Rita Relief

"Genius may have its limitations, but stupidity is not thus handicapped." - Elbert Hubbard

Morning News of Note:

• YHOO: Yahoo Enlists Finance Writers For Native Content Yahoo Inc. has hired a roster of popular authors to write financial columns for its Web site, marking one of the company's biggest moves into original content. The Internet company today will begin publishing columns about personal finance and investing by an array of writers, including such well-known names in the business press as Ben Stein, Robert Kiyosaki and Stephen Covey. The Sunnyvale, Calif., company has signed nine new columnists to write for its Yahoo Finance site and plans to hire as many as 30. (Full Story) WSJ
• TWX DIS NWS VIA.B: Putting Cash to Work CARL ICAHN MAY BE ON TO SOMETHING with his effort to force Time Warner (ticker: TWX) to undertake a massive, $20 billion share-repurchase program and spin off its cable operations. Despite an enviable mix of assets and decent growth prospects, the entertainment industry's Big Four -- Walt Disney (DIS), News Corp. (NWS), Time Warner and Viacom (VIA) -- continue to frustrate investors. Shares of all four companies have declined this year. Since the market peak in 2000, their stock-market performance has ranged from awful (Time Warner) to merely disappointing (News Corp.). (Full Story) BARRONS
• WiMAX: All Maxed Out? WHERE'S WIMAX? The high-speed wireless technology was billed as the cellular killer -- faster and cheaper than the cellular technology sold by vendors like Qualcomm (ticker: QCOM). But as cellular operators roll out "third-generation" networks, WiMAX is still trying to get out of the testing lab. (Full Story) BARRONS
• WMT: Wal-Mart Stores-WMT sees September SSS up 2%-4%

Market Comments: The market opened higher this morning, on relief that the damage from Rita was not as bad as many had feared. Oil is trading lower so far, dropping below $64. Existing homes sales also came in better-than-expected, which is lifting the housing stocks (+1.2%). Retailers are also seeing some strength in early trading.

The week is quarter end, so we could see some window dressing by portfolio managers. Energy stocks seem like a good place to look, as well as recent leaders like GOOG.

long GOOG