Morning News of Note:
- BBY HPQ: U.S. TV Maker Wins a Shelf At Best Buy Electronics retailer Best Buy Co. is set to start selling flat-panel television sets from computer giant Hewlett-Packard Co., marking the return, after more than a decade, of TVs from a major U.S. company to a national retailer's shelves. H-P says components are being sourced from several suppliers and the sets assembled in Asia; still the deal marks a new approach to television marketing from a U.S. manufacturer. (Full Story) WSJ
- GOOG: Google Puts Marketers on Map In a Reach for Local Ad Dollars Google Inc. began letting advertisers buy ads displayed on specific geographic locations on its popular online mapping and local search service. The move further extends the reach of its ad network and potentially lets Google tap into local marketing dollars that traditionally go to phone directories and other media. (Full Story) WSJ
- CVC CMCSA TWX: Comcast, Time Warner back Cablevision DVR plan Comcast and Time Warner Cable on Thursday threw their support behind fellow cable operator Cablevision's plan to offer a digital video recording service that can replace DVR boxes. The proposed new service will allow cable TV subscribers to record programs on Cablevision Systems' network servers, doing away with the need for digital video recorder boxes made by companies like TiVo and Cisco Systems' Scientific-Atlanta. (Full Story) CNET
- SGP PYX CHTT JNJ: SUNSCREEN CLAIMS FALSE, SUIT SAYS Sun worshippers slathering on sunscreen lotion are using worthless products that won't protect them against skin cancer, says a new lawsuit slamming the top five sunscreen makers. The suit charges that the makers of such popular sunscreens as Coppertone, Hawaiian Tropic, Neutrogena and Banana Boat have "lied about the effectiveness of their products in blocking ultraviolet sun rays." (Full Story) NY Post
- Mad Money Summary: Jim Cramer says if you want to show off with some "bling bling," you should invest in luxury-goods maker Movado (MOV). Their business is "on fire" because accessories are hot. Then Cramer discussed the mining and construction sector, pointing out that if you listened to him and bought Manitowoc (MTW) last month, you would have made mad money. He says it isn't too late to make money in this sector. Look at H&E Equipment Services (HEES). Then Cramer discussed five "fast and furious stocks," Rackable (RACK), Akamai (AKAM), F5 Networks (FFIV), Citrix (CTXS), and Network Appliancee (NTAP), which are good momentum plays. In the Lightning Round, Cramer was bullish on Cedar Fair (FUN), Ceradyne (CRDN), Hewlet-Packard (HPQ), Cardinal Health (CAH), UnitedHealth (UNH), Agilent (A), AK Steel (AKS), US Steel (X), Oregon Steel (OS), Wheeling-Pittsburgh (WPSC), International Game Tech (IGT), Vulcan Materials (VMC), Martin Marietta Materials (MLM), Eagle Materials (EXP), Brocade (BRCD), Conexant (CNXT), Legg Mason (LM), Trinity Industries (TRN), and BHP Billiton (BHP), and was bearish on Six Flags (PKS), Tidewater (TDW), Applied Materials (AMAT), Amkor Technology (AMKR), Montpelier Re (MRH), Mikon (PGIC), Encysive (ENCY), Exploration Co. of Delaware (TXCO), and Freightcar America (RAIL).
Market Comments: The market is slightly higher in early trading. News out of Delphi to void its union contracts is putting pressure on GM. The PCE deflator showed a modest rise, while the Chicago PMI was stronger than expected. That said, bond yields are down slightly to 4.84%.
Energy stocks are down across the board, likely due to profit taking after a nice little run. Semis are down, and brokers are higher again. The rest of the sectors are mixed for the most part.
long GOOG, JNJ