Monday, September 10, 2007

Morning Note...

Futures up slightly following Friday’s down 250pts on the back of the August payroll numbers.  

Several Fed speakers are on tap today – mkts may react to any commentary out of the norm.  Atlanta Fed prez at 8:40am, SF Fed Prez at 11am, Dallas Prez at 1pm, and Fed Govenor Mishkin at 7:30pm tonight.  

Oil just below $76.  10 year note yields 4.37%.

TMA mortgage upgraded at JEFF.  CFC to reduce workforce by 20%.  

BHI, HAL, SLB, WFT initiated buy at UBS.

WY to “balance supply with demand through closures and restricted operating postures at its Wood Product facilities.”

Announced Deals: BX for China National BlueStar Corp (Chemicals) for $600mm.

Rockbay News:  3045 TT August sales up 15%, continued speculation CBRY LN will opt for demerger of US bev biz, dR reports HUN deal to close no earlier than Q1 2008, Fortis denied rumors the RBS-led bidding consortium for ABN Amro is facing trouble, IFX CEO aims to be industry consolidator rather than takeover target, FINL hires Moelis Advisors, Enskilda positive on NHY NO balance sheet restructuring, RTP to sell Kintyre uranium project in Western Australia, CITI slightly raises BHP estimates, KKR agrees to covenant on bank debt for FDC deal – agree to “maintain a certain level of earnings before interest payments, depreciation, tax, and amortization in relation to the senior debt.”

Vito’s Advanced Trivia:  What is JELL-0 made of?  Or, asked another way, what is gelatin?

Yesterday’s Answer:  The Canary Islands are actually named for the dogs found on the islands when the Romans arrived there.  In Latin, Canis means dog.