Here’s What Boone Picken Predicts For Oil

Stocks fell after crude oil closed at historic highs
at $64.90.   The session began with
stocks extending their rally from yesterday but fell later in the day. Intraday,
the Dow made a 5-month high. Techs gave back much of their August gains.

Disney (DIS)
reported 0.42, beating the 0.38 estimate. Revenues were $7.715 billion, lower
than expected.

American International Group
(
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income.

Cisco (CSCO)
was in-line at 0.25; revenue was $6.58 billion, also in-line. Guidance, however,
fell short of some analysts’ estimates

Whirlpool
(
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(
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$21/share.

Ninety percent of S&P companies have reported thus far and profits have
jumped an average 13.6%, up from analysts’ 5.7% expectations a few months ago.

After the bell, News Corp
(
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CV Theraputics
(
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Phase 3 trial.

On CNBC, Boone Pickens predicted $75 oil within a year.

The EIA reported a 2.6 million barrel build in crude, a 2.1 million barrel
build in gasoline and a 2.6 million barrel build in distillates–all more than
expected.

Strong sectors were:    Oil Services

(
OSX.X |
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(
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Weak sectors were:   Networking

(
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(
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(
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Qualcomm
(
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Sepracor
(
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will be added to the Nasdaq 100 Index prior to the open on Monday.

China Medical Technologies (CMED) is going public today. The stock priced at
$15, the middle of the range.

Reddy Ice Holdings
(FRZ) priced 10.2 million shares  at $18.50, above the range. The company
is the largest manufacturer and distributor of ice in the U.S.

RBC Bearings
(ROLL) prices 9.3 million shares at $14.50, the low end of the expected $14 –
$16 range. The company makes precision bearings.

Steel stocks will be in focus after Mittal Steel
(
MT |
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largest steelmaker, reported Q2 earnings fell 15%.
(
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(
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(
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