Tuesday, November 06, 2007

Today's Headlines

- Crude oil rose above $97/bbl. in NY to a record as a storm forecast to produce 36-foot waves in the North Sea forced BP Plc(BP) and ConocoPhillips(COP) to evacuate workers and cut production.
- MasterCard Inc.(MA), the second-biggest credit card company, rose more than 6% after Deutsche Bank AG raised its recommendation to “buy” from “hold” because of a better-than-expected third-quarter profit.
- Ambac Financial(ABK) disputed conclusions by Morgan Stanley(MS) that the industry’s losses will worsen.
- Xcel Energy(XEL), the owner of utilities in Denver and Minneapolis, may invest billions of dollars to boost wind-power capacity to take advantage of rising demand for cleaner energy.
- Gasoline demand in the US fell to the lowest in six months as retail pump prices rose, according to a report today from MasterCard Inc.(MA) based on credit card charges at filling stations.

Wall Street Journal:
- Legg Mason’s Miller Looks to the Battered. Star Manager Is Trimming Funds To Add Brokerage, Housing, Consumer Stocks.

- Wachovia Corp.(WB) is among banks seeking to hire away Merrill Lynch(MER) brokers by offering upfront bonuses of as much as $2 million.
- Caterpillar Inc.(CAT) CEO Jim Owens said the US housing market may recover from a recession in the second half of 2008, and the overall economy will have a “soft landing.”

Financial Times:
- Biofuels can match oil production.

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