Bloomberg:
- Alaska pipeline regulators said the Trans-Alaska Pipeline System is gradually restarting after a shut down earlier today.
- Micron Technology said it cut previously reported first-quarter earnings by as much as $80 million to reflect a settlement resolving claims it conspired to fix chip prices.
- Australian consumer confidence jumped to a 17-month high in January, suggesting retail spending may strengthen and help drive growth in the Asia-Pacific region’s fifth-largest economy.
- The US dollar rose to an almost seven-week high against the euro on speculation Federal Reserve Bank of Chicago President Michael will reiterate that policy makers are concerned about inflation.
- Crude oil is little changed near an 18-month low in NY as mild weather in the US Northeast and rising fuel stockpiles continue to curb record speculation by investment funds.
- Eli Lilly(LLY), bidding to acquire partner Icos Corp.(ICOS), doesn’t intend to raise its $34-a-share offer, criticized by an Icos holder as too low, the drugmaker’s president said.
- The yen will weaken as a Bank of Japan interest-rate increase next week won’t be enough to deter investors from seeking bigger returns abroad, said Satoru Ogasawara, foreign exchange analyst at CSFB.
- Government officials of China and Israel will sign trade and investment agreements today to bolster economic ties between the two nations, according to schedule.
- Chevron Corp.(CVX) said fourth-quarter earnings will be “adversely affected” by lower oil prices and a decline in refining profits and processing caused by maintenance and construction worldwide.
- Shares of Nippon Oil Corp., Japan’s biggest petroleum refiner, fell as much as 5.2% after Morgan Stanley downgraded the company because of falling oil and fuel prices.
- Shares of Hon Hai Precision Industry Co., Catcher Technology and other makers of mobile handsets and components rose on optimism Apple Computer’s(AAPL) new cell phone modeled on its best-selling iPod device will boost earnings.
- CBS Corp.(CBS) agreed to air videos made by Google’s(GOOG) Youtube.com users in an attempt to capture the Internet’s appeal on traditional television. Short submissions will be eligible for broadcast on the network. The first 15-second video will air before the Super Bowl football game on Feb. 4, with at least one winner per quarter.
- Drought-causing El Nino weather conditions in the Pacific Ocean are weakening, improving the outlook for rain needed for wheat, barley and canola crops as well as pasture growth in Australia.
- A five-year boom in prices of industrial metals, such as copper and zinc, is set to end in 2007 as the pace of supply growth rises, analysts at ABN Amro Holding NV said in a report. “We are witnessing the definitive end of the commodity price boom that began late in 2001. Prepare for a down year for commodities as markets move towards increasing supply surplus,” the report said. The annual average prices of industrial metals are likely to fall between now and 2010.
- Shares of Nintendo Co., the world’s third-largest video-game maker, rose as the company’s plan to revise its earnings outlook prompted speculation its profit will be higher than some had expected.
AFP:
- UK Prime Minister Tony Blair has given backing to Japan’s Shinzo Abe call for a tougher approach on North Korea, citing a joint statement.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (CYN), target $76.
- Reiterated Buy on (GE), target $45.
- Reiterated Buy on (CELG), target $70.
- (GILD) - We continue to believe investors under appreciate the potential for the HIV franchise given the strong launch of Atripla and continued strength of Truvada.. We further believe Gilead’s maturing pipeline could provide upside to our and Street estimates beginning in 2008. Reiterated Buy, target $81.
Night Trading
Asian Indices are -2.0% to -.75% on average.
S&P 500 indicated -.28%.
NASDAQ 100 indicated -.41%.
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
- (CPKI)/.15
- (DNA)/.56
- (SAPE)/.04
- (SGR)/.19
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- The Trade Deficit for November is estimated to widen to -$60.0 billion versus -$58.9 billion in October.
- Wholesale Inventories for November are estimated to rise .5% versus a .8% gain in October.
BOTTOM LINE: Asian indices are sharply lower, weighed down by commodity-related shares in the region. I expect US equities to open modestly lower and to rise into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the day.
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