"Sometimes we live no particular way but our own." - Jerry Garcia

Morning News of Note:

• SIRI: While one Howard Stern radio program may seem like quite enough, the self-proclaimed "King of All Media" appears to be getting ready for all Stern, all the time. Sirius Satellite Radio, which will begin employing Stern in January, said yesterday that it will devote two round-the-clock channels to the shock jock's show and other material he'll develop, confirming comments Stern made on his syndicated program this week. (see related comment in "General") (Full Story) Washington Post
• OVEN: Crunch Time in Fast Food As Chains Go for Toasty Fare, The Technology's the Thing; Subway's Defensive Oven Play Toasted sandwiches are hot. In January, the Subway sandwich chain armed itself with new high-tech ovens and began offering customers nationwide the option of toasting their sandwiches. McDonald's Corp., the world's largest restaurant chain, is testing deli-style sandwiches, some toasted, at about 400 of its 13,600-plus U.S. restaurants. (Full Story) WSJ
• VoIP: Market for Internet Calling, Once Tiny, Gets Crowded Fast Better Technology, Few Rules Spur Flood of Competition; Pace of Change Is Dizzying Vonage Takes On 'Von-a-bees' In 2002, Vonage Holdings Corp., a tiny start-up with about 50 employees, sparked a revolution in the U.S. phone industry when it began offering an Internet-based telephone service at rates far below those for traditional phone calls. More than 800,000 subscribers signed up, and Vonage, which now counts 1,500 employees, is about to move to new headquarters and is planning an initial public offering that could raise as much as $600 million. But its key selling point -- inexpensive phone service -- is no longer so special (Full Story) WSJ
• CHS Conf. Call: Co pleased with the same-sales trends for Q3; experiencing low double digit range with the Chico's brand in the high single-digit range in the White House/Black Market brand, again experiencing much stronger same-store sales, up in the mid 40% rate... anticipate that Chico's front-line stores will generate Q3 gross margins in the range of 2004 levels; White House/Black Market's gross margins will continue to make significant improvements... anticipating that overall gross margin decline in Q3 similar to that experienced in Q2; lower gross margin is expected to be principally due to lower gross margins in the outfits division... stock trading at $36.10, -0.97 in after hours.

Market Comments: The market opened lower this morning. Consumer sentiment is down in the latest reading, and Greenspan is out saying that monetary policy is dependant on asset prices. That means that the Fed is targeting the housing market, and will likely continue raising rates until the pace of activity cools more. By then it will probably be too late, and they will soon have to turn and start cutting rates. Guess they never learn.