Bloomberg:
- Stocks with above-average sales and profit increases rose more last quarter than those with low prices relative to earnings. “There is a shift to growth stocks, and it’s likely to last several years,” said Daniel Boone, who helps oversee $8 billion as managing partner at Atlanta Capital Management LLC in Atlanta.
- Airbus SAS may take more than a decade to catch-up with Boeing’s(BA) product development, citing an interview with CEO Christian Streiff.
- Genentech’s(DNA) Lucentis was seven times more effective in a study than Novartis AG’s Visudyne at improving sight in patients with age-related macular degeneration, the main cause of blindness in the elderly.
- Harvard University’s faculty will meet on Nov. 14 to consider whether the undergraduate curriculum should be changed to emphasize science, religion and history.
- Federal Reserve Vice Chairman Kohn said he’s more concerned about persistent inflation than slowing growth in an economy that’s likely to avoid a recession.
- Apple Computer(AAPL) CEO Jobs knew the company backdated stock-option grants to executives in a few cases, though he didn’t personally benefit or know of the accounting implications of the practice.
- Crude oil rose from a seven-month low after a report that OPEC may cut output to halt a decline in prices.
- Saudi Aramco, the world’s largest state-owned oil company by output, made the deepest price cut in a year for three types of crude it will export to Asia in November because of lower demand from refineries.
Financial Times:
- OPEC may cut production by 1 million barrels a day, or 4%, citing an unidentified OPEC official. Nigeria and Venezuela last week said they will cut production by a combined 170,000 barrels a day, while Saudi Arabia has cut its production by 200,000 barrels a day over the past 2 months.
Guardian:
- Online advertising spending in the UK rose over 40% in the first half of 2006 to just under $1.89 billion, citing the Internet Ad Bureau.
Economic Times:
- The NYSE(NYX) is in talks to buy a 26% stake in the Bombay Stock Exchange.
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (EL), target $42.
Night Trading
Asian Indices are +1.0% to +1.5% on average.
S&P 500 indicated -.01%.
NASDAQ 100 indicated +.24%.
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
- (AYI)/.85
- (STZ)/.43
- (MU)/.14
- (SLR)/.05
- (SMSC)/.35
Upcoming Splits
- (DRQ) 2-for-1
Economic Releases
8:30 am EST:
- Initial Jobless Claims for last week are estimated to fall to 315K versus 316K the prior week.
- Continuing Claims are estimated to rise to 2450K versus 2444K prior.
BOTTOM LINE: Asian indices are higher, boosted by automaker and financial shares in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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