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Morning Notes For September 24th 2010 at Trader’s Narrative

Morning Notes For September 24th 2010

The following is a guest post by a buy-side analyst working in a US asset management firm. The author’s comments are in italics. I welcome your feedback in the comments:

  • Stock pickers suffer in current market as macro forces take hold. Rising correlations and the proliferation of vehicles like ETFs making stock picking increasingly difficult. – WSJ
  • ORCL’s Ellison talks M&A; says ORCL will buy chip companies in the future to bolster the Sun SPARC business and will also pursue additional software deals. Ellison says he wants to follow the path laid by Apple by owning the underlying IP for silicon. (the Bloomberg article quotes an analyst who says firms such as AMD, NVDA, and the chip assets of IBM, could all be targets….Arm Holdings is trading higher in London on back of the Ellison comments). – Bloomberg
  • BAC – CNBC is reporting that former Merrill execs, who were working on a plan to buyback all or parts of Merrill from BoA, have abandoned those plans. – CNBC
  • JP Morgan raises brent oil estimate for 2011 – JP Morgan raised its brent forecast to $84.50 from $80.25. – Bloomberg

West Texas Crude Oil spot price
crude oil Sep 2010

  • S&P 500 Index to Gain 6.6% by Year End, BlackRock’s Doll Says – Bloomberg
  • NFLX, NBCU: Netflix and NBC Universal Domestic Television Distribution have reached a multiyear agreement where NFLX subscribers can watch certain series from NBCs broadcast network & content from NBCU’s cable channels. The deal will begin next week.
  • Paul Volcker, former Federal Reserve chairman and an adviser to President Barack Obama, said he doesn’t expect a broad-based decline in prices. “I’m not worried about deflation,'’ Volcker said after a speech at a banking conference in Chicago. “I think we’re on a path to price stability.”

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