial Jobless Claims for last week are estimated to rise to 285K versus 277K the prior week.
- Continuing Claims are estimated to fall to 2520K versus 2557K prior.
12:00 pm EST
- Philly Fed. for February is estimated to rise to 9.1 versus a reading of 3.3 in January.
BOTTOM LINE: Asian indices are mostly higher, boosted by exporters in the region after oil fell and US interest rates stabilized. I expect US equities to open mixed and to trade higher into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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