Wednesday Pre-Market: Key News & Data

by: Between the Hedges

From Between the Hedges:

Late-Night Headlines

- Nippon Steel Corp., the world’s third-largest steelmaker, will probably report a 3.8% drop in second-half profit on higher raw material costs and a decline in exports.

China Daily:
- Plantronics Inc.(NYSE:PLT), which makes computer and communications headsets, opened its first manufacturing plant in China yesterday.

- Quanta Computer will give back to Dell Inc.(NASDAQ:DELL) 1.5% of its 2006 revenue from the personal computer maker as a condition of securing 2007 orders from Dell.

Sydney Morning Herald:
- James Packer is part of a group of investors led by Nelson Peltz who have built a 5.4% stake in HJ Heinz(HNZ).

- Cargill Inc., the largest US agriculture company, will close seven meat processing plants on May 1 to allow workers to participate in immigration rallies around the US.

Late Buy/Sell Recommendations
- None of note

Night Trading
Asian Indices are +.25% to +.75% on average.
S&P 500 indicated -.02%.
NASDAQ 100 indicated +.04%.

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:AMG)/1.27
- (NYSE:ATI)/.70
- (ABK)/1.82
- (NYSE:AHC)/4.79
- (NYSE:AMT)/.00
- (NYSE:ABC)/.54
- (NYSE:BUD)/.56
- (NYSE:AV)/.12
- (NYSE:BHI)/.79
- (NYSE:BDX)/.77
- (CD)/.14
- (CTX)/3.11
- (NYSE:CL)/.66
- (NYSE:COP)/2.35
- (NYSE:EXC)/.70
- (NYSE:FCL)/.50
- (NYSE:HAR)/.98
- (INSP)/.05
- (NYSE:NSC)/.67
- (NYSE:PEP)/.58
- (NYSE:PX)/.65
- (NYSE:PHM)/.96
- (NYSE:COL)/.63
- (NYSE:RDC)/.53
- (NYSE:TIN)/.49
- (TRID)/.16
- (NYSE:WY)/.84
- (ZMH)/.81

Upcoming Splits
- (NYSEARCA:RSP) 4-for-1
- (NYSE:TS) 5-for-1

Economic Releases
8:30 am EST
- Durable Goods Orders for March are estimated to rise 1.8% versus a 2.7% gain in February.
- Durables Ex Transportation for March are estimated to rise 1.0% versus a 1.2% decline in February.

10:00 am EST
- New Home Sales for March are estimated to rise to 1110K versus 1080K in February.

10:30 am EST
- Bloomberg consensus estimates call for a weekly crude drawdown of 600,000 barrels. Gasoline inventories are estimated to fall 3,000,000 barrels, and distillate supplies are expected to decrease by 1,800,000 barrels.

2:00 pm EST
- Fed’s Beige Book

BOTTOM LINE: Asian indices are higher, boosted by technology stocks in the region. I expect US equities to open modestly higher and to fade into the afternoon, finishing mixed.