Bank of China and China Construction Bank abandoned plans to sell shares on the NYSE because of the exchange's strict corporate governance rules, the Economic Observer reported. China may spend more than $1.2 billion to boost the country's stock markets, the Economic Observer reported. General Maritime, the second-largest US-based oil-tanker owner, would be interested in a merger with Frontline Ltd., the world's biggest oil-tanker company, only if it paid "heavily" in cash, the Financial Times reported. The US and UK are evaluating ways to withdraw from Iraq as early as possible following the Jan. 30 elections, the Guardian reported. President Bush will propose spending $3.2 billion next year to fight AIDS worldwide, the Washington Post reported. Hossein Eslambolchi, AT&T's Chief Technology Officer, is seeking to lower the long-distance carrier's costs by reducing the number of computer systems needed, the NY Times reported. The Bureau of Land Management has determined that oil drilling in the northeastern corner of Alaska's National Petroleum Reserve can go forward with "minimal impact" on the environment, the AP reported. DirectTV Group said in a regulatory filing that the SEC was looking at how it accounted for several transactions made last year, Reuters reported. China's central bank may raise the percentage of deposits banks must set aside as reserves to take money out of circulation to cool economic growth, China Business newspaper reported. The Nasdaq Stock Market and the Chicago Stock Exchange have joined the bidding for Reuters Group's Instinet Group, the Sunday Telegraph reported. Clinics offering full body scans to detect diseases had a rush of demand, then saw business drop off rapidly, the NY Times reported. The Bush administration is likely to double the bounty for al-Qaeda leader Osama bin Laden to $50 million by the end of February, Time magazine reported. Procter & Gamble is considering creating a national hotel-cleaning business, the Denver Post said. Napster, the online music service, may begin offering movies and video games to attract new customers, the Financial Times said. Wal-Mart Stores said January sales are rising within its forecast for a gain of as much as 4% as shoppers purchased food more than general merchandise, Bloomberg said. US regulators are raising national-security concerns over IBM's pending $1.25 billion sales of its personal-computer business to China's Lenovo Group, Bloomberg reported. Crude oil futures in NY are rising for a second day after a snowstorm in the US Northeast and forecasts of more bad weather to come boosted heating-fuel demand, Bloomberg said. Palestinian President Abbas said an accord with Palestinian groups on ending attacks against Israelis will be reached "very soon," Haaretz reported. Shares of Creative Technology had their biggest decline in three years after the company, whose products compete with Apple Computer's iPod, said it will concentrate more on boosting sales than profitability, Bloomberg said.
Weekend Recommendations
Bulls and Bears had guests that were positive on CAG, PXD, CTRX, BHP, BRL, VZ and mixed on GM, VAR, EBAY, KR, SWY. Forbes on Fox had guests that were positive on ATML, EXTR, EEM, XLE and mixed on CYH, AH. Cashin' In had guests that were positive on VIA, BCO, UHCO, NSC, PTR and mixed on NSL, AMZN. Barron's had positive comments on CVCO, C, STA, GIS, AZR, USM, TNB, COO, FSCI, TVL, V, DIS, TWX, L, UCOMA. Goldman Sachs reiterated Outperform on KRB, GE, EBAY, ADP, UTX and AWA. Goldman reiterated Underperform on HBAN, HRB.
Night Trading
Asian Indices are mostly lower, -1.0%. to +.75% on average.
S&P 500 indicated +.11%.
NASDAQ 100 indicated +.17%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Before the Bell Video(bottom right)
Asian Indices
European Indices
Top 20 Business Stories
In Play
Bond Ticker
Analyst Actions
Macro Calls
CNBC Guest Schedule
Earnings of Note
Company/Estimate
ALTR/.13
AXP/.70
AUDC/.05
CNF/.74
CAI/.67
ETN/1.13
KMB/.90
LXK/1.14
NVR/20.72
SLAB/.20
TZOO/.13
Splits
NCR 2-for-1
JOYG 3-for-2
Economic Data
None of note.
BOTTOM LINE: I expect U.S. stocks to open mixed in the morning and weaken later in the day on rising energy prices and apprehension ahead of the Iraqi elections. The Portfolio is market neutral heading into the week.
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