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See also: Tuesday Morning View From Europe

From Between the Hedges:

Late-Night Headlines

Bloomberg:
- President Bush said he will send 6,000 National Guard troops to the US-Mexican border and endorsed creating a temporary worker program to ease the strain caused by the flood of illegal immigration.
- Global commodity markets are a bubble waiting to pop, prompted by false assumptions that China’s growth and energy inefficiencies will go unchanged, Morgan Stanley Chief Economist Stephen Roach said.
- Global metals prices plunged, led by gold’s biggest decline since 1993, on concern a speculative rally that sent commodities to record highs may be over.
- Emerging-market stocks posted their biggest drop in two years on speculation rising US interest rates will reduce demand for the riskiest assets, such as equities in South Korea and Russia.
- US Treasury notes rose, snapping a five-day slump, as yields at about a four-year high and falling commodity prices eased concern about inflation.
- Crude oil is falling for a third day in NY on concern that near-record fuel and commodity prices may slow economic growth and curb global demand.

China Securities Journal:
- China may need to raise lending rates in the second half of the year if growth in money supply, loans and investment does not slow, citing an economist with the nation’s top economic planning body.

Financial Times:
- Moody’s Investors Services said it did not upgrade the debt rating of Arabian Gulf banks on concern some properties are overvalued and loans are secured by volatile share holdings. The increase in consumer borrowing also led Moody’s to maintain “a cautious approach.”

Late Buy/Sell Recommendations
Piper Jaffray:
- Rated (NASDAQ:ENDP) Outperform, target $35.

SunTrust:
- Rated (NASDAQ:PRGS) Buy, target $37.

Night Trading
Asian Indices are -1.25% to -.50% on average.
S&P 500 indicated -.05%.
NASDAQ 100 indicated +.03%.

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/EPS Estimate
- (NYSE:ANF)/.54
- (AEOS)/.41
- (NASDAQ:AMAT)/.23
- (NYSE:BJ)/.19
- (NASDAQ:CPWR)/.13
- (NYSE:DE)/2.30
- (NYSE:DKS)/.17
- (NYSE:HPQ)/.49
- (NYSE:HD)/.67
- (NASDAQ:NTES)/.24
- (NASDAQ:REDF)/.05
- (NYSE:SKS)/.09
- (NASDAQ:SPLS)/.23
- (NYSE:TJX)/.33
- (NYSE:WMT)/.61

Upcoming Splits
- (NYSE:ACI) 2-for-1
- (NASDAQ:HTLD) 4-for-3
- (NASDAQ:BLUD) 3-for-2
- (JEF) 2-for-1
- (TIE) 2-for-1
- (NASDAQ:CELL) 6-for-5

Economic Releases
8:30 am EST
- The Producer Price Index for April is estimated to rise .8% versus a .5% increase in March.
- The PPI Ex Food & Energy for April is estimated to rise .2% versus a .1% gain in March.
- Housing Starts for April are estimated to fall to 1950K versus 1950K in March.
- Building Permits for April are estimated to fall to 2040K versus 2094K in March.

BOTTOM LINE: Asian indices are lower, weighed down by commodity stocks in the region. I expect US equities to open mixed and to trade modestly higher into the afternoon.

Source: Tuesday Pre-Market: Key News & Data