From Between the Hedges:
- 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 asked today for proposals for construction of a citywide wireless Internet service, citing Mayor Daley.
- 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
- Rated (NASDAQ:NFLX) Buy, target $37.
- Raised (NASDAQ:SIRI) to Overweight, target $6.50.
Asian Indices are -2.0% to -1.25% on average.
S&P 500 indicated +.13%.
NASDAQ 100 indicated +.16%.
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
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.