- Passport Management LLC, the $4.5 billion hedge-fund firm run by John Burbank III, lost as much as 27% before fees this month as investments in commodity stocks slumped.The decline through Oct. 15 left the $2.9 billion Global Strategy fund, which invests in global stock markets, with an annual loss of about 34% before fees, according to an investor letter.
- BHP Billiton Ltd., Australia’s biggest oil and gas producer, said crude-oil and condensates output surged 43%, buoyed by the start-up of new projects in the Gulf of Mexico and Australia.Output of oil and condensates, a type of light oil produced in association with natural gas, jumped to 16.18 million barrels in the three months ended Sept. 30, up from 11.3 million a year earlier, BHP said.
- France will boost arms exports as it seeks to raise its share of the world market to 13%, citing an interview with Defense Minister Herve Morin.The French arms industry aims to export up to $9.2 billion of arms by 2010 to raise market share to 13% from 6% currently, Morin said.
Earnings of Note Company/EPS Estimate - (KMB)/1.00
- (MCD)/.98
- (GD)/1.51
- (R)/1.27
- (GENZ)/1.00
- (FCL)/.00
- (APD)/1.26
- (NOC)/1.41
- (MRK)/.79
- (BHI)/1.36
- (WB)/-.02
- (TRV)/.61
- (EMC)/.20
- (WLP)/1.48
- (PFCB)/.25
- (PM)/.89
- (WYE)/.90
- (BA)/1.01
- (T)/.71
- (COP)/3.19
- (RHI)/.42
- (CVD)/.80
- (CMG)/.59
- (ALL)/.71
- (AMZN)/.25
- (PHM)/-.53
- (NUVA)/.01
- (RYL)/-1.11
- (AMGN)/1.08
- (ADS)/1.16
- (TEX)/1.33
- (NE)/1.34
- (ATI)/1.40
- (LRCX)/.24
Economic Releases 10:35 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory build of +2,650,000 barrels versus a +5,611,000 barrel increase the prior week.Gasoline supplies are expected to rise by +2,700,000 barrels versus a +6,973,000 barrel increase the prior week.Distillate inventories are estimated to rise by +300,000 barrels versus a -453,000 barrel decline the prior week.Finally, Refinery Utilization is expected to rise by +1.0% versus a +1.31% increase the prior week.
Upcoming Splits - None of note
Other Potential Market Movers - The weekly MBA mortgage applications report and (UTEK) analyst day could also impact trading today.
BOTTOM LINE: Asian indices are lower, weighed down by commodity and automaker stocks in the region. I expect US equities to open mixed and to rally into the afternoon, finishing modestly higher. The Portfolio is 75% net long heading into the day.
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