Monday, July 30, 2007

Morning Note...

Futures up slightly this morning on little news flow.  As one pundit explains: “the question remains just how much the credit crunch concerns undermined the previous bullish sentiment.  The answer is by no means clear.  More volatility to come…

Verizon reported in line, ADM reported better, and Humana missed. 

No economic reports today. Core PCE deflator data tomorrow.  July employment Friday. 

Oil remains above $77/barrel.  10-year note yields 4.78%.

Announced Deals: 

Rockbay News: Chicago Tribune reports CBRY LN US beverage unit bids will come in lower than expected, Cramer positive on AA and SHLD, Globe & Mail reports AA-BHP deal may fall through, 3045 TT earnings, CA FP interested in Migros Turk TAS – Turkish supermarket chain, As announced last week – Sonae SGPS SA to buy CA FP’s Portuguese unit, WSJ reports Liberty Global may bid for Virgin Media, TXU shareholder suits won’t block KKR/TPG deal, Warburg rejects shareholder vote on EYE bid for BOL, JPMC expects no surprises coming with Weds CBRY earnings – hopes for update on sale of beverage division, UBS positive on TGT on pullback, LEHM positive on 855 HK results, FL announces strategic initiatives

Vito’s Riddles:  Miss Jones lives on the top floor of an apartment building.  When she goes to work she takes the elevator all the way down.  When she gets back she takes the elevator halfway up and walks the rest of the way, unless it’s raining or there is someone else in the elevator with her.  What’s with this odd behavior?

Yesterday’s Answer:   1) What goes up and down but not down and up?  An umbrella.  2) What runs around your yard but never moves?  A fence.  3) What goes up and down but never moves?  Stairs.