Tuesday, November 13, 2007

Today's Headlines

- Crude oil fell more than $4/bbl. in NY, the biggest decline in more than three months, after the International Energy Agency cut its forecast for global demand through 2008 as record prices curb fuel use.
- Gold is falling for a third straight session after a drop in energy costs reduced the appeal of the precious metal as a hedge against inflation.
- The yen is falling against the 16 most-actively traded currencies as Bank of Japan Governor Toshihiko Fukui gave no indication of when the central bank would increase interest rates following today’s policy meeting.
- Third Avenue Management LLC, the money manager founded by activist investor Martin Whitman, became the largest investor in Radian Group(RDN), the worst-performing stock in the S&P 400 Midcap this year. The stock rose as much as 17% on the news.

- Wal-Mart Stores(WMT) said quarterly profit rose more than analysts estimated and boosted its full-year earnings forecast after luring customers with holiday discounts. The shares rose the most in five years.
- More New Yorkers view Democratic Governor Eliot Spitzer unfavorably than favorably for the first time, following his plan to allow illegal immigrants to get driver’s licenses, according to a poll released today by Siena Research Institute.

- Goldman Sachs(GS) doesn’t plan to take any significant writedowns on mortgage-related assets, CEO Blankfein said.
The S&P 500 is 10% undervalued as of yesterday’s close and will end the year at 1,600, according to David Bianco, chief equity strategist at UBS Securities.
- E*Trade Financial(ETFC) is “highly unlikely “ to declare bankruptcy, BMO Capital Markets said.
- Apple Inc.(AAPL) rose the most in more than a year in Nasdaq trading after China Mobile, the world’s biggest wireless operator, said it’s in talks to sell the iPhone.

Wall Street Journal:
- Galleon Group hedge fund manager Rick Sherlund turned to prospecting for gold in Alaska in the summer time as a break from his office.

- Straw poll: CEOs lean toward Giuliani.
- Roadside bombs in Iraq fall sharply.

- The US military is beginning to reduce the number of brigades deployed in Iraq and will send thousands of troops home by July.

- Unlike last year, the annual Macworld Expo and Conference that rolls around in January will actually serve as a launch pad for some new Macs, including a chic and ultra-compact notebook design long under development by Apple Inc.

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