Bloomberg:
- US stocks are rallying, pushing the Dow Jones Industrial Average to another new all-time high on strong earnings reports.
- Crude oil was little changed after falling to the lowest this year amid speculation that OPEC will fail to reduce supplies to halt plunging prices.
- Natural gas plunged another 6% in NY after a US report showed stored supplies of the fuel surged to the highest level in history.
- Wachovia Corp.(WB) and Mellon Financial(MEL) are competing to buy MFS Investment Management, the Boston-based mutual-fund unit of Sun Life Financial.
- Harley-Davidson(HOG) said third-quarter profit rose 18% on demand for its highest-priced models.
- McDonald’s(MCD) said third-quarter profit increased more than analysts anticipated on rising European sales and a new $1.29 chicken-snack wrap in the US.
- Morgan Stanley(MS) asked two bankers to leave after they distributed an e-mail critical of Singapore that cost Andy Xie, the firm’s former chief economist in Asia, his job. Xie left Morgan Stanley after he characterized Singapore as an economic failure dependent on illicit money from Indonesia and China.
- A British Muslim today pleaded guilty to plotting to carry out a series of deadly terror attacks in the US and the UD, targeting sites including the NYSE, the World Bank and Citigroup(C).
Wall Street Journal:
- More French farmers are growing genetically modified corn, in a reversal of previous attitudes, a move that is also attracting increasing numbers of protesters.
- Yahoo!’s(YHOO) bid to acquire Facebook Inc. have become bogged down.
- A new offer by Apollo Management LP and Texas Pacific Group of $15.5 billion for casino operator Harrah’s Entertainment(HET) may not be enough to convince management.
- IAC/InterActiveCorp’s(IACI) Ask.com is offering a free mobile service to cellular phone, BlackBerry and PDA users that will enable Internet searches with Web-enabled devices.
- Palm Inc.(PALM) plans to release its fourth smart-phone model this year called Treo 680 today to appeal to non-business customers.
NY Times:
- Discount clothing retailers based in Mid-western US states such as Kohls Corp.(KSS) and Wal-Mart(WMT) are opening offices in Manhattan to recruit fashion designers and stay ahead of trends.
- In the past decade, 16 US states have become more lenient on voting restrictions for felons, changing voting rights for more than 600,000 people. The loosening of such restrictions may benefit Democrats because a majority of ex-prisoners may favor the party, citing voting experts.
- San Francisco hedge fund Artis Capital Management LLP, which manages more than $1.2 billion, had invested in YouTube Inc.
Washington Post:
- Iraq’s parliament yesterday approved a law allowing the oil-rich nation to be divided into a federation of autonomous regions.
AP:
- Genetic Savings & Clone, a company founded in 2000 in California to create clones of pets, is to close by year’s end because of a lack of business.
Financial Times:
- US discount broker Charles Schwab(SCHW) will start a private-client unit in the UK, as it ventures further into wealth-management operations overseas.
Kyodo News:
- North Korea official Song Il Ho said the government will take “strong countermeasures” should Japan proceed with sanctions against the communist country for its apparent nuclear weapon test.
Market News Intl.:
- European Central Bank council member Nout Wellink said he expects inflation to fall below 2% in 2008 as a result of higher interest rates.
Interfax:
- Kazakhstan, the second-largest oil producer in the former Soviet Union, increased crude oil production 6.7% in the first nine months.
- Kazakhstan’s coal output climbed 11% in the first nine months.
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