Morning News

• Futures are down just a bit this morning could see a slightly lower open.

• Hurricane Rita packing powerful winds above 120 mph. The storm is expected to gain strength and become at least a category 4 hurricane. Evacuations are taking place along the Texas Gulf Coast.

• Verizon (VZ) gearing up for it's venture into the cable television business. The company plans to offer a cheaper cable service. The company has franchise agreements in Virginia, Texas, California, and Florida.

• Allstate Corp. Chief Operating Officer Tom Wilson has stated the company has no plans to pay flooding claims caused by hurricane Katrina. Last week the Attorney General of Mississippi filed a lawsuit against the company.

• Biogen Idec (BIIB) and Elan Pharmaceuticals (ELN) stated late on tuesday that they will soon seek approval to have Tysabri put back on the market.

• Crude Oil is on it's way back up this morning currently $67.42 per barrel.

• Wholesale Gasoline has also moved up to $2.04 per gallon.

• Gold is currently $470.00 per ounce.

Budd Foxx