Morning Look

Morning News of Note:

• JNJ: Johnson & Johnson-JNJ FDA issues non-approvable letter for dapoxetine-Sec OP@CIBC The firm feels this is a negative surprise and a disappoint, but notes it is a recoverable event.
• GOOG: GOOGLE'S MULLING TV AD BROKERING Google, the company that dominates online advertising, would like to try its hand at buying and selling television ad time. Google, already dabbling in print ads, recently confirmed that it's "mulling" ways to extend its ad-brokering system to television spots as well. (Full Story) NY Post
• EBAY: eBAY Inc.-EBAY launches national television advertising campaign-CNet.com: EBAY has started a national television advertising campaign, "You can get 'It' on EBAY," is designed to let consumers know that whatever it is they are looking for, it can be found on EBAY. It is only the third advertising campaign in EBAY's 10 year history. Tim Hanlon, of advertising agency Starcom Mediavest Group, says, "What it will do is slightly change people's perception - when it comes to their first consideration, if they've decided on something to buy - of going to a search environment like GOOG or mega-retailer like AMZN. Now they might consider EBAY to do the same."
• MO ISIS: Rx From Marlboro Man: Device That Delivers Drugs, Not Smoke Philip Morris Finds Other Use For 'Safer Cigarette' Idea; Tobacco Foes Are Wary 'There's So Much Mistrust' For years scientists at Philip Morris USA have studied how the human lung delivers a highly addictive chemical, nicotine, to the smoker's brain. Now, these same scientists are quietly laying plans to use their findings to enter, of all things, the business of treating illness. A team of Philip Morris engineers and scientists is working on a new design for a hand-held inhaler to treat a variety of ailments, including smoking-related lung disease. The product, called Aria, arose from a failed effort to invent a safer cigarette alternative. (Full Story) WSJ

Market Comments: The market opens on a slightly weak note this morning. The durable goods report was weaker than expected, and the new home sales report was below expectations as well. That's putting pressure on housing stocks, which have already fallen a great deal.

DOW reported a solid quarter this morning, and the stock is benefitting. But names like BIDU and DRIV are getting hammered. This is typical of earnings season, which oftens presents plenty of land mines if you're not careful.

long DOW, GOOG, JNJ, MO