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WEDNESDAY SEPTEMBER 24 2008 CLICK     HERE TO SEE ECONOMIC         CALENDAR BELOW

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Economic
10:00 Existing Home Sales (Aug.): 4.93M cons.
10:35 Crude Inventories

MBA Purchase Applications
 [Bullet] 7:00 ET 
Existing Home Sales
[Report]
 [Bullet] 10:00 ET 
EIA Petroleum Status Report
 [Bullet] 10:35 ET

Dow futures after hours are +129 at 10985, S&P 500 futures +15.7 at 1202.70, Nasdaq futures +13 at 1663.50

TOP FINANCIAL NEWS

House Democrats will allow a quarter-century ban on drilling for oil off the Atlantic and Pacific coasts to expire next week. Appropriations Committee Chairman David Obey is telling reporters that language continuing the moratorium will be omitted this year from a spending bill to keep the government in operating funds after Congress recesses for the election. Republicans have made lifting the ban a key campaign after gasoline prices soared beyond $4 a gallon this summer and public opinion turned in favor of more drilling. President Bush lifted an executive ban on offshore drilling in July. The Interior Department estimates there are 18 billion barrels of recoverable oil beneath coastal waters now off-limits. (Related drilling stocks: RIG, ESV, DO, RDC HERO, PDE, NE).

BUSINESS NEWS

Berkshire buying $5 billion stake in Goldman Sachs

After Hours Summary
 GS +9.4% (Goldman Sachs announced that Berkshire Hathaway confirms the co will to invest $5 bln in GS; GS is also raising at least $2.5 bln in common equity in a public offering)

 

Companies trading higher in after hours in reaction to earnings
 WOR +2.5%... 
Companies trading higher in after hours in reaction to news
 SQNM +16.3% (announces additional, positive results for Down Syndrome test; correctly identified 100% of samples, (i.e. sensitivity or detection rate), without any false-positive outcomes (i.e. specificity)); GS +9.4% (Goldman Sachs announced that Berkshire Hathaway confirms the co will to invest $5 bln in GS; GS is raising at least $2.5 bln in common equity in a public offering); WFC +4.2% (increases repurchase authority by 25 mln shares to meet benefit plan requirements); EOG +1.4% (reiterates 3Q08 total estimated production of 1,944-2,103 mmcfed; raises FY08 production range)... 
Companies trading lower in reaction to news
 JRCC -5.6% (files prospectus for 1.5 mln share common stock offering); HLX -2.6% (says prior earnings guidance for 2008 is no longer meaningful); EQY -1.4% (announces launch of offering of 2.2 mln common stock).

Earnings
Before: NEOG, OHB
After:  BBBY, NKE, PAYX, RHT

Events

STL Investor Day

INTU Annual Investor Day

LOW 2008 Analyst and Investor Conf.

AEP, DPL, FE, PGN, TE at Merrill Lynch Global Power and Gas Conf.

BVF, CSCX, VASC, AVGN, RGEN, PLL at UBS Global Life Sciences Conf.

GM, MTW, LEAP, RCNI, CAR at Deutsche Bank Securities Leveraged Finance Conf.

HGSI, PDLI, MEDX at IBC Life Sciences BioProcess International Conf.

HK, SWN, EC, RRC, VNR at John S. Herold, Inc. Pacesetters Energy Conf.

IVN, WLT, MT, TX, RTP at Credit Suisse Group Global Steel and Mining Conf.

RATE, IMAX, MSO, KNOT, WWE at Roth Capital Partners Media / Tech Bus Tour & Conf

 

 

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2008 U.S. Economic Events & Analysis

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Monday  Sep  22 
 
 

 
 

 
 
 

 
 

 
 
 

 
 

 
 
 

 
 

Weekly Bill Settlement
52-Week Bill Settlement


 
Durable Goods Orders
[Consensus]
 [Star] 8:30 ET 

Jobless Claims
[Consensus]
 [Bullet] 8:30 ET 

New Home Sales
[Report]
 [Bullet] 10:00 ET 

EIA Natural Gas Report
 [Bullet] 10:35 ET 

3-Month Bill Announcement
[Bullet] 11:00 ET 

6-Month Bill Announcement
[Bullet] 11:00 ET 

5-Year Note Auction
[Bullet] 1:00 ET 

Money Supply
 [Bullet] 4:30 ET 

 
 
 

 
 

 
Corporate Profits
 [Bullet] 8:30 ET 

GDP (final
[Consensus]
 [Star] 8:30 ET 

Consumer Sentiment
 [Bullet] 10:00 ET 

 
Equity Settlement
09 -25 -2008
Equity Settlement
09 -26 -2008
Equity Settlement
09 -29 -2008
Equity Settlement
09 -30 -2008
Equity Settlement
10 -01 -2008

 

 

the market

MARKET UPDATES

Advanced Sectors Sectoring by Industry Group

BUSINESS WEEK MARKET ANALYSIS

 By Paul Cherney

 Economic Indicators

Top Ten Online Business Newspapers

     1. The New York Times
     2. USA Today (money)
     3. The Washington Post (business)
     4. Los Angels Times (business)
     5The Boston Globe (business)
     6Financial Times
     7Houston Chronicle (business)
     8The Seattle Times (business)
     9Chicago Tribune (business)
   10San Francisco Chronicle (business)