The Day of Atonement

"A man should always consider how much he has more than how much he wants." - Joseph Addison

Morning News of Note:

• AAPL: Video Comes to the iPod In Deal With Disney, Apple Will Sell Hit ABC TV Shows At Its iTunes Store for $1.99 Over the past three years, Apple Computer Inc. has shaken up the music business. Now, in a move that could lead to big changes in how entertainment is distributed and sold, it plans to do the same with television and other forms of video. The Cupertino, Calif., company yesterday introduced a collection of hardware and Internet services that allow users to purchase video programming over the Internet and watch it on a new version of Apple's hit iPod media player. (Full Story) WSJ
• CMCSK: To Ward Off New Competitors, Comcast Builds a Mini Internet The Threat of Being Bypassed Prompts Talks With Google About Investment in AOL Watching 'Lost' on an iPod Here's one reason why the nation's largest cable company needs to reinvent itself: CBS is developing an online service for people to watch as an alternative to the early evening news. "We call that the cable bypass," said Leslie Moonves, co-president of CBS's parent, Viacom Inc., at a recent investor conference. (Full Story) WSJ
• JNJ: Value & Growth at Johnson & Johnson AFTER TWENTY CONSECUTIVE YEARS of double-digit earnings gains, healthcare giant Johnson & Johnson bears more than a passing resemblance to baseball's model of consistency – iron man Cal Ripken Jr who didn't miss a game for most of his career. The company's stock price has jumped 231% since 1995 and has outperformed the Standard & Poor's 500 Index over the last one, two, five and ten years, according to Thomson Baseline. (Full Story) BARRONS
• UNH: @ BOFA... • UNH reports 3Q05 earnings early Friday, October 14; we’re looking for EPS of $0.62 (vs. $0.63 consensus). Over the past ten quarters UNH has beaten consensus by an average of $0.02 per share (including PPD averaging $0.04). Of greater interest is the status of the PHS deal, and UNH’s current thinking re: Part D and Medicaid.

Market Comments: The market was weak in the first half hour of trading, but has begun to stabilize. Maybe today will be the day that the market finally closes on a high note. Biotechs are ripping out of the gate, which often can be a good sentiment guide. Chip stocks are fairing well also, after the SMH finished flat in yesterday's down tape. Energy stocks and various yield plays are still under pressure.

Volume will likely be light today due to the jewish holiday. Remember "Sell Rosh Hashannah and Buy Yom Kippur"? Will that axiom hold true this year? It's looking that way.

long CMCSK, GOOG, JNJ, SMH, UNH