From Between the Hedges:
- 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.
- 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
Asian Indices are +.25% to +.75% on average.
S&P 500 indicated -.02%.
NASDAQ 100 indicated +.04%.
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
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.