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Here’s a few quick items of note today.

Lowe’s (LOW) cut its full-year forecast. If you thought that would hurt the stock, you’d be wrong. Not only is Lowe’s rallying, but so is Home Depot (HD). Home Depot also rallied after its poor earnings report, so for the time being, bad news is good news for the home improvement sector.

The big news today is that Freeport-McMoRan Copper & Gold (FCX) is going to buy Phelps Dodge (PD) for $25.9 billion in cash and stock. Phelps Dodge is in the Morgan Stanley Cyclical Index (^CYC) so that index has having a huge day. Will anyone stop Big Copper? Incidentally, The Wall Street Journal recently hosted a debate on ditching the penny.

On our Buy List, Harley-Davidson (HOG) made another new high today. The stock is up over 43% for the year. Medtronic's (MDT) earnings are due out after the close. Lastly, the Economist recently had a good story on the growth of the hedge fund industry.

Posted by edelfenbein at November 20, 2006 2:53 PM