Tuesday, August 28, 2007

Morning Note...

Futures slightly lower this morning in a carry over from yesterday’s action.  Very light news.  FOMC minutes from August  7th  to be released at 2pm.  FOMC minutes probably not relevant at this point since the Fed’s discount rate cut was more recent…  Consumer confidence numbers released at 10am as well.

State Street reportedly faces $22 bln exposure to asset-backed commercial paper conduits; Barclays denies reports suggesting it may have several hundred million dollars of exposure to failed debt; Merrill Lynch downgrades Citigroup, Lehman Bros., & Bear Stearns

Oil rallied to top $72 yesterday but has drifted to $71.60 this morning.  10-year note yields 4.57%. 

Announced Deals:  MHS for PLMD ($53/share or $1.4B).

Rockbay News: TOG CN started at outperform at RAJA, Barron’s highlights BKD insider buying, ALC reiterated buy at JEFF -- $11 target, Trian signs confidentiality agreement with WEN,

Vito’s Trivia:  According to the CIA 2007 Factbook, which country boats the highest life expectancy at birth?  The lowest?  (Life expectancy at birth is defined as the average number of years to be lived by a group of people born in the same year, if mortality at each age remains constant in the future. Life expectancy at birth is also a measure of overall quality of life in a country and summarizes the mortality at all ages. It can also be thought of as indicating the potential return on investment in human capital and is necessary for the calculation of various actuarial measures.)

Yesterday’s Answer:   Columbia (.62 per 1000 people) has the highest per capita murder rate in the world, followed by South Africa (.5 per 1000), Jamaica (.32 per 1000), Venezuela (.31 per 1000), and Russia (.2 per 1000).  USA ranks 24th at .043 per 1000.