Bloomberg:
- States in the Persian Gulf backed US plans to tackle sectarian violence in Iraq and bring stability to the nation, following talks with Secretary of State Condoleezza Rice.
- The Bank of Japan faces a test of its credibility tomorrow after local media reported that policymakers will delay raising interest rates in response to government opposition.
- Cablevision Systems(CVC) rejected an $8.9 billion buyout offer from the company’s founding Dolan family.
- China National Petroleum Corp. and China Petrochemical Corp., the nation’s two biggest oil companies, will cooperate to speed up oil and gas exploration in the country’s western Tarim Basin.
- Copper futures in Shanghai hovered just above a nine-month low as rising global stockpiles of the industrial metal fueled speculation that supply will outpace demand.
- Dan Halutz, Israel’s chief of staff, resigned early today after he came under criticism for his handling of the Lebanon war last year.
- Intel(INTC) said fourth-quarter profit fell 39% after the company lowered prices to compete with Advanced Micro Devices(AMD). The shares fell 4% in after-hours trading.
- Crude oil was little changed near a 19-month low in NY on speculation above-average US fuel stockpiles will rise further after Saudi Arabia rejected calls for more OPEC production cuts.
- Buyout firms including Texas Pacific Group and Apollo Management LP have decided not to make takeover bids for Tribune Co.(TRB), owner of the Chicago Tribune and Los Angeles Times, said three people with knowledge of their plans.
- CVS Corp.(CVS) raised its offer for Caremark RX(CMX), adding a $2 per share dividend to its original plan.
- Venezuelan stocks plunged to an eight-week low, led by banking shares, as investors reacted to government plans to cap banks’ profits and dividends. The Caracas Stock Exchange Index fell 12% today and is down 33% since Jan. 8, when President Hugo Chavez announced plans to nationalize companies in the country’s telephone, power and oil industries as he moves Venezuela towards his goal of Socialism.
- Increased supply from non-OPEC producers, changing weather patterns, the easing of oil demand growth and high inventories may keep oil prices from rising this year, the National Development and Reform Commission, China’s top economic planner, said on its Web site yesterday.
- Hedge fund manager Boone Pickens said he is sticking to his forecast that oil will average $70/bbl. this year even as prices plunge to a 19-month low. In October, Pickens predicted oil prices would rise to $70 before January 1.
- Healthy and Human Services Secretary Michael Leavitt said five more US companies agreed to back his plan to improve health care and cut costs by supporting use of electronic medical records.
- US gasoline at the pump fell 7.7 cents to a nationwide average of $2.22/gallon the week ended yesterday, the biggest one-week decline since Sept. 25.
Nihon Keizai:
- Bio Ethanol Japan became the world’s first company to produce bio-fuel, used as a substitute for gasoline, from wood construction waste on a commercial basis.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (SYMC), target lowered to $22.
Night Trading
Asian Indices are -.25% to +.75% on average.
S&P 500 indicated -.03%.
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
Conference Calendar
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/EPS Estimate
- (AMR)/-.13
- (AAPL)/.78
- (CIT)/1.25
- (JPM)/.95
- (KMI)/1.42
- (LRCX)/1.11
- (LEN)/-1.11
- (MEL)/.57
- (PGR)/.50
- (LUV)/.12
- (STT)/.84
- (WM)/.88
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- The Producer Price Index for December is estimated to rise .5% versus a 2.0% gain in November.
- The PPI Ex Food & Energy for December is estimated to rise .1% versus a 1.3% gain in November.
9:00 am EST
- Net Long-term TIC Flows for November are estimated to fall to $75.0 billion versus $82.3 billion in October.
9:15 am EST
- Industrial Production for December is estimated to rise .1% versus a .2% gain in November.
- Capacity Utilization for December is estimated to fall to 81.7% versus 81.8% in November.
1:00 pm EST
- The NAHB Housing Market Index for January is estimated to rise to 33 versus 32 in December.
2:00 pm EST
- The Fed’s Beige Book
BOTTOM LINE: Asian indices are mostly higher, boosted by financial and automaker shares in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 75% net long heading into the day.
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