Thursday, August 2, 2007

Morning Note...

Futures up on the back of yesterday afternoon’s late surge into the close.  Mostly good earnings reports this morning are also helping.  DIS & VIA/B had good numbers.  NOK earnings positive – trading up $2.  SBUX trading up on positive earnings.  AAPL, SUNW, HPQ, DELL initiated with Buy at BofA.  DJ upgraded to Equal Weight at LEHM.  MAT to recall a bunch of toys with too much lead paint.  

10 year note yields 4.78%.  Oil off this week’s highs and trading just above $76.  

We seem to be bouncing a bit, or at least stabilizing somewhat, yet volatility remains high and downside risk to credit issues remains in place.  Been an interesting couple of weeks, to say the least.  Don’t think the whipsaw-ing is over yet…

Announced Deals:  DELL acq ASAP Software ($340mm)

Rockbay News: TCI announces 1.76% stake in Reuters, CP711 raised to neutral at GSCO, TA initiated with a buy at ROCH, CVS earnings – trading up premkt, NRG earnings, Blackstone may pull out of VMED auction, CON GY does not rule out selling parts of VDO, WMB earnings – trading up premkt, JEFF lowers ALC target but maintains buy rating, WSJ on CBRY LN possible spin-off of beverage biz versus sale, DBAB files 5.4% stake in Altadis, DJO earnings, RRI earnings – trading down premkt, RTP earnings – trading up, CSFB upgrades MNDI LN to neutral, UBS upgrades VK FP to buy,  COCO initiated outperform at PIPR, REM Holdings reports 23.9% stake in URI, WSJ article about lenders tightening standards, MSDW raises CA FP target

Vito’s Trivia:  Name the sharks.  1)   2)   3)

Yesterday’s Answer:   The biggest shark is the whale shark (Rhincodon or Rhiniodon typus), which can be up to 50 feet (15 m) long. It is a filter feeder and sieves enormous amounts of plankton to eat through its gills as it swims. It is also the biggest fish. The second biggest fish and shark is the basking shark (Cetorhinus maximus) which is about 40 feet (12.3 m) long and is another filter feeder.