Bloomberg:
- NYSE Group(NYX) plans to remove a monthly limit on fees it charges brokers to complete trades at the NYSE as it seeks to benefit from increased trading.
- Lazard Ltd. and a group of its current and former managing directors raised $590 million by selling 13 million shares, more than originally planned, to help pay off debt and fund expansion.
- Japanese inflation unexpectedly slowed in October as oil prices dropped, giving the central bank room to delay an increase in interest rates to support a recovery in the world’s second-largest economy.
- Crude oil fell from a two-month high in NY on speculation recent gains have reduced the risk that OPEC will cut output a second time later this month.
- Billionaire Kirk Kerkorian sold his remaining stake in GM(GM) almost two months after the automaker rejected his plan to ally with Renault SA and Nissan Motor, a person briefed on the matter said.
- China started operating its first biomass-fired power plant in the eastern province of Shandong as the world’s second-largest energy consumer looks to increase the use of cleaner fuels and cut reliance on coal and oil.
Wall Street Journal:
- China’s companies are importing more scrap copper as a cheaper source of the metal for cathode production as prices rise. China’s copper-cathode output in the first nine months this year reached 2.2 million metric tons, of which 27% was made from scrap. In the same period in 2005, 16% came from scrap. Refineries and makers of semi-fabricated cable and wire are also using more scrap. China’s imports of copper concentrate have plunged 46% over the last 12 months.
- AirTran Holdings CEO Leonard said he’s interested in buying airport gates sold by US Airways Group or Delta Air Lines if those two merge.
Reuters:
- Netflix(NFLX) has had discussions with Amazon.com(AMZN) about selling its online DVD rental subscriptions to Amazon customers.
- A US Homeland Security Dept. unit issued an advisory about a potential attack on US financial institutions’ computers.
- Sirius Satellite Radi(SIRI) plans to offer a live television service next year.
Financial Times:
- Providence Equity Partners, a US buy-out group, is raising a fund worth at least $8 billion for acquisitions.
Australian:
- BHP Billiton(BHP) and Royal Dutch Shell Plc may next week force Tigris Petroleum Corp. from their venture at Iraq’s Halfayah oil field following the findings of an inquiry into kickbacks paid to ousted dictator Saddam Hussein’s regime.
Late Buy/Sell Recommendations
Business Week:
- Liberty Global’s(LBTYA) stock will rise as investors are drawn to the “triple play services” offered by the company, citing John Maloney, president of M&R Capital Management.
- Duke Energy(DUK) may rise to $35 a share because of earnings growth and investment opportunities for both Duke and the spin-off of its natural gas unit.
- Allos Therapeutics(ALTH), an anti-cancer drug developer, may rise on trial results for two drugs to be announced at an American Society of Hematology meeting next month. The stock may advance to $9 within the next year because the company will publicize “encouraging” data on its brain-cancer and lymphoma treatments, citing Needham’s Mark Monane.
Night Trading
Asian Indices are -.25% to +.50% on average.
S&P 500 indicated +.20%.
NASDAQ 100 indicated +.06%.
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Economic Releases
10:00 am EST
- Construction spending for October is estimated to fall .4% versus a .3% decline in September.
- ISM Manufacturing for November is estimated to rise to 51.8 versus 51.2 in October.
- ISM Prices Paid for November is estimated to rise to 49.8 versus 47.0 in October.
Afternoon:
- Total Vehicle Sales for November are estimated to rise to 16.4M versus 16.2M in October.
- Domestic Vehicle Sales for November are estimated to rise to 12.5M versus 12.4M in October.
BOTTOM LINE: Asian indices are higher, boosted by technology shares in the region. I expect US equities to open modestly lower and to rally into the afternoon, finishing modestly higher. The Portfolio is 100% net long heading into the day.
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