Fed Unlikely to Change Rate: Focus on Comments
The growing view of economists is that first-year Fed Chairman Ben Bernanke appears close to steering the U.S. economy to a 'soft landing' -- slowing economic growth as a way of lowering inflation pressures, while ensuring the slowdown doesn't become something more severe such as a recession. It is widely expected that the Fed will leave its key interest rate unchanged (5.25%) at today's meeting, its last of the year, leaving banks' prime lending rate frozen at 8.25%. Many economists believe that if the economy continues to sail along as planned, rates may stay put until mid 2007, at which point analysts guess the Fed will make its first rate cut. Growth, which was coming in at an annual rate of 5.6% early this year, has slowed to just 2.2% amid soaring energy prices, higher interest rates, and a falling housing market. There has been concern growth was slowing so quickly that the Fed might start cutting interest rates already, but Bernanke and other Fed officials have signaled that it's still too worried about inflation to start cutting rates. With the rate decision seen to be a done deal, watch for traders to move markets based on the Fed's wording in its release. Until last Friday, it was expected that the Fed's assessment would focus more on economy-slowing worries than on inflation, but with unexpectedly strong November job growth Wall Street analysts are now convinced it will stick with its "moderate" growth and "some inflation risks remain" motto. December is also not thought of as an opportune time for changes in Fed stance. Because of this, the markets are likely to be hyper-sensitive to the slightest change in tone. The Fed announces its decision at about 2:15 EST.
• Sources: AP, WSJ, ">Bloomberg
• Related commentary: Use Common Sense To Decipher Fed Comments , Fed Rate Cut Talk Reveals Bond Market as Overvalued, The Fed Or Investors -- Who Drives the Market, Undressing the Fed, Are We on the Brink of Economic Turmoil? Maybe Not, Barron's 2007 Analyst Survey
• Potentially impacted ETFs: S&P 500 Index (SPY) • NASDAQ 100 Trust Shares ETF (QQQQ) • iShares Russell 2000 Index ETF (IWM) • iShares Lehman 1-3 Year Treasury Bond ETF (SHY) • iShares Lehman 7-10 Yr Treasury Bond ETF (IEF) • iShares Lehman 20+ Year Treasury Bond ETF (TLT)
Word-of-Mouth Marketers Warned by FTC: Disclose it or Shut it!
Back in 2002, cell phone distributor Sony Ericsson launched its now famous 'fake tourist' marketing scheme in which it placed 60 actors on New York and Seattle streets equipped with the T68i mobile camera phone and had passersby stop to photograph them. The problem was, the actors failed to disclose they were being paid by Sony Ericsson to promote its latest product. Well now, the FTC is dealing with the issue of word-of-mouth advertising, brought to them by Oregon marketing advocacy group Commercial Alert in late 2005. Said Mary K. Engle (pictured), FTC associate director for advertising practices, "We wanted to make clear . . . if you're being paid, you should disclose that." Engle added her agency would consider looking into violations of advertising practice from this point forward. One possible major culprit is The Procter & Gamble Company, which has assembled 250,000 teenage 'volunteer' 250,000 to promote the company's products to friends and relatives in exchange for free Procter & Gamble products. The company counters its volunteers are free to talk negatively or positively about its products and they do not receive compensation (the samples are mere so they can generate an informed opinion).
• Sources: Washington Post, USA Today (on Procter & Gamble word-of-mouth practices), CNET, Word of Mouth Association gets SEC invite,
• Related commentary: Lies, Damn Lies, and Word of Mouth
• Potentially impacted stocks and ETFs: Procter & Gamble (PG)
Treasury Sets New Guidelines to Stem Rising Delinquency Threat
The U.S. Treasury is proposing guidelines to financial institutions designed to protect seekers of home loans from excessive risk. During the housing boom that lasted until the second half of last year, many individuals took out "subprime" mortgages -- high-interest loans for people considered to be poor credit risks -- with adjustable interest rates. When those rates go up, monthly payments can become dangerously difficult for just those people who are the least equipped to pay them. Many in the industry believe the bottom has yet to be reached in the housing market, and any rise in foreclosures in subprime mortgages invariably hits low-income families the hardest. Foreclosures increased in the second quarter, with the highest proportion those of subprime borrowers. These latest guidelines follow directions given by federal regulators in September instructing banks to ensure that borrowers understand the risks involved in interest-only and other nontraditional mortgages.
• Sources: Wall Street Journal, Newsday
• Related commentary: Fed Regulators Restrain CRE Lending, Mortgage Applications Perking Up, Masked Mortgages (OC Register.com)
• Potentially impacted ETFs: iShares S&P Global Financials (IXG), Vanguard Financials ETF (VFH), streetTRACKS KBW Bank ETF (KBE), Regional Bank HOLDRs Trust Regional Bank HOLDRs Trust (RKH)
TECHNOLOGY AND INTERNET
Best Buy Misses on Consumer Electronics Price Pressure
Consumer electronics retailer Best Buy missed consensus estimates for the quarter ending November 25th by 4 cents. The stock fell almost 5% on the news in pre-market trading. Best Buy reported revenue growth of 16% and same store sales up 4.8%. EPS was $0.31 versus consensus of $0.35. "A very competitive climate" -- probably price competition from Circuit City and Wal-Mart -- resulted in a decline in gross margin to 23.5% from 24.4%. Average TV prices are down 35% this year, the product mix shifted to lower margin notebook PCs and game consoles, and discounted Thanksgiving sales saw high volumes. Best Buy maintained fiscal year EPS at $2.65 to $2.80.
• Sources: Best Buy press release, Bloomberg, WSJ
• Related commentary: Circuit City: Flat Panel TV Prices Falling Even Faster Than Expected, What Really Makes Money for Circuit City, Best Buy, Gateway & Dell?, Fred Hickey Remains Bearish On Tech End Demand, More Flat Panel Coverage
• Potentially impacted stocks and ETFs: Best Buy (BBY). Competitors: Circuit City (CC), Radio Shack (RSH), Wal-Mart (WMT). ETFs: Retail HOLDRs (RTH), Consumer Discretionary SPDR (XLY)
Texas Instruments Joins National Semi in Lowering Chip Sales Forecasts
Texas Instruments Inc., the world's biggest manufacturer of mobile phone chips, cut its Q4 sales and profit forecasts because of lower revenue from handsets. Sales will come in at $3.35-$3.5b, compared with an earlier forecast of $3.46-$3.75b. Profits will be 37-40 cents a share, instead of 40- 46 cents. On Dec. 7, National Semiconductor Corp., whose chips lengthen mobile phone battery life, forecast Q3 sales of $461.5m, less than the Street's $496.5m average estimate, citing poor orders and the trend toward cheaper phones that don't use as many semiconductors. Shares of TXN were down $0.10 yesterday and $0.04 in extended trading to $29.26. They have declined 8.6% since Oct. 23, when the previous forecast was issued.
• Sources: Bloomberg, Press Release, TheStreet.com, http://today.reuters.com/investing/financeArticle.aspx?type=marketsNews&storyID=2006-12-12T001337Z_01_N11296194_RTRIDST_0_TEXASINSTRUMENTS-OUTLOOK-UPDATE-3.XML">Reuters, http://www.marketwatch.com/news/story/texas-instruments-cuts-fourth-quarter-financial/story.aspx?guid=%7B3DF48B9B-9D26-463E-8AF1-AE1A6FCB844E%7D">MarketWatch
• Related commentary: Expecting Pain From Texas Instruments, National Semi's Weak Q2 In-line, But Warns of Lower Q3 Sales, National Semi Gives Weak Guidance, Texas Instruments CEO in Denial Over Semi Inventory Glut. Conference call transcripts: Texas Instruments Q3 2006, National Semiconductor F2Q07
• Potentially impacted stocks and ETFs: Texas Instruments Inc. (TXN), National Semiconductor Corp. (NSM). Competitors: Analog Devices (ADI), Qualcomm Inc. (QCOM). ETFs: Semiconductor HOLDRs (SMH), PowerShares Dynamic Semiconductors (PSI), iShares Goldman Sachs Semiconductor (IGW), SPDR Semiconductor (XSD)
Salesforce.com to Expand AppExchange in 2007
In its quest to expand its business model, Salesforce.com announced that it will be extending the services offered by its online applications marketplace, AppExchange. Apex, as it's also known, offers products from other software providers which can be incorporated into Salesforce.com's core sales and marketing management service. Currently, CRM only charges the company for a place on the exchange. Starting in February, the company will offer premium placement on searches and AppExchange categories for companies willing to part with a piece of their revenue. In December 2007, CRM will launch AppStore Checkout, a complete online billing, invoicing and collection service for AppExchange partners. CEO March Benihoff is hoping to get Salesforce.com's annual revenue up to $1 billion. In FY 2005, the company reported $309.9 million. CRM's growth, though still strong, has slowed in the last few quarters.
• Sources: WSJ, internetnews.com, Reuters
• Related commentary: Caris: Salesforce Estimates Remain Virtually Unchanged Based On Recent Earnings Report, Salesforce Reports In-Line Quarter, Stock Slips, Salesforce.com's Apex Uses Google Office to Challenge Microsoft, Launch of “Salesforce for Google AdWords” Demonstrates the Power of AppExchange • Conference Call Transcript: Salesforce.com F3Q07 (Qtr End 10/31/06)
• Potentially impacted stocks : Salesforce.com (CRM). Competitors: Google (GOOG), Microsoft (MSFT), SAP (SAP), Oracle (ORCL)
LG.Philips Being Investigated in Three Countries for Anticompetitive Practices
South Korean LCD manufacturer LG.Philips LCD is being investigated by authorities in the U.S., Korea and Japan for possible anticompetitive practices in the liquid-crystal display market. In a concise statement, the company said just that it "takes this matter very seriously and will cooperate fully with regulatory authorities." Company spokesman Lee Bang Soo declined to comment further regarding details of the investigation. Shares fell to record lows in Seoul during trading Tuesday as worries the three country probe could cut into profits spread. Chief investment officer at SH Asset Management Kim Seong-ki reiterated his firm's 'underweight' rating on the stock saying, "We expect LG.Philips to keep losing money at least throughout the first half [of 2007]."
• Sources: WSJ, WSJ [II], Reuters. Conference call transcripts: LG Philips LCD Q3 2006
• Related commentary: LCD Manufacturer Collusion? If So They're Really Bad At It, Slowing Demand Growth in World LCD Market is Worrisome, More Red Ink for LG.Philips in Q3 on Flat Panel Weakness, LCD Producers Continue To Add Too Much Capacity As They Battle for Market Share
• Potentially impacted stocks and ETFs: LG.Philips (LPL). Competitors: AU Optronics (AUO), Matsushita Electric (MC), Sharp (OTCPK:SHCAY), Sony (SNE), Toshiba (OTCPK:TOSBF), Sanyo (OTC:SANYY)
Nintendo Wii: The Must-Have Console
The Wall Street Journal is the latest to publish a positive story on the Nintendo Wii, noting not only that Nintendo was the top seller overall in Nov. gaming hardware (including handhelds) based on NPD Group research, but also that Nintendo is winning in terms of attracting consumer interest. The company's Wii console fetches a premium worth nearly as much as its retail price on eBay, and there have been one-for-one trades posted on Craigslist for Sony's much pricier PlayStation 3. A Nintendo U.S. executive commented, "Demand, as you can see from the reaction of consumers, has been greater than even we had hoped for." In terms of a stock investment, the big question is how much higher Nintendo's shares can go. Today, it traded +1.4% intra-day to ¥29,000 ($31.05 ADR equiv. at ¥116.75/$1) before closing -0.66% at ¥28,400 ($30.41). Nintendo's president has recently said he sees the possibility of exceeding Wii shipment expectations for the year and an upward revision of fiscal year earnings.
• Sources: The Wall Street Journal, Wii and PlayStation 3 auctions on eBay, Yahoo! Finance Japan
• Related commentary: Game Console and Software Stock Update, Seventh Generation Gaming Consoles: Thinking Outside the Box, Sony PS3 Misses Sales Target, Xbox 360 and Wii May Beat, Nintendo's Wii Setting the Pace for Next-Gen Game Consoles this Christmas
• Potentially impacted stocks and ETFs: Nintendo (OTCPK:NTDOY). Competitors: Sony (SNE), Microsoft (MSFT). Gaming software publishers: Electronic Arts (ERTS), Activision (ATVI), Konami (KNM), Take Two (TTWO), THQ (THQI)
ENERGY AND MATERIALS
DuPont Cuts Jobs to Invest in Seeds Business
DuPont announced on Monday that it is cutting 1500 jobs from its "low growth" crop-protection and nutrition division and will plow the $100 million it will save into its "high growth" seeds business. The company is fighting Monsanto for market share, particularly in the corn seed market. In that vein, Monsanto's enhanced marketing capabilities seems to be gaining on DuPont's R&D. Monsanto's share of U.S. seed-corn sales has grown to 25% from 10% six years ago, while DuPont's has fallen to about 31% from 38% in 2000. 15,000 DuPont employees work in the agricultural division, out of a company total of 60,000. Analysts approve the move, especially in light of the company's competition with Monsanto.
• Sources: Press Release, AP , WSJ
• Related commentary: DuPont: Modifications Will Spur Growth , Tense Mating Dance Between Monsanto and D&PL Ends in a Merger, Delta & Pine Merger Deja Vu: Monsanto Hopes This Time is Different.
• Potentially impacted stocks and ETFs: DuPont (DD), Monsanto (MON) Competitors: American Pacific Corp (APFC), Syngenta (SYG). ETFs: iShares Dow Jones US Basic Materials (IYM), Vanguard Materials VIPERs (VAW), Materials Select Sector SPDR (XLB).
Ceiling Not Yet in View for Big Oil Stocks
Though Big Oil is expected to have a slightly less spectacular year in 2007 than it did this year, it is still likely to remain at historically high levels thanks to strong demand in China and the Middle East, output-tightening by OPEC and instability in Nigeria and Iraq. Merrill Lynch has published a report stating that Exxon Mobil and Chevron, which are trading at record-high levels, still have room to rise. Merrill raised share-price targets on those two companies as well as ConocoPhillips even as it lowered its 2007 oil-price forecast from $65 to $60 on the back of generally lower demand and rising supply from non-OPEC members. Merrill also upgraded four E&P companies -- Anadarko, Noble Energy, Encana and Canadian Natural Resources -- which it believes will benefit from increased demand for natural gas that should result from higher oil prices.
• Sources: MarketWatch, Business Week
• Related commentary: Chevron, ConocoPhillips Going Opposite Directions With CapEx in 2007, 3 Reasons Why I Bought ConocoPhillips, Fuel For Thought: Which Integrated Oil Company Should You Own?
• Potentially impacted stocks and ETFs: Exxon Mobil Corp. (XOM), Chevron Corp. (CVX), ConocoPhillips (COP), Hess Corp. (HES), Marathon Oil Corp. (MRO), Anadarko Petroleum Co. (APC), Noble Energy Inc. (NBL), Encana Corp. (ECA), Canadian Natural Resources Inc. (CNQ), WisdomTree LargeCap Dividend (DLN), WisdomTree Total Dividend (DTD), streetTRACKS DJ Wilshire Large Cap (ELR), Vanguard Energy ETF (VDE), iShares Dow Jones US Oil & Gas Ex Index (IEO), United States Oil Fund LP (USO)
McCormick May Purchase Indian Spice Company
U.S. spice company McCormick seems poised to purchase Indian MTR foods for 3.5 billion-4 billion rupees ($78-$89 million) as the market for processed food in India expands and incomes increase. The deal is expected to close in two weeks and will involve JP Morgan's private equity arm and Singapore's Aquarius, since they each hold a minority stake in the private company. Recently, other Asian companies have been including processed foods on their menus to cash in on the rise of retail in India.
• Sources: Reuters, Economic Times
• Related commentary: McCormick's Curries Favor With Investors
• Potentially impacted stocks and ETFs: McCormick (MKC). Competitors: International Flavors and Fragrances (IFF)
New President Envisions a "Winning Culture" for Coke
Muhtar Kent is taking the reins as president and chief operating officer of Coke and comments that a recovery from the beverage giant's 0.2% drop in U.S. sales last year could be accomplished through a new "focus on what the customer wants," with hopes the success of diet drink Coca-Cola Zero in Australia and Great Britain will be replicated in the U.S. In the first three quarters of 2006, international sales of beverages bearing the Coca-Cola trademark rose 5% for the first time since 1998; Kent was chief of international operations, which garners 80% of the company's sales, since the beginning of this year. The new president says that he would consider future acquisitions, without naming targets, dismisses rumors that Coke will buy up all shares of Atlanta bottler, Coca-Cola Enterprises, Inc, and comments that an insider-trading scandal in Australia was "an honest mistake that was fully investigated and resolved."
• Sources: Wall Street Journal. Conference call transcripts: Coca-Cola Q3 2006
• Related commentary: Jones Soda's Competition for Coke, Coke: Potential Beverage/Bottler Merger Hits the Spot , Coke Beats Estimates with 14% Increase in Sales, Coke's New Drink & Pepsi's Updated Outlook
• Potentially impacted stocks and ETFs: Coca-Cola (KO). Competitors: Pepsico (PEP), National Beverage (FIZ), Cadbury Schweppes (CSG), Hansen Natural (HANS), COTT (COT). ETFs: iShares Dow Jones US Cons Goods (IYK)
Goldman Posts Its Best Quarter (and Year) Ever
Capping the most profitable year on record for a Wall Street investment firm, Goldman Sachs reported a 93% increase in profits during its recently ended 4th quarter. By the numbers, Goldman's net income advanced to $3.15 billion, or $6.59 a share, up from $1.63 billion, or $3.35, during the year earlier period, surpassing the average Bloomberg estimate of EPS of just $6.17. Goldman also outperformed Thomson Financial consensus estimates which were for EPS of $6.04 on revenue of $8.96 billion. For the quarter, revenue increased by a much more moderate 47% - to $9.41 billion from $6.4 billion a year earlier. Profit increases surpassed revenue increases as a result of bigger investments in leveraged buyouts and smaller payouts in compensation. Return on equity was 41.5% for the quarter and 32.8% for the FY2006. Goldman shares are up more than 58 percent this year - the company's best year since going public in 1999 - on its best earning results ever: net earnings of $9.54 billion, or $19.69 a share, on revenue of $37.67 billion. Lehman Brothers, Bear Stearns and Morgan Stanley are all set to report over the next few days.
• Sources: Bloomberg, MarketWatch, Reuters. Conference call transcripts: Goldman Sachs F3Q06 (Qtr End 08/25/06)
• Related commentary: Brokerage Analysts Foresee Dismal 2007 Results, Exchange Traded Credit Derivatives Likely to Hurt Investment Bank Earnings, Streaking Stocks: Goldman Sachs Up 12 Days in a Row, Investment Banks Have Too Much Money On Their Hands
• Potentially impacted stocks and ETFs: Goldman Sachs (GS). Competitors: The Bear Stearns Companies Inc. (BSC), Morgan Stanley (MS), Lehman Brothers (LEH), Merrill Lynch (MER), UBS AG (UBS), Deutsche Bank (DB), Credit Suisse Group (CS). ETFs: iShares Dow Jones US Broker-Dealers Ind. (IAI), Vanguard Financials (VFH), Financial Select Sector SPDR (XLF), iShares Dow Jones US Financial Svc. (IYG)
Exchange Traded Credit Derivatives Likely to Hurt Investment Bank Earnings
Top investment banks like Morgan Stanley, Deutsche Bank and Goldman Sachs are at risk of losing billions of dollars when exchanges begin offering credit derivatives next year. Several indexes including the NYSE-owned Euronext, the Chicago Mercantile Exchange, the Chicago Board Options Exchange and the Frankfurt-based Eurex AG plan on offering trades in credit default swaps and other credit derivatives alongside stocks and commodities. The exchange offerings have the ability to really hurt bank profits - for example Deutsche Bank earned more than $3 billion from credit derivatives in the first half of this year, a third of its total revenue from financial markets during that period. Exchange-traded credit-default swaps will mean these banks will now have to share fees though the firms will continue to control the most lucrative part of the business - building credit derivatives to meet the needs of their clients.
• Sources: Bloomberg, Bob's Guide
• Potentially impacted stocks and ETFs: NYSE Group (NYX), CBOT Holdings (CBOT), Chicago Mercantile Exchange (CME), Goldman Sachs (GS), Morgan Stanley (MS), Deutsche Bank (DB). ETFs: iShares Dow Jones US Broker-Dealers Ind. (IAI), Vanguard Financials (VFH), Financial Select Sector SPDR (XLF), iShares Dow Jones US Financial Svc. (IYG)
AIG To Buy U.S. Ports from Dubai Company
The asset management arm of American International Group has entered an agreement to buy the U.S. ports Dubai-based DP World owns from its controversial acquisition of London's P&O Steam Navigation this past February. The financial terms of the deal were undisclosed but Bloomberg reports Lloyd's List showed DP was asking $700m in early Oct. AIG will take control of 6 port terminals along the East and Gulf coasts, among other assets. The LA Times noted experts said the ports aren't top tier in the U.S., but are still an attractive investment given the sustained growth of imports and expansion challenges surrounding such infrastructure. A ports analyst at Moody's commented on the growing interest in terminal operators and said AIG is seeking steady income as opposed to actual management of assets. The NY Times said Senator Schumer of NY, who led opposition to the DP World acquisition of the ports, expects the AIG deal 'to receive broad support in Washington.'
• Sources: Press release, Bloomberg, LA Times, NY Times
• Related commentary: Insurance Sector Looks Cheap, AIG Blows Away Forecasts After Hurricane-Free Season, Insurance Stocks: Wall Street's Biggest Secret
• Potentially impacted stocks and ETFs: American International Group (AIG). ETFs: iShares Dow Jones US Insurance (IAK), iShares Dow Jones US Financial Sector (IYF), streetTRACKS KBW Insurance (KIE)
Let's Get Ready to Rumble: Nasdaq Goes Hostile for LSE
Nasdaq has formally gone hostile, targeting the London Stock Exchange's shareholders with its 1,243 pence/share offer. The LSE board continues to say Nasdaq's £2.7 b ($5.3b) offer "substantially undervalues the exchange ..." Nasdaq's CEO however, claims the bid, despite being lower than the current intra-day 1,318 pence/share price (£2.85b market cap), represents "full and fair value for LSE shareholders, taking into account ... the new competitive threats which the LSE will face in 2007 and beyond." A Bridgewell Securities analyst comments, "... I think the LSE is running out of ammunition. There isn't an obvious white knight here, and the trading outlook is somewhat compromised by the spectre of competitive threats." Nasdaq says it will not increase its bid unless a rival bidder emerges, or the LSE board agrees. LSE shareholders have until Jan. 11 to decide. Nasdaq currently owns 28.75% of the LSE -- it needs 50% plus one share to take control. Nasdaq is facing increasing pressure as its credit rating was cut last month by S&P and its share price has fallen in recent trading. Also, Bloomberg reports the LSE's second largest shareholder, a hedge fund led by Samuel Heyman, has increased its stake to 9%, paying 5.3% more per share than Nasdaq's bid.
• Sources: Bloomberg, IHT-AP
• Related commentary: Nasdaq's Desire To Take On Debt To Finance Its LSE Bid Worries the Street, LSE Rejects Nasdaq Bid, Shares Top £13, Treading Carefully In Exchange Stocks, Wall Street's Top Firms Increasingly Resorting to Internal Trading
• Potentially impacted stocks and ETFs: Nasdaq (NDAQ), London Stock Exchange (LSE:LN) • Competitors: NYSE Group (NYX), Chicago Mercantile Exchange (CME), InterContinental Exchange (ICE), Int'l Securities Exchange Hldgs (ISE), NYMEX Holdings (NMX) • ETFs: iShares Dow Jones US Broker-Dealers (IAI), streetTRACKS KBW Capital Markets (KCE)
U.S. Markets: Raging Bull Leaves No Margin of Safety
Long Idea: Get Intimate With Tefron
Short Idea: HandHeld Entertainment Inc.'s Lost Opportunity: Too Little, Too Late
Internet: InfoSpace: An Internet Value Stock
Telecom: Reverse Split Should Catalyze Nortel's Turnaround
Hardware: Cypress Semiconductor: Undervalued and Very Appealing
Software: OEMs Face 20% More In Hardware Costs To Support Microsoft Vista
Media: Rob Black's Media Stock Report
Healthcare: Nuvelo Plummets Over 80% After Drug Trials Fail
Transport: ITC Rules in Ford's Favor: Risk Profile for Keystone and LKQ Negatively Affected
Gold: Steve Cohen Will Vote Against Phelps Dodge/Freeport McMoRan Merger
Energy: Why I Bought Alliance Resource Partners
Financial: Brokerage Analysts Foresee Dismal 2007 Results
Asia: Dollar Reverses Course Against Yen, Japanese Stocks Jump, ADRs Seen Flat
ETFs: The World of Beta
IPO Analysis: This Week's IPOs (III, IV)
Sound Money Tips: Buying a New Notebook Computer
Jim Cramer: Latest stock picks
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