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Buzz Bits: Dow Edges Lower, Nasdaq Inches Higher

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Your daily Buzz highlights...

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Editor's Note: This is a small sample of the content available on the Buzz and Banter.



Bell Buzz - Todd Harrison - 3:53 PM

  • Another close, another lamb chop. Somebody get me a sock!

  • The bulls are bummed that Google (+$33) didn't spur the herd. The bears are flummoxed that Caterpillar (-75 Dow points) didn't spill the beans. I suppose both sides or the ride have a case.

  • Hoofy will also note that the high profile bank punt (by Prudential) didn't dent the bent (BKX and XBD are both higher).

  • Pharma continues to trade dry as the DRG trades at multiyear highs.

  • President Fish just waltzed into my digs for some end-of-week final thoughts. I'm gonna give him the benefit of my attention so lemme take this time to wish you all a fantastic--and mindful--weekend. I'll see YOU bright and early on Monday.

  • May peace be with you!

    R.P.


Position in financials



Everybody Wants Some - Jeff Macke - 1:48 PM

  • The Super Chexx reference in today's column has spawned multiple emails from Minyans spoiling to take me on in the arcade classic. So far, I've accepted Minyan Sean "Going to Sustain an Unrelenting Chexx Beating From Macke" Mueller's challenge for a clash the evening of the December 1st Critter's Choice Awards. Come to the event for the good times, good people and great cause; stay to watch Sean feebly tap his "Boo" button as I run up the score!

  • If Google (GOOG) was a member of the Dow Jones Industrial Average today's price action would be adding roughly 230 pts to the Dow. If you're part of the increasingly vocal haters of the Dow 12,000 hype you should take a moment to count your blessings; things could be much worse.

  • Of course that's a silly hypothetical; Google won't be added to the Dow until the company has become irrelevant as a driver of American economic growth (as per Dow Jones' (DJ): "Microsoft (MSFT) & Intel (INTC) Rules for Stock Inclusion" policy).



Oh no Mr. Bill!! - Bennet Sedacca - 10:27 AM

My composite sentiment indicator just hit nosebleed territory. It could still rise a few more points but it is at a point of extreme opposite to that seen at the lows.

It confirms the anecdotal evidence when I turn on the TV and hear 'when will we hit 13,000?' all morning. Didn't we just close above 12,000 YESTERDAY for the first time?

Ryan's comments on the banks are spot on and their lagging is important I think.

Lastly, I still think housing is the CAUSE of economic weakness, not the effect. Just ask LEND, CAT or UTX. My firm remains cautious about the near term.

This is my last Buzz for the week as I am going to play some golf with my son today who is home from college! Have a great weekend.


Balling with a Bear - Ryan Krueger - 9:53 AM

I play hoops with another hedge fund manager who is a rare breed – a dedicated short seller, and a darn good one. I am on the other side of many of his trades, but not this one…

Big Bear: "The BKX is looking exhausted, refusing to participate in the sprint to new highs of the market averages. There is trouble brewing beneath the surface in credit land - not only the HGX in shambles, but the subprime lenders and mortgage insurers taking serious body blows on earnings disappointments at Accredited Home Lenders (LEND) and Radian (RDN). Yet John Q. Investor will pick up tomorrow's WSJ and all he'll see is "Dow 12,000!"

He updated this chart for me and maintains some great data in-house, as he says, "That's part of the vow of poverty you take as anti-establishment short seller…but I repeat myself."


What you need to know... - Jon Doctor J Najarian - 8:06 AM

SanDisk (SNDK) Hit By Flash-Memory Price Drop – SNDK's earnings were above Street, but the massive 60% drop in average selling prices per megabyte was much greater than the Street anticipated. SNDK is down $8 in the pre to $53.30 on 22 million shares!

OPEC Cutback Larger Than Expected - Finally, after weeks of wrangling, OPEC has secured a seven-figure production cuts, and the cuts are 1.2 million barrels per day, 200,000 more than estimates. That's over 4% of OPEC's September production.

Schlumberger (SLB) Earnings Beat Street – SLB said strength in seismic activity and increased demand for drilling services drove profits $0.04 above Street estimates.

Google (GOOG) Handily Beats, Shares Rock Higher! I have shares 8% higher on my firm's pre-market Heat Seeker, as GOOG profits nearly doubled the previous year's numbers and beat estimates by $0.20 per share! Merrill through in an increase of their price target from $500 to $530.

Position in GOOG, SNDK

No positions in stocks mentioned.

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