- Fed Chairman Bernanke said the housing slump will be a “significant drag” on US growth into next year, though evidence of a broader impact on spending is limited.
- Bankers fro Kohlberg Kravis Roberts met with investors today to revive bond sales for Energy Future Holdings, formerly TXU Corp., and First Data Corp.(FDC), seizing on signs of life in the high-yield debt market.
- China Citic Group, an investment arm of the nation’s cabinet, is bidding for a stake in Bear Stearns(BSC), a senior government official said.
- Contact Energy Ltd.,
Wall Street Journal:
- Americans Win Nobel Prize in Economics.
- Santa, take note: Computers top wish lists.
- Google(GOOG) on Monday sought to take back some of the moral high ground in its tussle with traditional media companies as it claimed to have made significant progress with a new technology designed to block copyrighted video from its YouTube subsidiary.
- The growth of nuclear power in China and India over the next two decades will outpace other countries, a senior International Atomic Energy Agency(IAEA) official said Monday. “In China, in India, you have very definite plans for increasing the nuclear capacity six to ten times for 20 years, this is really fast growth.”
Late Buy/Sell Recommendations
- Maintain Buy on (T) and (DISH). 65% chance T buys DISH within 12 months. See $65 per share for DISH on acquisition.
- Reiterated Overweight on (GILD), target raised to $56.
Asian Indices are -.75% to +.75% on average.
S&P 500 futures -.04%.
NASDAQ 100 futures +.01%.
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Earnings of Note
- (DKS) 2-for-1
9:00 am EST
- Net Long-term TIC Flows for August are estimated to rise to $60.0 billion versus $19.2 billion in July.
9:15 am EST
- Industrial Production for September is estimated to rise .1% versus a .2% gain in August.
- Capacity Utilization for September is estimated to fall to 82.1% versus 82.2% in August.
1:00 pm EST
- The NAHB Housing Market Index for October is estimated to fall to 19 versus 20 in September.
Other Potential Market Movers
- The weekly retail sales reports, (TESO) analyst meeting, (VQ) analyst meeting and Wachovia Consumer Growth Conference could also impact trading today.