Bloomberg:
- Mack-Cali Realty(CLI) is joining billionaire investor Carl Icahn and real estate developer Harry Macklowe in their $4.6 billion bid for rival Reckson Associates Realty(RA).
- China, the biggest maker of copper and aluminum, may produce 2.95 million metric tons of copper this year, the National Development and Reform Commission said.
- Fuel oil prices in Asia fell to a 10-day low in relation to benchmark Dubai crude on concern supplies may exceed demand in December as imports increase and purchases from China slow.
- Iran’s 10-day war games this month were aimed at intimidating US allies in the region and dissuading them from cooperating.
- The US Treasury Department discriminates against blind people by issuing same-size paper currency whose value is indistinguishable to those unable to see, a federal judge ruled.
- Walt Disney(DIS) will boost its annual dividend by 15% to .31 cents/share, the biggest jump in eight years.
- Sony Corp.(SNE) said it is “possible” that it will exceed its target to ship 6 million liquid crystal display televisions this fiscal year ending March 2007.
- China’s yuan rose to the highest since the government ended a decade-old link to the dollar after US Treasury Henry Paulson said a stronger currency will help resolve the “tension” in trade ties between the two nations.
Wall Street Journal:
- Nokia Oyj(NOK) plans to sell Internet-related services in an effort to maintain growth, citing CEO Kallasvuo.
- Venture capitalists, betting on new battery technologies, are funding companies developing energy-storage products.
- Citigroup(C) and Charles Schwab(SCHW) are among financial services companies that help administer charitable foundations for wealthy families looking to teach philanthropy to their children.
Fortune:
- Apple Computer(AAPL) is close to a deal to sell the Beatles’ catalog on its iTunes online music store.
AP:
- A federal judge ruled President Bush’s authority to block assets of suspected terrorist groups is unconstitutional. US District Judge Audrey Collins, who said in July she would uphold Bush’s executive order, ruled the US government can’t block the assets of the Liberation Tigers and Partiya Karkeran Kurdistan.
Late Buy/Sell Recommendations
- None of note
Night Trading
Asian Indices are +.50% to +1.0% on average.
S&P 500 indicated +.15%.
NASDAQ 100 indicated +.21%.
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
Conference Calendar
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/EPS Estimate
- (ARO)/.61
- (BEAS)/.13
- (DSW)/.27
- (JLG)/.33
- (PRGS)/.36
- (SNPS)/.19
- (TIF)/.16
- (TIVO)/-.14
- (VRNT)/.29
Upcoming Splits
- (EAT) 3-for-2
- (NT) 1-for-10
Economic Releases
8:30 am EST
- Preliminary 3Q GDP is estimated to rise 1.8% versus prior estimates of a 1.6% increase.
- Preliminary 3Q GDP Price Index is estimated to rise 1.8% versus prior estimates of a 1.8% increase.
- Preliminary 3Q Personal Consumption is estimated to rise 2.8% versus a 3.1% prior estimate.
- Preliminary 3Q Core PCE is estimated to rise 2.3% versus prior estimates of a 2.3% increase.
10:00 am EST
- New Home Sales for October are estimated to fall to 1049K versus 1075K in September.
10:30 am EST
- Bloomberg consensus estimates call for a weekly crude oil drawdown of 350,000 barrels versus a 5,161,000 build the prior week. Gasoline supplies are expected to rise by 450,000 barrels versus a 1,406,000 barrel build the prior week. Distillate supplies are expected to rise by 500,000 barrels versus a 1,198,000 barrel decline the prior week. Finally, Refinery Utilization is expected to rise .63% versus a .22% decline the prior week.
2:00 pm EST
- Fed’s Beige Book
BOTTOM LINE: Asian indices are higher, boosted by automaker and technology shares in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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