Bloomberg:
- New Orleans residents were orders to evacuate the city today as Hurricane Katrina, one of the most powerful and potentially deadly storms ever to threaten the US Gulf Coast, approached land with its 160 mph winds. Here are a few New Orleans WebCams.
- Wal-Mart Stores said August sales at US stores open at least a year rose about 3.3%, within its forecast range, as surging gasoline prices led shoppers to limit purchases to food and basic back-to-school merchandise.
- The EU may start to unblock millions of Chinese garments from customs warehouses by mid-September.
- Crude oil is soaring to a record above $70/bbl. in NY after Hurricane Katrina forced companies including Exxon Mobil and Chevron to shut operations in the Gulf of Mexico.
- The US dollar is declining against the euro in Asia on speculation rising energy prices and declining consumer confidence will hamper growth in the US.
- Iraqi lawmakers completed a constitution to put before voters in an October referendum after Kurds and Shiite and Sunni Arabs failed to agree on all issues.
Barron’s:
- Oracle, IBM, Microsoft and SAP AG may be planning acquisitions to add customers because growth in the software market has slowed.
- The new US bankruptcy code, which will take effect on Oct. 17, may have companies such as Delphi and Northwest Air reconsidering reorganization as rules become more stringent.
- Share-price appreciation may be little-related to earnings growth and more driven by changes in p/e ratios, citing its own study of the past five decades.
New York Times:
- Apple Computer faces demands from at least two of the four major record companies that may jeopardize the flat 99-cent fee its iTunes service charges for downloaded songs.
- KPMG LLP will pay $456 million to settle a US Justice Department case over allegedly illegal tax shelters and accept an outside monitor.
- US patients suffering from chronic and acute back pain from broken vertebrae are clamoring for a surgical procedure that injects a form of cement into the bone and eases the pain.
- Barr Pharmaceuticals may conduct a new label-comprehension study to sell its Plan B “morning after” contraceptive over the counter.
- Shares of Microsoft may rise as the company introduces new versions of its Xbox game, SQL Server and Windows operating system.
San Francisco Chronicle:
- California’s Air Resources Board has proposed regulations that would require public transit systems to replace diesel buses with vehicles that run on natural gas.
Detroit News:
- The United Auto Workers won’t accept Delphi’s request for $2.5 billion of concessions.
Washington Post:
- Washington-area residents are diving less because of high gasoline prices, diminishing the fuel tax receipts used to fund local transportation projects.
- The US government plans to triple the number of airport quarantine stations to prevent the spread of deadly infectious diseases by international travelers.
- Starbucks, McDonald’s and other US companies such as grocery chains and clothing retailers are selling or giving away technology including video rentals and cell phone ring tones.
AFP:
- The US military freed 1,000 prisoners from Iraq’s Abu Ghraib prison.
London-based Times:
- Nasdaq Stock Market and Instinet Group’s planned merger is being further examined by the US Dept. of Justice over competition concerns.
Xinhua news:
- China’s lawmakers ratified a ban on cigarette vending machines in a bid to cut the incidence of smoking among minors.
China Business News:
- China’s government won’t repeat its decision last month to raise the value of the yuan and will instead allow supply and demand to drive the currency rate.
Weekend Recommendations
Forbes on Fox:
- Had guests that were positive on FDX, PKI, BMET and mixed on CAL, RYAAY.
Cashin' In:
- Had guests that were positive on GNSS, ENER, WMG, PVH, MDT, mixed on VCG and negative on GTW.
Barron's:
- Had positive comments on ALEX, ASI and BKS.
Goldman Sachs:
- None of note
Night Trading
Asian indices are -1.50% to -1.0% on average.
S&P 500 indicated -.75%.
NASDAQ 100 indicated -.70%.
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/Estimate
AES/.15
MBT/.62
Upcoming Splits
DADE 2-for-1
SPF 2-for-1
Economic Releases
None of note
BOTTOM LINE: Asian Indices are lower, spurred by losses in exporters in the region as Hurricane Katrina causes a spike in energy prices. I expect US stocks to open lower on losses in Asia and higher energy prices. The Portfolio is 75% net long heading into the week.
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