Bernanke Speaks

Morning News of Note:

• CVC: CABLEVISION PLANS VIDEO NET Cablevision's Rainbow Media, in a bid to attract more viewers from the coveted young male demographic, is launching a video game network. The new channel, which will be part of Rainbow's Voom HD Networks unit, will be called Gameplay HD and air original programming, news on the gaming industry and game competitions. (Full Story) NY Post
• Paying With CellPhones: Ring Up My Bill, Please Roy Peek had about $40, three credit cards and a debit card in his wallet. But to pay for a Coke and a slice of pizza here at a Philips Arena concession stand, he whipped out his cellphone. "With this, I don't have to hurry, I don't have to stop at an A.T.M.," said Mr. Peek, shortly after tapping the device against a coaster-size terminal that flashed lights and beeped as it billed his credit card account. (Full Story) NY Times
• Energy Trading: The Energy Trading High Wire Sky-high prices have made energy trading look like easy money. Look again. In recent months, Credit Suisse Group and Lehman Brothers Holdings Inc. have piled into the business, witnessing the billions of dollars that competitors at Goldman Sachs Group Inc. and Morgan Stanley have made as Wall Street's two top commodities players. (Full Story) WSJ
• AAPL: Apple Computer could face tough decision in France-FT. The parliament in Paris is expected to approve a draft copyright law that will force Apple Computer (AAPL) to open up its digital music business to competitors. Apple's iTunes program currently prevents other music players from playing songs downloaded on its service, but the French bill "seeks to impose interoperability on online music stores and break Apple's closed system." This will force Apple to choose to either make their downloaded music compatible with rival platforms or pull out of France entirely. Apple said it was waiting for the law to be passed before making any comment.
• Energy Trading: The Energy Trading High Wire Sky-high prices have made energy trading look like easy money. Look again. In recent months, Credit Suisse Group and Lehman Brothers Holdings Inc. have piled into the business, witnessing the billions of dollars that competitors at Goldman Sachs Group Inc. and Morgan Stanley have made as Wall Street's two top commodities players. (Full Story) WSJ
• GOOG: Internet search engine company Google (GOOG) has launched a financial data and news website titled Google Finance. The free service will be launched in beta form and can be found at http://finance.google.com/finance
• MOT: Dow Jones is reporting that Motorola is in talk with Reliance Infocomm, an Indian mobile service provider, for Internet Protocol Television, also known as IPTV, set-top boxes
• TGT: TGT sees March SSS up 1.5%-2.5%-Dow Jones. TGT sees March-April SSS up 4%-6%.
• Mad Money Summary: Jim Cramer opened his show recommending Canada's largest fast-food chain, Tim Hortons, which will have its initial public offering tomorrow, Wednesday, March 22, 2006. The company will go public on the NYSE under the symbol THI. Cramer said the investment in Tim Hortons was not a long term investment. Place an order for up to $24 a share and sell once you see reasonable profit, he said. Then Cramer discussed Mindspeed Technologies (MSPD), a cheap stock which is involved in VoIP. Then Cramer discussed Tyler Technologies (TYL), which has the growth "you should be chasing relentlessly." The company capitalizes in local government inefficiencies. Cramer then invited the CEO of Medicis Pharmaceuticals (MRX), Jonas Shacknai, to the show. Cramer believes Reloxin, a wrinkle treatment that Medicis manufactures, will become popular in the U.S. In the Lightning Round, Cramer was bullish on Rent-a-center (RCII), Conexant (CNXT), Wal-Mart (WMT), Rambus (RMBS), Ericsson (ERICY), Cameco (CCJ), GameStop (GME), Triad Hospitals (TRI), Halliburton (HAL), Nabors (NBR), Cendant (CD), Vodafone (VOD), Alcan (AL), Powerwave Technologies (PWAV), Marathon Oil (MRO), Ultra Petroleum (UPL), ConocoPhillips (COP) and Chevron (CVX), and was bearish on PF Chang's (PFCB), Comtech (CMTL), USEC (USU), HCA (HCA), Bronco Drilling (BRNC) and ViroPharma (VPHM)

Market Comments: Bernanke's comments were mildly dovish last night, even if they were slightly ambiguous. He implied he isn't worried about the flat yield curve, and isn't sure why long-term rates remain so low.

The core PPI came in a little above expectations this morning, and that has bond yields rising 5 basis points to 4.70%. This is pressuring the stock market a bit. Oil is also trading lower again, spurring more selling of oil and gas stocks.

The President is speaking right now, which never seems to help the market much. Why does he always have the little smirk on his face? Oh well, back to the markets.

long AAPL, GOOG