Bloomberg:
- French police arrested 349 people overnight as gangs burned cars and buildings for the 10th consecutive night in Paris suburbs, other cities around France, and, for the first time, within the city of Paris itself. Almost 1,300 vehicles were set ablaze across the nation.
- Wal-Mart Stores said November sales at its US stores are rising within its forecast, led by groceries.
- The US dollar surged to an 18-month high against the euro this week on increasing optimism over US economic growth.
- Refco Inc., the US futures broker, said it received five offers for all or some of its assets that will be sold at a bankruptcy court auction next week.
- The Chinese government’s attempts to revive its stock market are failing, and more losses may lie ahead in the absence of further action.
- Senator Biden said he and his fellow Democrats are unlikely to block the Supreme Court nomination of Samuel Alito Jr. by using a filibuster to prevent a vote of the full Senate.
- Crude oil is falling for a second day in NY on expectations rising production in the Gulf of Mexico and warmer-than-usual weather will help bolster US fuel stockpiles before winter.
Barron’s:
- Berkshire Hathaway, Exxon Mobil and Microsoft are among companies with hefty cash reserves on their balance sheets because of robust earnings and conservative capital spending.
- Hythiam has to prove to investors through controlled study or peer review that its “Prometa” outpatient system can treat drug and alcohol addiction.
Business Week:
- The next tidal wave of advances will be in biotech, and the person who leads the way stands to reap immense wealth.
Wall Street Journal:
- JPMorgan Chase has put its life insurance and annuity business up for auction.
- Connecticut Attorney General Richard Blumenthal is forming a task force of regulators and hedge-fund executives to come up with recommendations for rules for funds operating in the state.
- Low interest rates and companies flush with cash are fueling the highest level of mergers and acquisitions activity worldwide since the 1990s.
NY Times:
- Estee Lauder is seeking to win more young customers with a new line of cosmetics and a fragrance designed by Tom Ford.
- The US government is considering the benefits of having home testing available for HIV, since rapid testing and counseling have been used to try to prevent the spread of AIDS.
- FEMA said 60,000 houses in New Orleans and other places hit by Hurricane Katrina are damaged beyond repair.
- FEMA said it will give as much as $26,200 to each of 60,000 homeowners and renters in the Louisiana and Mississippi areas hardest hit by Hurricane Katrina.
- Google has drawn attention and caution from many companies, including Wal-Mart Stores, as they watch to see what technology it develops next.
- The US Interior Department’s National Wildlife Health Center is recruiting hundreds of veterinarians, ornithologists, park rangers and amateur bird-watchers to test birds and water samples for signs of avian influenza.
San Francisco Chronicle:
- Sun Microsystems shareholders Thursday approved a non-binding measure to abolish the company’s takeover defense provision.
Washington Post:
- China and the US have reached a tentative agreement that would resolve a textile dispute.
AP:
- A Carnival Corp. cruise ship was attacked by pirates firing rocket-propelled grenades and machine guns off the east coast of Africa today.
Financial Times:
- Wal-Mart Stores plans to open a banking branch in Utah to handle credit and debit card-payment processing, despite opposition from financial institutions.
The Observer:
- China is to hire British engineers to help build several so-called eco-cities that are self-sufficient in energy, water and most food products.
- The NYSE is considering a bid for London Stock Exchange Plc.
Weekend Recommendations
Barron's:
- Had positive comments on MEE, SONO, ASH and ACW.
Goldman Sachs:
- Reiterated Outperform on FDC.
- Reiterated Underperform on HBAN.
Night Trading
Asian indices are -1.0% to -.50% on average.
S&P 500 indicated -.14%.
NASDAQ 100 indicated -.12%.
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
ADRX/.05
EP/.15
PPC/1.08
Upcoming Splits
DNR 2-for-1
Economic Releases
3:00 pm EST
- Consumer Credit for September is estimated to rise to $5.9B versus $4.9B in August.
BOTTOM LINE: Asian Indices are lower, pressured by commodity stocks in the region. I expect US stocks to open mixed and to rise modestly later in the day. The Portfolio is 100% net long heading into the week.
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