Slightly Lower Open On Tap

by: SA Editors

At 8:35 AM EDT:

U.S. Futures

S&P 500: -1.80; 1,383.00
NASDAQ 100: +0; 1,758.25
Dow: -5.00; 12,128.00

International Indexes

NIKKEI 225: -0.56%; 16,022.49 (-89.94)
HANG SENG: -0.12%; 18,868.54 (-22.60)
S&P/ASX 200: -0.34%; 5,418.40 (-18.30)
BSE SENSEX 30: +0.87%; 13,399.00 (+116.09)

FTSE 100: -0.30%; 6,189.70 (-18.70)
CAC 40: +0.63%; 5,481.67 (+34.17)
XETRA-DAX: +0.36%; 6,380.67 (+22.90)

Commodity Futures (Reuters/Jefferies CRB)

Oil: -0.99%; $59.00 (-$0.59)
Gold: -1.05%; $623.50 (-$6.60)
Natural Gas: -0.82%; $7.73 (-$0.06)
Silver: -2.59%; $12.775 (-$0.34)

Asian Headlines (via

Asian Stocks Drop, Led by BHP on Lower Metals Prices; Japanese Banks Fall Asian stocks fell, led by BHP Billiton (NYSE:BHP) and Sumitomo Metal Mining Co., after copper dropped to a five-month low and zinc slumped.

Li Ka-shing to Buy Part of His Son's Stake in Hong Kong Phone Company PCCW Li Ka-shing, Asia's richest person, will buy a 12 percent stake in PCCW Ltd. (PCW) for HK$4.85 billion ($623 million), enabling his son Richard Li to exit Hong Kong's largest phone company. PCCW's shares rose.

General Electric Forecasts India Sales Will Exceed $3 Billion in Two Years General Electric Co.'s (NYSE:GE) Indian unit will post sales in excess of $3 billion in 2008, said Scott R. Bayman, president and chief executive of the unit.

Bank of China, Dubai May Bid $1 Billion for Singapore Aircraft Leasing Bank of China Ltd. and Dubai Aerospace Enterprise are among at least three companies that may bid about $1 billion for Singapore Aircraft Leasing Enterprise, Asia's biggest plane leasing operation, five people with direct knowledge of the sale said.

European Headlines (via

Deutsche Telekom Names Rene Obermann Chief After Ouster of Kai-Uwe Ricke Deutsche Telekom AG (DT), Europe's biggest phone company, named Rene Obermann chief executive officer after Kai-Uwe Ricke was ousted yesterday, handing him the task to revive growth, slash the workforce and spur the stock.

European Expansion May Have Slowed, Pulled Down by Stagnation in France European economic growth probably slowed in the third quarter more than previously estimated after French expansion stalled, a survey of economists shows.

U.K. Factory-Gate Inflation Rate Drops to Lowest in Two Years as Oil Falls Prices charged by factories in the U.K. increased at the slowest annual pace in more than two years in October as oil and fuel costs declined.

Alstom First-Half Net Income Rises 67 Percent on Power-Equipment Orders Alstom SA, the French builder of power stations and high-speed trains, said first-half profit rose 67 percent, beating analyst estimates, after the company cut 12,000 jobs and increased orders for gas turbines and coal plants.

European Stocks Pare Gains; BHP Billiton, Rio Tinto Drop as ITV Advances European stocks pared gains. BHP Billiton (BHP) and Rio Tinto Group Plc (RTP) slid after copper and lead slumped, raising concern a rally in metal prices may be over.

U.S. Headlines (via

IBM Joins Citigroup's $3 Billion Bid for Stake in China's Guangdong Bank International Business Machines Corp. (NYSE:IBM), the world's largest provider of computer services, plans to join Citigroup Inc.'s (NYSE:C) $3 billion bid for China's Guangdong Development Bank, two people involved in the decision said.

Clear Channel May Get Competing Buyout Bids Valuing Company at $17 Billion Clear Channel Communications Inc. (NYSE:CCU), the largest U.S. radio broadcaster, may receive at least two competing takeover offers later today from leveraged buyout groups that value the company at more than $17 billion, two people with knowledge of the bids said.

Morgan Stanley, Win or Lose, Gets Biggest Fee for Managing Property Fund Earlier this month, the Washington State Investment Board, which manages pensions for more than 435,000 public employees, got some bad news as it considered investing in Morgan Stanley's (NYSE:MS) $8 billion real estate fund.

U.S. Consumer Prices Probably Dropped Last Month, Economist Survey Says Declines in the cost of gasoline probably caused U.S. consumer prices to drop for a second month in October, giving Americans extra cash to spend at retailers, according to a survey of economists.

Inventories, Price Cuts May Halt U.S. Technology Stocks' Four-Month Rally Shares of U.S. technology companies may end an almost four-month rally as falling demand leads to ballooning inventories and price cuts.

Pelosi, Kleiner Perkins Team Up to Push for Overhaul of Sarbanes-Oxley Law For Silicon Valley venture capitalists eager to weaken the Sarbanes-Oxley corporate- governance law, it may pay to have friends in high places. The speaker's rostrum of the U.S. House of Representatives, for instance.

Congress Weighs Taxes, Spending, Nominations as Republican Control Wanes Congress returns for a post-election session today facing an unfamiliar political environment and some familiar duties: unfinished budget legislation, lingering trade accords and unresolved nominations.