Bloomberg:
- US Secretary of State Condoleezza Rice said as many as two-thirds of Iraqis turned out to vote on a new constitution and probably approved the document that is intended to be the basis for a new democratic government.
- President Bush said Iraq’s national referendum on a draft constitution shows the country is making progress toward peace and will stand as an example of democracy.
- Russia continues to oppose referral of Iran’s nuclear program to the UN Security Council, Russian Foreign Minister Sergei Lavrov said in Moscow after meeting US Secretary of State Condoleezza Rice.
- Wal-Mart Stores said October sales are rising within its forecast range, led by increased sales of food.
- Cipla Ltd., India’s second-biggest drugmaker, plans to become the first company to sell a generic version of Tamiflu, the antiviral treatment for bird flu, by the end of the year.
- The US dollar may advance for a sixth week against the yen, the longest rally in 17 months, and gain versus the euro as US economic growth outpaces Europe and Japan.
- St. Jude Medical agreed to buy Advanced Neuromodulation Systems for $1.3 billion, to expand into the field of treating chronic pain and nervous disorders with electric pulses.
- Crude oil is rising for the first day in three on concern a tropical depression in the Caribbean may strengthen and further disrupt production in the Gulf of Mexico.
Wall Street Journal:
- US fitness companies are recruiting veterans of the wars in Iraq and Afghanistan to run workouts patterned on the “boot camps” the military puts new members through.
NY Times:
- Walt Disney units ABC and ESPN are expected to acquire television rights for the second half of Nascar’s season that have been shared by GE’s NBC Universal and Time Warner’s TNT cable network.
- Sales of Pfizer’s cholesterol fighting medicine Lipitor, and Zocor, a less costly version of the drug made by Merck, may tumble in June after Zocor’s patent runs out and health-care services switch to cheaper generic forms of treatment.
- The US, Germany and the UK all share declines in manufacturing jobs since 1993.
- Chinese-language classes in the US have tripled in a decade, fueled by China’s growing economy and military.
- Shares of Wal-Mart Stores may start to attract “value-oriented” investors, citing the president of Al Frank Asset Management.
- Anheuser-Busch is promoting tournaments in 47 college-town markets of a drinking game it released this summer called “Bud Pong.”
- Southwest Airlines may be hurt as hedging contracts that protected it from higher oil prices expire in January and as low-fare competitors become more aggressive.
- Public universities in the US are losing taxpayer support, with private donations and higher tuition helping to make up the difference.
Detroit News:
- GM will today begin offering $500 gas cards to buyers of mid- or full-size 2006 sports utility vehicles to lure new customers.
Middle East Economic Digest:
- The state-owned Saudi Aramco will invite companies to bid by December for contracts worth $11 billion to build facilities for its 1.2 million barrel a day Khurais oilfield project.
Financial Times:
- Man Group Plc is among companies that have held talks with Goldman Sachs Group Plc to possibly buy parts of Refco Inc.
Independent on Sunday:
- Banks and securities firms are reducing their loans to hedge funds on concern that some lending has been reckless.
Sunday Times:
- Kohlberg Kravis Roberts and Providence Equity Partners have joined a team of buyout firms that want to acquire NTL Inc. when it completes its takeover of Telewest Global.
- The US government is considering allowing foreign companies to control US airlines for the first time as part of a new round of “Open Skies” trade talks with the European Union.
Weekend Recommendations
Barron's:
- Had negative comments on GM.
Goldman Sachs:
- Reiterated Outperform on BSX.
- Reiterated Underperform on FGP.
Night Trading
Asian indices are -.75% to +.25% on average.
S&P 500 indicated -.19%.
NASDAQ 100 indicated -.10%.
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/Estimate
SCH/.15
C/.99
CBH/.45
ETN/1.33
GM/-.87
HAS/.51
IBM/1.13
MAT/.61
NVLS/.21
OMM/.44
RMBS/.02
WB/1.07
Upcoming Splits
- CVH 3-for-2
- RYN 3-for-2
Economic Releases
8:30 am EST
- Empire Manufacturing for October is estimated to rise to 19.0 versus a reading of 17.0 in September.
BOTTOM LINE: Asian Indices are mixed as gains in Australia are offsetting losses in Taiwan. I expect US stocks to open weaker and to rally modestly later in the day. The Portfolio is 75% net long heading into the week.
No comments:
Post a Comment