From Between the Hedges:
- General Motors (NYSE:GM) revised its first-quarter results to reflect a change in accounting, resulting in its first profit in six quarters.
- Samsung Electronics and Hynix Semiconductor, which make about 67% of the memory chips used in music players and mobile phones, said they raised prices for the first time this year as a glut of the chips eased.
- Sony Corp. (NYSE:SNE) demonstrated the PlayStation 3 for the first time and pledged again to have the new console on store shelves by November. The new system will cost at least $100 more than Microsoft’s (NASDAQ:MSFT) Xbox 360.
Wall Street Journal:
- Overseas banks may be required to incorporate their branches in China as the nation prepares to set up a deposit insurance system to protect investors.
- With six days left for American retirees to sign up for a federal prescription drug benefit, some 6 million have yet to enroll, and legislators may extend the deadline.
- GlaxoSmithKline Plc (NYSE:GSK) private investors have been sent a threatening letter from an animal rights group telling them to sell their shares within 14 days or face public exposure.
- Quanta Computer Inc. won 60% of Dell’s (DELL) 2007 notebook-computer orders, becoming the US company’s biggest laptop supplier.
Maeil Business Newspaper:
- Three out of every 10 of South Korea’s non-financial listed companies didn’t earn enough to pay the interest on their debt last year, citing data from the Bank of Korea.
Late Buy/Sell Recommendations
Banc of America:
- Rated OMC Buy.
Asian Indices are -.25% to +.25% on average.
S&P 500 indicated -.03%.
NASDAQ 100 indicated -.01%.
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
Earnings of Note
- (ANST) 2-for-1
10:00 am EST
- Wholesale Inventories for March are estimated to rise .5% versus a .8% gain in February.
BOTTOM LINE: Asian indices are mostly lower, weighed down by technology stocks in the region after Dell (DELL) lowered guidance. I expect US equities to open modestly lower and to trade modestly higher into the afternoon, finishing mixed.