Monday, August 6, 2007

Morning Note...

Futures up this morning on light news flow and stability in the European markets.  No M&A to report, no economic releases, nor earnings of note.  Tomorrow’s Fed policy statement will be closely studied for any signs of possible Fed action given the state of the credit markets.  Lining up as a day of trading on pure emotion and feel, given the lack of news…

Oil just under $75/barrel.  Ten year note yields 4.69%.  VIX closed at 25.16 Friday as choppiness and volatility concerns remain.

Announced Deals: 

Rockbay News: FBRC positive on ASTSF earnings – raises estimates, NRG rated a buy on weakness at DBAB, former Home Depot CEO Nardelli tabbed to run Chrysler, London Times reports Liberty Global will decide this week on whether or not to enter VMED bidding, HC announces pricing of tender offer for senior notes, FDC commences cash tender offer for $2.2B of debt securities, NY Post reports rift between Martha Stewart and ESL over Kmart sales of her products – she may jump to Macy’s, CA FP raised at JPMC, Altadis raises French cig prices by 6%, IFX plans to reduce its stake in QI to below 50% by 2009 shareholder meeting,

Vito’s Trivia:  On this date in 1945?  

Yesterday’s Answer:   According to various sources, apparently the bullfrog is the only animal that never sleeps…