"Our greatest glory consists not in never failing, but in rising every time we fall." - Oliver Goldsmith

Morning News of Note:

• AAPL: IPod's Latest Siblings The Nano Is Small, Slender And Surprisingly Powerful; Color Photos, Flash Memory Grab a standard American business card. Now, get a pair of scissors and trim the long side of the card by 20%. That's all the space you need to hold over 1,000 songs, plus audio books, podcasts and photos if you buy Apple Computer's newest iPod model, the gorgeous and sleek iPod nano. This latest iPod was publicly revealed yesterday at a razzle-dazzle marketing event orchestrated by Apple CEO Steve Jobs. But I have been testing a nano for the past few days, and I am smitten. It's not only beautiful and incredibly thin, but I found it exceeds Apple's performance claims. (Full Story) WSJ
• EBAY: 'SKYPE'-HIGH EBAY Online auctioneer eBay has offered roughly $5 billion for the Swedish Internet-based phone service company Skype, The Post has learned. EBay's interest in Skype comes as sales rumors have swirled around the Swedish upstart. (Full Story) NY Post
• GOOG: Google-GOOG estimates $4.11B net proceeds from 14.16M share shelf-Reuters
• GRMN: Garmin to provide GPS applications for mobile phone users: A unit of GRMN announced that Garmin Mobile -- a new suite of applications delivering maps, directions, and turn-by-turn navigation -- will be offered by Sprint Nextel on select handsets. Garmin Mobile represents GRMN's first product offering that targets the emerging wireless handset applications and location-based services market.

Market Comments: The market is slightly lower this morning. HOV reported weak earnings, and is pulling the housing stocks down (-2.9%). I think some of these stocks could be candidates for a bounce in the near future. SHLD is also down sharply on disappointing results. I sold this stock last month after a great run, but this could be another bounce candidate at some point. (I'd rather wait to see a nice basing pattern build than attempt to pick the bottom)

Chip stocks are up so far, and big-daddy INTC will give its mid-quarter update after the close. GOOG is adding to yesterday's gains, while EBAY is down on the SKYPE buyout news. Energy stocks are also higher across the board. I took some of my index hedges off yesterday, and am now materially net long (80%+).

long GOOG, INTC