Bloomberg:
- Fluor Corp., the biggest US construction and engineering company, won a $1 billion contract to expand natural gas processing facilities in the United Arab Emirates.
- An alleged terrorist plot reported to national officials was planned for on or around Sunday and might have involved a team of terrorists attacking New York’s subways with explosives hidden in briefcases or strollers, citing a Homeland Security memo.
- Wal-Mart Stores said October sales in the US are rising within its forecast range, led by the nation’s western region.
- Delphi filed for bankruptcy protection for its US operations after failing to win concessions from unions and financial aid from former parent GM.
- US natural gas prices may fall as mild weather reduces demand, a Bloomberg survey showed.
Financial Times:
- Nokia Oyj, the world’s biggest mobile phone maker, expects “good” demand next year, defying analysts’ predictions for slower growth, citing an interview with CEO Ollila.
- German Chancellor Gerhard Schroeder will “leave the national political stage” to make way for opposition leader Angela Merkel in a deal likely to be announced on Monday, Oct. 10.
Washington Post:
- The Arabic-language news channel al-Jazeera, which has been accused of aiding terrorists, hired veteran BBC journalist David Frost as it gets ready to start a network that will broadcast in English.
- Sleeping less than seven hours a night may raise the risk of obesity, according to a report that adds to research linking a lack of rest to higher rates of cancer and diabetes.
NY Times:
- Mortgage brokers in the US, a profession that barely existed 25 years ago, will make $33 billion this year.
- The resilience of the US economy is explained by its ability to constantly recalibrate itself and adjust its supply side to demand, thus fostering economic stability.
- CVS Corp. CEO Ryan said that the drugstore chain will benefit when patents on some popular medicines, including Zoloft and Zithromax, expire this year and next.
- Home photo-printing is failing to catch on with consumers because the process is more expensive than ordering prints from retailers, including Wal-Mart Stores and Snapfish.com.
- The strain of bird flue that is currently in Asia won’t likely become a pandemic affecting humans this year, citing scientists.
- Divining the right mix of government and private activity is key to disaster response, drawing examples from the response of the US government to a hurricane that hit Galveston, Texas, in 1900, and to a 1906 earthquake and fire that leveled San Francisco.
- A ruling in a class-action lawsuit in June by a US District Court judge in Corpus Christi, Texas, has sent a shock wave through the world of plaintiffs’ lawyers.
- Flight Safety Technologies is testing a laser system to detect turbulence behind plane engines that may help air-traffic controllers prevent crashes and raise runway capacity 20%.
LA Times:
- California Governor Schwarzenegger signed a bill requiring tobacco companies to sell only “fire safe” cigarettes in the state beginning in 2007.
- The number of Cubans trying to reach the US by boat across the Florida Straits is the highest in more than a decade.
Detroit News:
- GM is raising health-care costs for tens of thousands of white-collar employees and retirees, a move that may save millions.
San Francisco Chronicle:
- Convention bookings in San Francisco reached a record during the fiscal year ended June 30, with 925 groups scheduling meetings for an estimated economic benefit of $1.4 billion.
Mail on Sunday:
- Ericsson AB will buy Marconi, a UK telecommunications equipment maker in an agreed transaction that may value Marconi at as much as $2.3 billion.
Il Sole/24 Ore:
- The European Central Bank is not planning to raise interest rates as it continues to monitor the effects of rising oil prices on the European economic recovery.
Oil & Gas Journal:
- Even with the effects of the hurricanes natural gas storage now stands 40 bcf above the 5-year average.
Weekend Recommendations
Barron's:
- Had positive comments on WMT, MXO and SYT.
Goldman Sachs:
- Reiterated Outperform on SYK and CFC.
Night Trading
Asian indices are -.25% to +1.0% on average.
S&P 500 indicated +.20%.
NASDAQ 100 indicated +.26%.
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
AA/.29
DNA/.30
Upcoming Splits
- None of note
Economic Releases
- None of note
BOTTOM LINE: Asian Indices are mostly higher, spurred by gains in exporters in the region after last week’s better-than-expected US employment report. I expect US stocks to open modestly higher on gains in Asia and a bounce after last week’s losses. The Portfolio is 50% net long heading into the week.
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