Bloomberg:
- Oil was little changed after falling below$58 a barrel in NY on a larger-than-expected jump in US oil inventories that left supplies 14% above the five-year average.
- Hewlett-Packard(HPQ) reclaimed the title of world’s biggest personal-computer maker after trailing behind Dell Inc.(DELL) for three years.
- DE Shaw, a NY-based hedge fund firm, plans to invest as much as $4500 million in the closely held ERORA Group, an owner and developer of coal-gasification projects.
- The SEC is increasing its focus on insider trading by hedge funds, because of suspicious buying and selling ahead of corporate mergers, SEC Chairman Christopher Cox said.
- China’s economic growth slowed to 10.7% last quarter as Premier Wen Jiabao’s investment curbs began to take hold.
- South Korea’s economy faces “downward risks” exacerbated by nuclear test announcements by North Korea that may cause growth to slow, Finance Minister Kwon Okyu said.
Reuters:
- China National Cereals, Oils & Foodstuffs will invest more than $1 billion in ethanol projects to increase capacity to 3 million metric tons.
Apple Daily:
- AU Optronics’(AUO) Chairman KY Lee forecast demand for liquid-crystal display televisions will grow 50% next year as his company’s factories are currently using 100% of production capacity. Global LCD TV sales are set to rise 39% to $33.4 billion this year, according to iSuppli Corp.
Xinhua:
- The Chinese government will “reinforce” measures to control inflation in the real estate industry because housing prices in some cities are “still rising rapidly.”
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (T), target $37.
Night Trading
Asian Indices are -.25% to +.25% on average.
S&P 500 indicated -.12%.
NASDAQ 100 indicated -.10%.
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
- (AH)/.62
- (BK)/.55
- (BAC)/1.15
- (B)/.31
- (BAX)/.55
- (BGG)/-.23
- (BRCM)/.30
- (CERN)/.36
- (CHKP)/.32
- (C)/1.03
- (KO)/.59
- (CMA)/1.20
- (CAL)/1.22
- (CY)/.15
- (LLY)/.79
- (FSL)/.51
- (GOOG)/2.42
- (HSY)/.81
- (HON)/.63
- (MCD)/.68
- (NE)/1.37
- (NUE)/1.56
- (PFE)/.45
- (PPG)/1.27
- (DGX)/.77
- (RS)/1.35
- (RHI)/.41
- (SNDK)/.57
- (SHW)/1.27
- (LUV)/.20
- (SY)/.33
- (TRB)/.45
- (UNP)/1.47
- (UB)/1.22
- (UPS)/.89
- (UNH)/.76
- (WYE)/.76
- (XLNX)/.23
Upcoming Splits
- None of note
Economic Releases
8:30 am EST:
- Initial Jobless Claims for last week are estimated to rise to 310K versus 308K the prior week.
- Continuing Claims are estimated to come in at 2445K versus 2445K prior.
10:00 am EST:
- Leading Indicators for September are estimated to rise .3% versus a .2% decline in August.
12:00 pm EST:
- Philly Fed for October is estimated to rise to 7.0 versus a reading of -.4 in September.
BOTTOM LINE: Asian indices are mostly higher, boosted by technology shares in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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