Bloomberg:
- Democratic Representative Charles Rangel said he will again introduce legislation to revive a US military draft when his party takes control of Congress in January. Military leaders spoke out against reinstating the draft when Rangel introduced such legislation in January 2003.
- The global economy will keep expanding at a “solid pace,” central bankers and finance ministers from the world’s 20 largest economies said.
- China National Offshore Oil Corp., the nation’s third-largest oil company, will “actively pursue clean energy” alternatives to crude oil and natural gas. China, the world’s second-biggest energy consumer, plans to spend $186 billion in the next 15 years to boost the use of renewable resources and reduce pollution.
- Crude oil is falling again in NY as mild temperatures and ample supplies reduce speculation.
- President Bush prodded Chinese President Hu Jintao to unleash the spending power of Chinese consumers to help boost American exports to the world’s largest developing economy.
- Freeport-McMoRan Copper & Gold Inc.(FCX) agreed to buy Phelps Dodge(PD) for $25.9 billion in cash and stock to form the world’s largest publicly traded copper company.
- European Central Bank President Jean-Claude Trichet said he and his Group of 10 colleagues must be “strongly vigilant” about the risk of inflation because of dynamic global growth.
Wall Street Journal:
- Executives at Yahoo!(YHOO) are examining proposals to revamp the company’s business that include staff cuts of as much as 20%.
- The Blackstone Group LP will announce a $20 billion takeover bid for Equity Office Properties Trust(EOP), the largest US office-building owner and manager.
Dow Jones:
- AT&T(T) is unlikely to offer more concessions to the FCC to win approval of its $80 billion purchase of BellSouth Corp.(BLS) and expects it to be completed this year, citing an AT&T executive.
NY Times:
- Farmers in Iowa and other states in the US Upper Midwest are abandoning corn and soybeans and turning to growing wine grapes to take advantage of the far more lucrative economic returns.
Cambridge Energy Research:
- In contrast to a widely discussed theory, "peak oil", that world oil production will soon reach a peak and go into sharp decline, a new analysis of the subject by Cambridge Energy Research Associates (CERA) finds that the remaining global oil resource base is actually 3.74 trillion barrels -- three times as large as the 1.2 trillion barrels estimated by the theory’s proponents -- and that the “peak oil” argument is based on faulty analysis which could, if accepted, distort critical policy and investment decisions and cloud the debate over the energy future.
Washington Post:
- An increasing number of private Russian companies founded after the fall of the Soviet Union are now under state control or are consolidated and led by businessmen with strong ties to President Putin’s government.
- Opponents of Venezuelan President Hugo Chavez are mounting a strong challenge to unseat him in the Dec.3 presidential election.
San Francisco Chronicle:
- EBay’s(EBAY) Skype Internet phone service complements PayPal’s payment system by allowing buyers and sellers to talk on EBay’s Web-based auction site, CEO Whitman said.
AP:
- House Democrats plan to consider repealing billions of dollars in oil company tax breaks early next year and hold off on proposals to increase alternative energy sources and conservation. Democrats specifically want to repeal tax breaks for refinery expansion, geological studies to further oil exploration, and a measure that gives companies credit for drilling in the US rather than in other countries.
c/net News.com:
- Personal navigation systems could become the next must-have gadgets.
Financial Times:
- US Treasury Paulson will map out steps that the country’s regulatory system must take to fight competition from financial centers in London and Asia.
Sunday Times:
- Amvescap Plc, the owner of Aim and Invesco mutual funds, has emerged as a leading candidate to buy Putnam Investments, the money management group Marsh & McLennan cos. is selling.
Aksam:
- Iraq and Turkey signed an agreement to carry Iraqi natural gas through a pipeline to Europe.
Weekend Recommendations
Barron's:
- Made positive comments on (CCE) and (DD).
- Made negative comments on (MTG).
CSFB:
- Reiterated Outperform on (SEPR), raised target to $65.
Night Trading
Asian indices are -1.25% to -.25% on average.
S&P 500 indicated -.13%
NASDAQ 100 indicated -.19%.
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
Conference Calendar
Daily Stock Events
Macro Calls
Rasmussen Consumer/Investor Daily Indices
CNBC Guest Schedule
Earnings of Note
Company/Estimate
- (ATVI)/-.10
- (ACS)/.81
- (CAR)/.47
- (CPB)/.61
- (DY)/.25
- (FMCN)/.49
- (JAS)/-.07
- (LOW)/.43
- (MDT)/.56
- (JWN)/.51
- (PVH)/.84
Upcoming Splits
- (STLD) 2-for-1
Economic Releases
10:00 am EST
- Leading Indicators for October rose .2% versus a .1% increase in September.
BOTTOM LINE: Asian Indices are lower, weighed down by technology and automaker 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.
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