From Between the Hedges:
- ImClone Systems(OTCPK:IMCL) won US approval to sell its Erbitux cancer medicine as a treatment for patients with head and neck tumors, the first medicine for people with the disease in 45 years.
- Google Inc.(NASDAQ:GOOG) which operates the most-used Internet search engine, is switching its servers to run on Advanced Micro Devices(NYSE:AMD) chips instead of those made by Intel Corp.(NASDAQ:INTC), according to a Morgan Stanley report.
- Honda Motor, buoyed by a 38% jump in sales of its Civic small car, helped Japanese and South Korean automakers widen their share of the US auto market in February.
Wall Street Journal:
- BellSouth Corp.(BLS) is considering charging customers on a so-called pay-as-you-go basis for its broadband Internet service, citing Chief Technology Officer Smith.
- Former President Bill Clinton advised the United Arab Emirates’ DP World on its $6.8 billion acquisition of London-based Peninsular & Oriental Steam Navigation.
- General Motors Corp.’s(NYSE:GM) board will not select a buyer for an $11.5 billion stake in its GMAC financial-services unit when it meets on March 6, citing an interview with Rick Wagoner.
Quitio daily el Comercio:
- Ecuador’s government aims to reach a free-trade agreement with the United States by April, after negotiating partners Peru and Colombia reached similar accords.
Asian Indices are -.25% to +.75% on average.
S&P 500 indicated unch.
NASDAQ 100 indicated unch.
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- Initial Jobless Claims for last week are estimated to rise to 285K versus 278K the prior week.
- Continuing Claims are estimated to fall to 2450K versus 2495K prior.
BOTTOM LINE: Asian indices are mostly higher, led by exporting shares in the region after better-than-expected US economic reports. I expect US equities to open mixed and to rise modestly into the afternoon.