Bloomberg:
- US stocks extended this week’s rally, lifting the Dow Jones Industrial Average to its second-highest close in history, after a rebound in consumer confidence suggested household spending will keep the economy healthy.
- ABC won the first week of the new television season as a decision to switch “Grey’s Anatomy” to Thursday night from Sunday paid off.
- Brazil’s steel industry will double by 2011 as Mittal Steel(MT) and its rivals build new mills near iron-ore mines to lower their costs.
Detroit News:
- Carlos Ghosn, CEO of Renault SA and Nissan Motor, will tell GM than an alliance between their companies could save $10 billion a year.
Financial Times:
- Amaranth Advisors LLC, the hedge-fund company that lost $6 billion betting on rising natural gas prices, has told investors that it will either liquidate its remaining assets or sell itself to a larger institution.
Apple Daily:
- Acer Inc. expects its fourth-quarter sales to grow between 10%-20% from the third quarter as new orders for its personal computers flooded in, citing Acer Chairman J.T. Wang.
Late Buy/Sell Recommendations
Morgan Stanley:
- Reiterated Overweight on (JBL), target $38.
- Reiterated Overweight on (BAC), target $55.
Jeffries:
- Cisco Systems(CSCO) shares may rise to $30 as the company beats competitors for orders to upgrade telephone networks, said analyst Bill Choi, who started coverage of the stock with a “buy” rating.
Night Trading
Asian Indices are +.75% to +1.50% on average.
S&P 500 indicated -.08%.
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
- (ATU)/.78
- (MKC)/.36
- (RECN)/.24
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- Durable Goods Orders for August are estimated to rise .5% versus a 2.4% decline in July.
- Durables Ex Transportation for August are estimated to rise .5% versus a .5% gain in July.
10:00 am EST
- New Home Sales for August are estimated to fall to 1040K versus 1072K in July.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil drawdown of 1,700,000 barrels. Gasoline supplies are estimated to rise by 700,000 barrels. Distillate inventories are expected to rise by 2,600,000 barrels. Finally, Refinery Utilization is estimated to fall .73%.
BOTTOM LINE: Asian indices are higher, boosted by automaker, commodity and technology shares in the region. I expect US equities to open modestly higher and to fade into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.
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