"I was Number One on the 'Who's Likely to Die list for ten years'...I was really disappointed when I fell off that list."
—Keith Richards, The Rolling Stones
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While many have RIM on a likely to die list, don't bury the Keith Richards of tech stocks just yet. RIM has seen a 30-day rally during which the stock has risen 55%.
Market Musings With CNBC Market Guru Robert Hum
Recap: Dow -42.16 (-0.32%) at 12967.37, S&P -2.86 (-0.20%) at 1406.29, Nasdaq 9.93 ( 0.33%) at 2976.78
Mixed day to start the week: Dow & S&P 500 give back some of Friday's gains, while Nasdaq closes up for the 6th straight day.
Stocks see early weakness on Greek debt and Fiscal Cliff concerns, but significantly pare losses and close at session highs.
After closing at a 52-week high on Friday, natural gas drops over 4% on forecasts of warmer temperatures ahead.
In the evening session, Euro touches above $1.30 for the first time this month after Greek debt deal reached between EU ministers and the IMF.
Word On The Street Tonight
Euro zone, IMF reach deal on cutting long-term Greek debt/Reuters: "Euro zone finance ministers and the International Monetary Fund clinched agreement on a new debt target for Greece on Monday in a breakthrough towards releasing an urgently needed tranche of loans to the near-bankrupt economy, officials said. After nearly 10 hours of talks at their third meeting on the issue in as many weeks, Greece's international lenders agreed to reduce Greek debt by 40 billion euros, cutting it to 124 percent of gross domestic product by 2020, via a package of steps. The deal should open the way for a major aid installment needed to recapitalize Greece's teetering banks and enable the government to pay wages, pensions and suppliers in December. Greece could receive up to 44 billion euros, although it remains unclear if the full amount will be paid in one go."
Carney's Appointment Sends Right Signals/WSJ – Simon Nixon: "The appointment of Mark Carney as the next governor of the Bank of England is a personal coup for George Osborne, the U.K. chancellor of the exchequer. The Bank of Canada governor always had been at the top of Mr. Osborne's list but until recently had appeared to rule himself out of contention, arguing he wasn't interested in the post. Mr. Carney's change of mind has handed Mr. Osborne a welcome moment of political theater and a much-needed vote of confidence after a year during which his economic strategy and judgment has been widely questioned. It is easy to see why Mr. Osborne was so keen to secure Mr. Carney's services. No other candidate could match his range of experience, including five years running a central bank widely considered to have performed well in the crisis; the chairmanship of the Financial Stability Board, which oversees global regulatory initiatives on behalf of the Group of 20 industrial and developing nations; a doctorate in economics; and 13 years' experience in the private sector working for Goldman Sachs Group. Nor is he a stranger to the U.K.: His wife is British, his children have dual nationality, and he has spent many years working and studying in London and Oxford."
Lehman to sell Archstone to Equity Residential, AvalonBay for $6.5 bln/Reuters: "Lehman Brothers has agreed to sell the assets of apartment owner Archstone to rivals Equity Residential and AvalonBay Communities Inc for about $6.5 billion in cash and stock and the absorption of debt, bringing the total value of the deal to $16 billion, the companies said Monday. The deal comes shortly after Archstone filed for a $3.5 billion initial public offering. It also follows an Equity Residential's unsuccessful bid earlier this year to buy the entire company, which includes apartment buildings and communities major U.S. cities."
'Pet Parents' to Spend Big This Holiday Season: PetSmart CEO/CNBC – "Despite the uncertain state of the economy there is a standout group of big spenders this holiday season: pet owners. PetSmart's CEO Robert Moran told CNBC's "Closing Bell" the company is grabbing a big share of that spending by selling "pet parents" products to help pets live longer. "We don't sell products, we sell solutions," he said. The numbers are nothing to bark at; Americans spend an average of $5 billion on their pets during the holidays and more than $50 billion annually, according to the American Pet Owner's Association."
US Airways Says Sandy Cost $35 Million in Profits/WSJ – Jack Nicas: "US Airways Group said Superstorm Sandy cost the airline $35 million in profits, as the storm contributed to a decrease in bookings that stretched into November. The airline said in a securities filing Monday that the storm, which made landfall on the New Jersey coast on Oct. 29, contributed to $15 million in lost profits in October and $20 million in lost profits in November. The carrier's bookings declined by 13% in the several days before and after the storm, compared with a year ago."
Facebook Shares Jump 8.1% After Former Naysayer Changes His Mind/WSJ – Steven Russolillo: "One of Facebook's original bears has done an about face. Bernstein Research, which was downbeat on Facebook after the social network went public in May, is now recommending that investors buy Facebook shares. Bernstein boosted its investment rating to "outperform" from "market perform" on Monday, saying Wall Street may be underestimating Facebook's revenue growth potential over the next 12 to 24 months. "We see much more upside than downside over the next 12 months," said Carlos Kirjner, senior analyst at Bernstein Research, who boosted his price target to $33 from $23."
Meet Elisse Walter, The New SEC Chairman, For Now/WSJ – David Benoit: "Elisse B. Walter has been named as the soon-to-be chairman of the SEC, an appointment that comes after a long career as a regulator. Walter will serve out the remainder of her term in Mary Schapiro's role, taking over when Schapiro leaves Dec. 14. In 2009, Walter served as acting chairman when Christopher Cox stepped down. According to an administration official, the White House intends to nominate a permanent successor before Walter's tenure as commissioner expires."
Schapiro's Exit Leaves Broker Fiduciary Plan Up in Air/Reuters: "Mary Schapiro's exit from the U.S. Securities and Exchange Commission means more uncertainty for Wall Street about a key reform that she championed: requiring securities brokers who give advice to clients to act in their clients' best interests. The SEC's chairman has long made clear her support to require brokers to follow higher ethical guidelines with clients, known as a fiduciary standard. But Schapiro, appointed to head the agency in 2009, will likely leave with the proposal where it stands: stalled."
BlackBerry Reports Buoy RIM/WSJ – Will Connors: "Investors have punished Research In Motion for the better part of a year for a series of delays in launching its next BlackBerrys, devices the company says will make it competitive once again with smartphone leaders Apple Inc. and Samsung Corp. But suddenly, a new bout of stock-market optimism, fueled by a series of bullish reports about the phones' prospects, is buoying RIM shares. On Monday, RIM stock rose 32 cents, or 2.74%, to $11.98 a share, in New York. That caps a 30-day rally during which the stock has risen 55%. In the past three months, RIM shares are up 70%."
Feds Charge Intrade With Illegally Selling Bets/AP: "U.S. regulators on Monday sued the online prediction market Intrade, saying it illegally let customers bet on future economic data, the price of gold and even possible acts of war. Intrade is known for allowing bets on presidential elections, sports and other high-profile events. The prices at which customers are willing to make those bets are cited as informal odds."
Betting Market Intrade, After CFTC Charges, Pulls Out of U.S./WSJ – Jamila Trindle: "For Americans, all bets are off. Online predictions exchange Intrade—known for its offbeat markets on presidential politics and the Academy Awards—said it would no longer accept bets made by U.S. residents, a move that came just hours after U.S. regulators filed a civil complaint against the company over its commodities-focused markets. "We are sorry to announce that due to legal and regulatory pressures, Intrade can no longer allow U.S. residents to participate in our real-money prediction markets," the Dublin-based company said on its website. Intrade said existing customers must exit their trades and close their accounts."
Anti-tax champion Norquist slams Republican 'impure thoughts'/MarketWatch: "Anti-tax crusader Grover Norquist, facing a growing rebellion of Republican lawmakers against his no-tax-increase pledge, says that members of the GOP are merely discussing their "impure thoughts" and that the party won't cave in. "No Republican has voted for a tax increase," Norquist said Monday on CNN's "Starting Point." He said "We've got some people discussing impure thoughts on national television." The people Norquist is referring to include Sens. Saxby Chambliss, Bob Corker and Lindsey Graham, as well as Rep. Peter King – all Republicans who have signed his pledge in the past."
Economic Data
830 Oct Durable Goods -1.2% 9.8%
900 Sep, 3Q Case Shiller HPI 3.0% 2.0%
1000 Nov Consumer Confidence 73.0 72.2
1000 Sep, 3Q FHFA HPI 0.4% 0.7%
1000 Nov Richmond Fed Survey N/A -7
1300 7 Yr Note Auction
Earnings
Before the Bell: ADT, Ralcorp
After the Bell: Analog Devices, Green Mountain, PVH
Key Guests
Richard Hoey, BNY Mellon Chief Economist (610a)
Angel Gurria, OECD Secretary General (640a)
Ed Lazear, Stanford University (700a)
Roger Altman, Evercore Partners Chairman (700a)
Thomas Strauss, Ramius CEO (730a)
R. Donahue Peebles, The Peebles Corp CEO (800a)
Cotter Cunningham, WhaleShark Media CEO (840a)
David Blitzer, S&P Managing Director (915a)
James Woolery, JPMorgan North American M&A Co-Head (1045a)
Sheila Bair, Pew Charitable Trusts (1120a)
Andy Gross, Jaguar Land Rover North America President (1135a)
JJ Kinahan, TD Ameritrade Chief Derivative Strategist (1200p)
Larry Carroll, Carroll Financial Founder (230p)
Jonathan Browning, Volkswagen of America CEO (235p)
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