Quote of the Day

"By trying we can easily learn to endure adversity. Another man's, I mean." - Mark Twain

Morning News of Note:

• ANF: Abercrombie & Fitch Tries To Be Less Haughty, More Nice When Alison Delaney wanted to try on jeans at an Abercrombie & Fitch store in Los Angeles recently, a 20-something employee, his polo collar rakishly turned up, quickly ushered her into a dressing room and said: "Let me know if I can help you with anything." When she left the store 20 minutes later, a pair of $70 jeans in hand, the employee waved and told her to come back soon. That kind of attention might be business as usual at many service-obsessed retail chains, but at Abercrombie & Fitch -- where aloof staffers often acted more like clothes models than sales help -- the pleasantries were a big change. (Full Story) WSJ
• EBAY: PayPal Targets Merchants With New Web-Based Products EBay Inc.'s PayPal electronic-payment processing unit is introducing products targeted at small businesses that want more control over transactions that occur on their Web sites. The San Jose, Calif., company, facing slowing growth for its online auctions in the U.S. and Germany, has outlined efforts to lean more heavily on PayPal, one of the most popular electronic-payment processing services on the Web. PayPal has launched several initiatives this year to generate additional revenue, including forging an alliance with Apple Computer Inc.'s iTunes store. (Full Story) WSJ
• VZ: Verizon Will Try New Strategy To Advance Its Television Plans Verizon Communications Inc. has launched a new strategy in New Jersey for getting bills passed to speed its rollout of television services, following defeats in the Texas and Virginia legislatures. Verizon, the largest phone company in New Jersey, is offering to pay the state's municipalities higher franchise fees in exchange for statewide approval. Under current rules, Verizon has to get approval from individual municipalities to offer television programming. (Full Story) WSJ
• VIA: For Viacom, Breaking Up Isn't Hard to Do VIACOM HASN'T BEEN a blockbuster performer for years, but the media conglomerate may be headed for a turnaround that could make it a hit with investors again. On Wednesday, Viacom's board approved plans, originally announced in March, to split the company. The entity named Viacom would include Paramount Pictures and the faster-growing cable networks like MTV. The other company, named CBS Corp., would include the more mature television networks, TV production houses and radio properties. CBS Corp. also would likely pay an attractive dividend yield. (Full Story) BARRONS
• BAC: U.S. Bank Buys Stake in China Looking to gain access to one of the hottest economies in the world, the Bank of America Corporation said Friday that it had agreed to acquire a 9 percent stake in China Construction Bank for $2.5 billion. For Bank of America, which has made acquisitions of several financial institutions in the United States, including last year's $47 billion takeover of the FleetBoston Financial Corporation, the deal with China Construction is another indication of its plan to expand aggressively overseas. (Full Story) NY Times

Market Comments: The market is set to open higher this morning. This market certainly has not had the type of pullback that I would have expected. I still think the market will rally into quarter-end, but I was hoping to get a better buying opportunity. I may have to pay up for some stocks, as it is not the job of the market to accomodate.