- Chevron said hurricanes in the Gulf of Mexico that shut oil wells and the company’s biggest refinery probably cut fourth-quarter profit by more than $600 million.
- Crude oil in NY is little changed, after rising yesterday for the first day in five, on expectations a US government report will show supplies dropped.
- Billionaire investor Kirk Kerkorian, GM’s third-biggest shareholder, sold almost a fifth of his 9.9% stake in the company after the investment lost one-third of its value.
- Time Warner agreed to sell Google a stake in AOL to help revive the Web unit’s sales.
- Calpine, the US power plant owner saddled with more than $17 billion in debt, filed for bankruptcy protection after soaring natural gas prices left it unable to make loan and bond payments.
- Citigroup is leading a bid of at least $2.7 billion for 85% of Guangdong Development Bank, the first state-owned Chinese lender to offer investors a majority stake.
Late Buy/Sell Recommendations
- Reiterated Outperform on TYC and GOOG.
Asian Indices are +.50% to +1.0% on average.
S&P 500 indicated +.09%.
NASDAQ 100 indicated +.18%.
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
- None of note
8:30 am EST
- Final 3Q GDP is estimated at 4.3% versus prior estimates of 4.3%.
- Final 3Q Personal Consumption is estimated at 4.2% versus prior estimates of 4.2%.
- The Final GDP Price Index is estimated at 3.0% versus prior estimates of 3.0%.
BOTTOM LINE: Asian indices are higher, boosted by exporters in the region after the US dollar rose. I expect US equities to open mixed and to trade modestly higher into the afternoon. The Portfolio is 75% net long heading into the day.