OPEC Begins Meeting Today, Saudis May Cut Oil Production

Leaders of oil producing nations begin gathering in Vienna today for the OPEC meeting. Reuters reports that Saudi Arabia will propose the cartel cut output and oil futures are trading higher on that report. Oil market watchers had widely expected OPEC to maintain its strategy of keeping output high to defend market share. Costco (COST) says it had better than expected same store sales in November. Sales were up 6%, excluding gasoline. A gain of 5.2% was expected. Biotech company Dyax (DYAX) says it had received regulatory approval to be bought by Shire Pharmaceuticals (SHPG). The potential $6.5 billion deal was announced in early November and shares of Dyax have gained more than 40% since speculation on the deal started in October.