Bloomberg:
- The Dow Jones Industrial Average closed above 12,000 for the first time, hitting another all-time high, after Coca-Cola’s(KO) profit beat analysts’ estimates and Lehman Brothers(LEH) predicted faster earnings growth for telephone companies.
- OPEC agreed to cut production by 1.2 million barrels a day to stem a three-month plunge in prices.
- Crude oil rose for a second day in NY after OPEC increased the size of a planned output cut to 1.2 million barrels a day and said it may reduce production again in December.
- Sony Corp.(SNE) will have more than 20 games for the new PlayStation 3 console for the holiday season as the company strives to build enthusiasm for the new system.
- Hedge funds attracted $44.5 billion from wealthy investors and institutions in the past three months, the most in one quarter since at least 2003, according to a new report by Hedge Fund Research.
- Google(GOOG) said third-quarter profit almost doubled, beating analysts’ estimates, as the world’s most-used Internet search engine sold more advertising and extended its lead over Yahoo!(YHOO). The shares rose 7% in after hours trading.
Wall Street Journal:
- Chinese banks have begun to halt transactions with North Korea as China seeks ways to pressure its ally to abandon further nuclear weapon tests and return to disarmament talks.
Financial Times:
- Ford Motor(F) may receive a bid for its Aston Martin brand from billionaires Bernard Arnault and Albert Frere.
- The European Union and Kazakhstan, Central Asia’s biggest energy producer, plan to form an energy alliance which would give European companies access to the Central Asian country’s large oil reserves.
AFP:
- A UK Muslim teaching assistant who was suspended for refusing to remove her veil in the classroom has lost a case of discrimination and harassment.
China Secrities Journal:
- Shanxi, China’s largest coal-producing province, will spend $1.14 billion extracting coal bed methane to fuel power generation.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (WYE), target $63.
- Reiterated Buy on (UNH), target $81.
- Reiterated Buy on (PKTR), target $15.
- Downgraded (APCC) to sell, target $17.
Business Week:
- The shares of Sonus Pharmaceuticals(SNUS) may almost double in a year, citing Needham analyst Mark Monane.
- Legg Mason(LM) may rise to $120 within 18 months because its earnings will exceed analyst estimates, citing Roge Partners Fund’s Steven Roge.
Night Trading
Asian Indices are +.25% to +.50% on average.
S&P 500 indicated +.06%.
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/EPS Estimate
- (MMM)/1.12
- (ACMR)/-.05
- (ACI)/.40
- (CAT)/1.35
- (HCA)/.65
- (MRK)/.50
- (SGP)/.15
- (SLB)/.77
- (VFC)/1.67
Upcoming Splits
- None of note
Economic Releases
- None of note
BOTTOM LINE: Asian indices are mostly higher, boosted by technology and commodity shares in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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