Oil prices continue to lead the news, but fluctuations are settling down after the first storm passed (2 new ones are trying to get organized in the eastern Atlantic). A quick assessment says damage is not widespread. Exxon-Mobil (XOM) & Chevron (CVX), the 2 Dow oil stocks, are each up about 1%. Oil slipped another $1 to the 108s. The Alerian MLP index is down 1 to 270.
•Crude Oil Falls for a Fourth Day as Gulf Platforms Escape Hurricane Damage
Without a lot of excitement, stocks are little changed. Dow & NAZ are even with advancers slightly ahead of decliners. S&P 500 FINANCIALS INDEX in line with the general stock market is up only pennies to 291.
Factory orders increased 1.3% in July & June numbers were revised upward giving a muddled picture about what kind of recession the US economy is in:
•U.S. Factory Orders Increased 1.3% in July, Rose 1.0% Excluding Transport
The story about Coca Cola (KO), another Dow stock, buying the largest beverage company in China was widely reported on CNBC- Asia last night. They are paying triple the market for the stock to increase their access in the China market. More such stories from multi-nationals should be expected.
The Lehman (LEH) drama continues to play out, KDB may take a stake. Their head ran the Korean office of Lehman until a few months ago, so there is a strong tie. Two Chinese banks are also taking a look at Lehman. The problem is trying to evaluate their assets, nobody really knows what they are worth.
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