Wall Street Addict

Stocks open low this morning as a result of lack of consumer confidence in fed rates. Leaders today are Boeing, Gm, American Express, and Merk. Don Bennet from Bennet Group Financial says Stan O'Neil is out as Merrill Lynch CEO. Michael Mayo elaborates with expectations for Merrill to do well in 4th quarter. Merrill Lynch to evaluate CEO candidates, inside and outside of company. Stan O'Neil will walk away from Merrill with $160 million in restricted stock and options, given he never had an employment contract with the company. Laurence Fink of BlackRock Co. is recognized as the possible replacement CEO of Merrill. Oil back down from record high to 91.84. Concern is still present, however, that crude oil prices will reach $100/barrel. Daniel Yergin, a global energy analyst, says prices are driven more by speculative interest, as well as concerns with Iran and Iraq. Smith & Wesson shares plummet as slow hunting market hits FYQT. Michael Thompson from Thomson Financial says over 40% of Financials have missed expectations this quarter, and also that a struggle will ensue to finish flat in 4th quarter. Rick Santelli says the U.S dollar has met all time low today. Angel Mata of Capital Markets says to buy from the best names at the bottom of the market, such as homebuilding, to avoid the lows that the top stocks have been experiencing over the course of 2007. Customizing cars seems to be a big business, say numerous representatives from major car companies. Over 75% of vehicle consumers customize their car/truck. More at behindthewheel.cnbc.comWendy Bounds of Wall Street Journal says angel investors are doing very well. Food and beverage makers and retail stores are the top choices for these wealthy groups. Angel groups have been found backing causes and companies, as well as influencing market shifts to profit and benefit themselves. October consumer confidence drops to two-year low.

Labels: CNBC, Crude Oil, MER, Stanley O'Neal, The Call