Friday, November 30, 2007

Today's Headlines

- China Mobile Ltd., the world’s largest wireless-phone operator by subscribers, said it is still in discussions to offer Apple’s(AAPL) iPhone handset, denying a newspaper report that talks between the two have ended.
- Countrywide Financial(CFC), the biggest US mortgage company, rose as much as 29% on optimism among investors that the US Treasury’s plan to freeze subprime mortgage rates will stem losses from record foreclosures.
- ABX Indexes tied to subprime-mortgage bonds rose on speculation that a plan to stem foreclosures among subprime borrowers may curb losses on the securities.
- Crude oil is falling $2/bbl. to below $90/bbl. for the first time in a month on concern over falling global demand growth and as Saudi Oil Minister Ali al-Naimi said supplies in the market are “absolutely ample.”
- Lincoln Anderson, who helps manage about $165 billion as chief investment officer at LPL Financial Services, says the subprime issue has been “overblown” and that the “top is in” for crude oil prices.
- Walt Disney(DIS) and retailer Nordstrom(JWN) led companies selling at least $35 billion in the busiest week in more than two months as Treasury yields fell to the lowest since April 2004.
- The number of US combat deaths in Iraq this month is headed toward the lowest monthly level since March 2006, reflecting a turnaround in US efforts to establish security and defeat insurgents.

NY Post:
- A pair of hedge funds that are getting battered by the choppy markets of the past few months are serving as a stark reminder that the pain inflicted on the once white-hot hedge-fund sector isn’t only confined to those with subprime-bond exposure.

Cash Daily:
- Swisscom AG has been selected by Apple Computer(AAPL) to sell the iPhone in Switzerland.

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