From Between the Hedges:
- The FBI is searching a Michigan property for clues that may relate to the 1975 disappearance of Jimmy Hoffa.
- Burger King Holdings, the second-largest US hamburger chain, raised $425 million in an IPO as the company begins a turnaround.
- China ended a yearlong ban on initial public offerings today, allowing companies to submit applications for share saes to the securities regulator.
- Shares of China Venke Co. and other Chinese property developers plunged after the government said it will step up efforts to cool surging home prices.
- Tesco Plc, the UK’s largest supermarket owner, plans to open stores in the US next year.
- FIFA, soccer’s world governing body, has returned over 1 million German hotel rooms its block-booked for next month’s World Cup to hotel operators.
- Harley-Davidson(HDI) may import and sell motorcycles in India.
- Former US President Clinton will write another book for publisher Alfred A. Knopf. Clinton is rumored to have received an advance of $10 million to $12 million for his memoir, “My Life,” published in 2004.
Late Buy/Sell Recommendations
- Rated (PDCO) Outperform.
Asian Indices are -2.25% to -1.50% on average.
S&P 500 indicated +.33%.
NASDAQ 100 indicated +.26%.
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Before the Bell CNBC Video(bottom right)
Top 20 Business Stories
Daily Stock Events
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
8:30 am EST
- Initial Jobless Claims for last week are estimated to fall to 319K versus 324K the prior week.
- Continuing Claims are estimated to rise to 2420K versus 2392K prior.
10:00 am EST
- Leading Indicators for April are estimated to rise .1% versus a .1% fall in March.
12:00 pm EST
- The Philly Fed for May is estimated to fall to 12.5 versus a reading of 13.2 in April.
BOTTOM LINE: Asian indices are sharply lower, weighed down by technology and commodity stocks in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing higher.