Bloomberg:
- Former Iraqi dictator Saddam Hussein was sentenced to death by hanging today for his role in the massacre of 148 Shiite Muslims in the northern Iraqi village of Fujail. Hussein was convicted of crimes against humanity including premeditated murder, torture and forced deportation. “This is a response to the call of thousands of sons and sisters of those executed by Saddam,” said Iraqi Prime Minister Nuri al-Maliki. “Hussein’s rule is “an era of the past, like the era of Mussolini and Hitler,” Maliki said. Hussein is also still on trial for the “Anfal” atrocities which killed about 180,000 Kurds, mainly from the use of chemical weapons.
- OPEC is reducing output because supply exceeds demand and crude prices are falling as a result, the United Arab Emirates said.
- Kuwait will continue with its plan to invest $26 billion in expanding production capacity even after crude prices declined 20% in the third quarter, the head of the country’s state-owned oil company said.
- Oil prices between $50-$60 a barrel are “acceptable” to both producers and consumers, the Omani oil minister told reporters in Abu Dhabi.
- China will “pace itself” when filling its emergency crude oil supply tanks because global prices of the fuel are still at “high levels,” a government official said.
- The contest for control of Congress has tightened in the days leading up to the Nov. 7 vote with Democrats holding a 51% to 45% edge among likely voters, down from a 14-point margin two weeks ago, an ABC News/Washington Post poll showed.
- US Senator Robert Menendez’s lead over Republican challenger Tom Kean Jr. has narrowed in the past two weeks to 3 points, within the margin of error in the latest Monmouth Univ./Gannett New Jersey poll.
- Venezuelan President Hugo Chavez threatened to cut all oil sales to the US if the results of next month’s presidential vote aren’t recognized by the US government.
- China may have excess coal production capacity in 2008, with output outstripping demand because construction of mines has accelerated, a government research center said in a forecast.
- Honda Motor expects demand for its Civic compact car to lead a 14th consecutive year of sales gains in the US next year as the company expands production of the fuel-efficient vehicles.
- Taiwan’s stocks dropped after President Chen Shui-bian’s wife was indicted for corruption and opposition rallied called for his resignation.
Wall Street Journal:
- Comcast Corp.(CMCSA) is considering developing an on-demand television service that would offer “user generated” videos.
Barron’s:
- The Dow Jones Industrial Average will climb to about 12,600 by June on rallies from energy, financial and consumer stocks as investors move away from the slowing real-estate market, institutional investors said.
Investment Dealer’s Digest:
- Few industries permutate as quickly as Wall Street, and the rapid proliferation of hedge funds in recent years has sparked a large jump in the number of so-called mini-primes, prime brokers that cater to smaller hedge funds.
NY Times:
- Morgan Stanley Investment Management, which has a 7.6% stake in the NY Times, is pushing the media company to eliminate its dual-class share structure and calling for changes in governance.
- The Democratic and Republican parties are sending thousands of lawyers to various states to monitor election polling sites for potential challenges.
- MedImmune(MEDI) plans to have a version of its FluMist nasal spray to fight the illness in children from ages 1 to 5 ready for the 2007 influenza season, CEO Mott said.
- Google(GOOG) plans to start selling ads that will run in the print editions of 50 US newspapers. The move is part of Google’s(GOOG) plan to offer advertisers a single system through which they can promote products in any medium.
Financial Times:
- Wind turbines priced at $2,847 have become the top seller at Kingfisher Plc’s B&Q stores in the UK since they went on sale last month.
London-based Times:
- OPEC may have to further cut production in December due to a “soft” market, citing the organization’s President Daukoru.
Apple Daily News:
- Yahoo!(YHOO) will start selling a so-called ultra-mobile personal computer, made by Quanta Computer, in the first-half of next year.
China Securities Journal:
- China’s economy will slow next year, citing Zhu Zhixin, deputy director with the nation’s top planning agency. The government will continue to seek to curb lending growth and land sales to slow fixed-asset investments.
Interfax:
- Measures outlined in a UN resolution on Iran and its nuclear program must have a time limit and a clear mechanism for being lifted, said Russian Foreign Minister Sergei Lavrov.
Finanz und Wirtschaft:
- The US Fed will cut its benchmark interest rate to 4.5% in the “foreseeable” future, Bill Gross, chief investment officer at PIMCO said.
Gulf News:
- The counterfeit cosmetics trade in the Persian Gulf is being used to fund international terrorism, citing a Nivea company official.
Nihon Keizai:
- Sharp Corp., the world’s largest maker of solar power panels, will next year start selling a solar power system that has a better energy conversion rate than polysilicon cells.
Weekend Recommendations
Barron's:
- Made positive comments on (POT).
- Made negative comments on (EVR).
Night Trading
Asian indices are -% to . on average.
S&P 500 indicated -%
NASDAQ 100 indicated -%.
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
- (ATVI)/-.10
- (AES)/.21
- (ALTR)/.25
- (CRL)/.54
- (CXW)/.40
- (CUZ)/.14
- (EP)/.16
- (FLR)/-.11
- (MVL)/.12
- (MNT)/.24
- (NTES)/.28
- (OSIP)/-.16
- (OSTK)/-.82
- (SBAC)/-.17
- (ELOS)/.38
- (TXU)/1.95
- (XMSR)/-.46
Upcoming Splits
- None of note
Economic Releases
- None of note
BOTTOM LINE: Asian Indices are mostly lower, weighed down by technology shares in the region. I expect US stocks to open modestly lower and to rally into the afternoon, finishing mixed. The Portfolio is 100% net long heading into the week.
No comments:
Post a Comment