Late Night Headlines: Dollar Gains, Asia Mixed

by: Between the Hedges

From Between the Hedges:

@ 2 AM EDT:
NIKKEI 225 +1.87%
NIKKEI 300 +1.85%

HANG SENG -1.19%

Late-Night Headlines

- Vonage Holdings (NYSE:VG), a money-losing pioneer in the Internet phone-service business, raised $531.3 million in an IPO today as it seeks to keep ahead of competitors such as AT&T (NYSE:T) and Comcast (NASDAQ:CMCSA).
- The US dollar gained for a second day in Asia after a World Health Organization report said seven Indonesians may have contracted bird flu from other people, bolstering demand for safer assets.
- China raised fuel prices for the second time this year, which may slow demand growth further, according to analysts.

- Iran shut down a newspaper and detained its chief editor and cartoonist today for publishing a cartoon that has spawned riots by ethnic Azeris. The response, the first since President Ahmadinejad came to power, is a sign the Iranian government does not want a spotlight on the country’s internal divisions in the midst of a showdown with the US and Europe over nuclear issues.

Nihon Keizai:
- Japan and the US will issue a joint statement in June saying they will expand their defense alliance on a global scale.

Late Buy/Sell Recommendations
- None of note

Night Trading

S&P 500 indicated -.20%.
NASDAQ 100 indicated -.14%.

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Earnings of Note
Company/EPS Estimate
- (NYSE:EV)/.32
- (NYSE:DCI)/.41
- (JLG)/.34
- (Pending:PETC)/.18
- (NYSE:WSM)/.17

Upcoming Splits
- (NASDAQ:JCOM) 2-for-1
- (NYSE:UN) 3-for-1
- (NHY) 5-for-1
- (NYSE:ITW) 2-for-1
- (NASDAQ:SHOO) 3-for-2

Economic Releases
8:30 am EST
- Durable Goods Orders for April are estimated to fall .5% versus a 6.4% gain in March.
- Durables Ex Transportation for April are estimated to rise .5% versus a 3.3% rise in March.

10:00 am EST
- New Home Sales for April are estimated to fall to 1135K versus 1213K in March.

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