Paul Kedrosky
Good Sunday morning, and welcome to Weekend Reading. As always, here are some articles and papers worth reading. First, however, a look back at the week that just finished, and a look forward to the week ahead.
It was an up week on the major markets, with all three major U.S. indices advancing. The Dow gained 1.3%, while the Standard & Poor's 500 index was up 1.8%. The tech-heavy Nasdaq Composite increased 1.7%. Turning to economic indicators, the Institute for Supply Management plans to release its services index for January on Monday. The Labor Department has scheduled its preliminary estimate of fourth-quarter nonfarm productivity for Wednesday. Also next week, the government will auction $38 billion of Treasury securities. And market participants are likely to keep a close watch on crude futures after colder temperatures last week caused the price of U.S. crude for March delivery to rise $1.72 to $59.02 a barrel. Turning to earnings reports, the pace at last is beginning to slow. Some companies to watch for next week include Weyerhaeuser(WY Quote - Cramer on WY - Stock Picks), Pepsico(PEP Quote - Cramer on PEP - Stock Picks), Disney(DIS Quote - Cramer on DIS - Stock Picks), Tribune(TRB Quote - Cramer on TRB - Stock Picks) and News Corp.(NWS Quote - Cramer on NWS - Stock Picks). Finally, here are some articles and papers worth reading: Editor's note: To access some of these stories, registration or a subscription may be required. Please check the individual links for the site's policy.- Comprehensive coverage of Super Bowl ads. (Advertising Age)
- The Percentage of S&P 500 companies missing consensus earnings estimates is the highest it's been since October 2005. (Ticker Sense)
- Excerpts from Michael Dell's email to employees. (Austin American-Statesman)
- Research: Cross-sectional implications of informed trading. (The Journal of Finance)
- Fed Chairman Ben Bernanke aces his first year. (New York Post)
- Jetrosexuals and the rise of youth luxury travel. (New York Post)
- Research: Large commodity traders didn't react to major events in the 1990s. (SSRN)
- Time turns in bullish piece on Yahoo!(YHOO Quote - Cramer on YHOO - Stock Picks). (Time)
- Some Chinese investors don't think the market there can go down. (Time)
- China's equity investors are overfond of gambling. (Bloomberg)
- Mixed evidence on second comings of CEO/founders. (The New York Times)
- Europe's largest telecoms are plotting mobile Google(GOOG Quote - Cramer on GOOG - Stock Picks) rival. (Telegraph)
- New risks for retailers in protecting reams of customer data. (Boston Globe)
- India's growth is remarkable, but signs of overheating are everywhere. (The Economist)
- Nervousness lurks in markets, just not in the usual places. (Economist.com)
- Distracted by legal problems, Hyundai's global growth has stalled. (Los Angeles Times)
- How the yen carry trade could unwind, with disastrous consequences. (Nouriel Roubini's blog)
- Transport's new high could be market's bull signal. (Reuters)
- Mysterious troubles in the trucking industry. (Slate)
- The 20 rising stars of fixed income. (Institutional Investor)
- World economics promises to pump up chip market in 2007. (EETimes)
- Books: The Emerging Markets Century is getting positive reviews. (Amazon.com)
- Verizon's massive gamble on fiber optics to the home. (Globe and Mail)
- The number of free online stock screeners is dwindling. (San Francisco Chronicle)
- Global water markets attracting investors and attention. (CFO)
- The Economist updates its Big Mac index. (The Economist)
- President Bush Monday will ask Congress for close to three-quarters of a trillion in defense dollars. (The Washington Post)
- Barron's picks mobile and Ceridian(CEN Quote - Cramer on CEN - Stock Picks), and pans Vista and PIPEs. (Barron's)
- Rising natural gas production costs have fewer reserves being added. (Oil & Gas Journal)
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