- Just when many investors are acknowledging the sudden swoon of US stocks as a sign of a market top, some of Europe’s biggest money managers are anticipating a profit rebound for American companies and slowing earnings growth at home.
- Mobile-phone shipments worldwide this year will probably increase 20%, more than previously though estimated, because of higher Nokia Oyj sales and demand in China and India, JPMorgan Chase(JPM) said.
- Axel Weber, a member of the European Central Bank’s governing council, said the bank may have to raise interest rates further to quell inflation as the euro-region’s economy maintains its expansion.
- US Treasury Secretary Henry Paulson said the World Bank should focus on lending to poor countries and trim funds for China, India and other middle-income nations that are luring private capital.
- Federal Reserve Governor Frederic Mishkin said inflation measures that exclude food and energy costs are a “better guide” to underlying changes in prices.
- Johnson & Johnson(JNJ) and Boston Scientific(BSX) reported new safety data today for drug-coated stents that may help revive sales depressed by prior reports linking the devices to a higher risk of heart attacks.
- Russian Finance Minister Alexei Kudrin suggested the price of gold may decline because of a potential increase in production after the Natalka field was confirmed as the world’s third-largest deposit of the precious metal.
- Turkey’s military probably won’t attack Kurdish rebels in northern Iraq in the immediate future, US Defense Secretary Robert Gates said, after meeting his Turkish counterpart.
- The Gloomsayers Should Look Up.
- As Apple(AAPL) Gains PC Market Share, Jobs Talks of a Decade of Upgrades.
- Lottomatica SpA’s Gtech Holdings(GTK) and Scientific Games Corp.(SGMS), the two dominant suppliers of equipment and products to US state lotteries, plan to expand into other countries.
- Fight Against Coal Plants Is Creating Diverse Partnerships.
- One year ago, a 32-year-old trader at a giant hedge fund named Amaranth held huge sway over the price the country paid for natural gas. Trading on unregulated commodity exchanges, he made risky best that led to the fund’s collapse – and, according to a congressional investigation, higher gas bills for homeowners.
- Apple’s(AAPL) Earnings Preview: Firing On All Cylinders.
- Commercial real estate market outlook upbeat.
- The Blow-Up. This summer, as a meltdown in subprime credit market spilled over into other markets, all eyes were on the mathematically trained financial engineers known as “quants.” Who are these guys?
- Clean technologies propel venture capital funding. Shrugging off credit-related economic woes, venture capitalists be heavily on new companies in the third quarter, driven by opportunities in clean technologies, software and biotechnology.
- Half of likely
Sydney Morning Herald:
- Russia, the world’s second-biggest oil exporter after Saudi Arabia, has forecast crude oil may drop to $60/bbl. within 10 years. “Oil is significantly overpriced,” Russia’s Finance Minister, Alexei Kudrin, said in Washington on Friday. Crude oil prices have “overshot their fundamentals and are likely to come down sharply,” Eric Chaney and Richard Berner, analysts at Morgan Stanley, wrote in a report on Friday.
- Made positive comments on (MMC), (VAR), (SHLD) and (MNST).
- Reiterated Buy on (ADBE), target raised to $56.
Asian indices are -3.25% to -1.75% on average.
S&P 500 futures -.83%.
NASDAQ 100 futures -.88%
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Earnings of Note
- (ARD) 2-for-1
- (CSNT) 2-for-1
- None of note
Other Potential Market Movers
- The Fed’s Kroszner speaking, (WSO) analyst meeting and (NCI) investor day could also impact trading today.