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1. GE's Big 'Wind'-Fall

By Sham Gad

9:35 a.m. EST

As talks in Copenhagen continue,

General Electric

(GE) - Get Report

just announced a $1.4 billion wind turbine contract. This is a significant deal for more reasons than the fact that it's the third-largest for GE's wind business. The deal calls for 338 turbines to Caithness Energy by 2012. When completed, this turbines will create the world's largest wind farm by output. These turbines will be installed in an Oregon wind farm to be called Shepherd Flat, and the energy will be used to supply southern California in a 20-year deal. It's estimated the wind farm will provide energy to 25,000 households and eliminate 1.5 million tons in greenhouse gas emissions per year. GE's wind energy division has seen its revenue grow ten-fold from $600 million in 2002 to over $6 billion today. Investors take note. Climate change advocates take note. Wind is here to stay and grow.

No positions.

2. GS

By Timothy Collins

9:56 a.m. EST


Goldman Sachs

(GS) - Get Report

December 170 puts at $6.05. This one looks like it is bumping at the top end of a downward channel. Overall, a weak start today. I will keep a fairly tight stop on this based on the stock action, but this is a bearish play.

Short GS.

3. Citi Leading Corporate Bonds Higher

By Tom Graff

11:41 a.m. EST


(C) - Get Report

announcement of TARP repayment has collapsed its credit spread. Yesterday the 8.5% bonds due in 2019 traded as wide as +303 basis points vs. the 10-year Treasury. After the announcement, they traded down to +262 basis points. Today the market is quoted even tighter at +260/255. That's more than a 3-point swing in a single day.

Subordinate and preferred stock are also trading higher. The 8.3% Tier 1 capital bonds traded in the $92 range two days ago. Now $96. The series F preferred stock (currently with dividends suspended) opened yesterday at $15.52. Today they traded as high as $18.

Other finance is moving tighter as well, though obviously not as sharply.

Bank of America

TST Recommends

(BAC) - Get Report

is 2 tighter.


(JPM) - Get Report

5 tighter.

Wells Fargo

(WFC) - Get Report

(probably the next to repay TARP) 8 tighter. I still can't get behind Wells. Citi had very nice-looking Tier 1 and Tier 1 common equity ratios (assuming one included TARP) before this announcement. Wells is the weakest among the money-center banks. I actually think Wells may have more trouble repaying TARP than people think.

No positions.

4. Thoughts on Supply-Demand Structure in Apple

By Dan Fitzpatrick

12:53 p.m. EST

Note: In light of


(AAPL) - Get Report

move over the prior two days, I'm a bit surprised that the stock is holding up so well. A flat close would be a significant technical development, because it reveals that the supply created by profit-takers as well as the "I'll sell at $200" crowd is being soaked up by new money that is still quite bullish on the stock.

Watch that relationship between profit-takers and new buyers at this sub-$200 level. It matters.

Long AAPL, RIMM, et al.

5. Wal-Mart (WMT) vs. Market

By Alan Farley

2:40 p.m. EST


(WMT) - Get Report

was up 19% in 2008, while the world markets crashed. The

Retail HOLDRS Trust

(RTH) - Get Report

dropped 18% that year. In my opinion, WMT's 2009 underperformance reflects the mean reversion dynamics of this year's recovery rally.

I believe it makes more sense to look at two-year performance with all stocks and indices than just March to now, or January to now. Those statistics are more accurate and humbling. I'll bet they're also more predictive of 2010 performance.


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