Bloomberg:
- Norwegian billionaires John Fredriksen and Kjell Inge Roekke are racing to build some of the world’s largest oil rigs, with decks the size of soccer fields. The new rigs, costing as much as $600 million each, may turn the boom to bust, says Kristoffer Stensrud, chief investment officer at Stavanger Fondsforvaltning. “It resembles the situation we saw in the Internet industry,” says Stensrud, who oversees the equivalent of $4.8 billion in stocks and bonds, including shares of Fredriksen’s rig unit SeaDrill Ltd. “We are near a point where the market is entering an irresponsible phase. Some of the deals have maximum project, shipyard and organizational risk,” he says.
- Pakistan needs more help for relief and recovery after the biggest earthquake in a century in the north, Prime Minister Shaukat Aziz said. The official death toll from the 7.6 magnitude earthquake on Oct. 8 is 23,000 and 50,000 injured.
Wall Street Journal:
- Microsoft and Yahoo! will allow their customers using instant messaging and other services to communicate directly with each other.
AP:
- Ahmed Omar Abu Ali, a US citizen accused of plotting with al-Qaeda terrorists to assassinate President Bush, confessed in 2003 and said he was motivated by US support for Israel, citing a videotape.
Securities Times:
- China’s inflation rate probably slowed to less than 1% in September.
Late Buy/Sell Recommendations
Goldman Sachs:
- Reiterated Outperform on GOOG, YHOO, SAY and EBAY.
- Reiterated Underperform on CNA and BIDU.
Night Trading
Asian Indices are -.50% to unch. on average.
S&P 500 indicated -.13%.
NASDAQ 100 indicated -.29%.
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
APOL/.65
FAST/.57
HDI/.90
LRCX/.30
MON/-.51
Upcoming Splits
BOOM 2-for-1
Economic Releases
- None of note
BOTTOM LINE: Asian indices are mostly lower, spurred by losses in technology companies in the region. I expect US equities to open lower on weakness in technology shares. The Portfolio is 25% net long heading into the day.
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