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From Between the Hedges:

Late-Night Headlines

Bloomberg:
- Fidelity Magellan, the second-largest fund managed by Fidelity Investments, gave up $96.3 million in potential fees because the three-year return trailed its benchmark.
- Fidelity Investments pulled in $5.8 billion in April, its biggest monthly sales tally in a decade, as investors rushed to put money into four funds that were closing.
- Mirant Corp.(MIR) said it is proposing to acquire NRG Energy(NYSE:NRG) for about $8 billion a week after NRG rejected the takeover proposal without engaging in discussions.
- The London Metal Exchange starting tomorrow will allow screen trading of its contracts during the Asian day to attract more business from countries including China.
- Asian stocks slumped, headed for the biggest monthly slide since the Sept. 11 terrorist attacks in 2001.

Chicago Tribune:
- Chicago asked today for proposals for construction of a citywide wireless Internet service, citing Mayor Daley.

Financial Times:
- GlaxoSmithKline Plc(NYSE:GSK) will hand management of half of its new drug discovery projects to outside scientists and partners within 10 years, citing the company’s head of research and development.

Shanghai Securities News:
- China’s foreign exchange regulator plans to impose “strict” rules to control capital inflows into real estate.
- The China Foreign Exchange Trade Center and the National Interbank Funding Center may introduce a system for trading dollar-denominated bonds in the country.

Late Buy/Sell Recommendations
Needham:
- Rated (NASDAQ:NFLX) Buy, target $37.

Lehman Brothers:
- Raised (NASDAQ:SIRI) to Overweight, target $6.50.

Night Trading
Asian Indices are -2.0% to -1.25% on average.
S&P 500 indicated +.13%.
NASDAQ 100 indicated +.16%.

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:NDN)/.07
- (ADCT)/.29
- (NASDAQ:CMVT)/.19
- (NASDAQ:CPRT)/.38
- (DBRN)/.26
- (NYSE:HOV)/1.43
- (NASDAQ:NOVL)/.03
- (NYSE:TIF)/.28

Upcoming Splits
- (NYSE:HES) 3-for-1
- (NYSE:CNX) 2-for-1
- (NYSE:KEX) 2-for-1
- (NYSE:MDR) 3-for-2
- (NYSE:NUE) 2-for-1
- (NYSE:CBG) 3-for-1
- (NYSE:GDI) 2-for-1
- (HOC) 2-for-1
- (NYSEARCA:UAG) 2-for-1

Economic Releases
10:00 am EST
- Chicago Purchasing Manger for May is estimated to fall to 56.0 versus a reading of 57.2 in April.

2:00 am EST
- Minutes of May 10 FOMC Meeting

BOTTOM LINE: Asian indices are sharply lower, weighed down by exporting and commodity stocks in the region. I expect US equities to open lower and to rise slightly into the afternoon, finishing modestly lower.

Source: Late Night Headlines: Fidelity Ins and Outs