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New Signs Of Asia's Recovery

More evidence that Asian economies are recovering: South Korea's GDP grew at a better than expected 2.9 percent quarter over quarter in Q3 (consensus was 1.9 percent).

We will get a first look at the U.S. GDP for Q3 this Thursday. Consensus is for growth of 3.2 percent, the first positive number since Q2 of 2008.

The commodity rally continues: copper is at its highest level this morning since September 2008.

Elsewhere;

1) Corning beat Q3 earnings estimates ($0.42 vs. $0.39 est) as sales also came in above expectations. Stronger demand for LCD televisions helped boost LCD glass volumes by 4 percent.

For the fourth quarter, Corning sees glass volumes flat to down slightly on a sequential basis, but expects demand to continue to be strong next year. The display manufacturer sees 2010 global LCD TV and laptop computer sales rising 20 percent from 2009 levels, with glass production rising 15 percent.

2) RadioShack missed estimates by a penny, but shares are rising 5 percent pre-open due to its top line surprising to the upside. Sales fell a smaller-than-expected 3 percent as stronger wireless phone and laptop computer sales helped comp. store sales fall significantly less than expected in the quarter (down 2.9 percent vs. down 8.2 percent est.).

3) Verizon topped Q3 earning estimates by a penny as revenues came in inline with estimates. The telecom company reported it gained 1.2 million wireless customers in the quarter, a bit more than expected.

4) Rochdale's Richard Bove downgrading both Fifth Third and SunTrust to a sell, saying the outlook for earnings growth is not good and that SunTrust may not show a profit until 2011. Bove also had negative commentary on Wells Fargo last week.

5) Blackstone is reportedly eyeing an IPO of its European-based Merlin Entertainments business early next year. The Financial Times reports that the IPO of the world's second biggest theme park operator could fetch $3.3 billion.

6) ING is down 8 percent after the Dutch financial services firm announced it will split itself into separate companies. The bank will spin off its insurance operations into a separate institution in a likely IPO within the next four years.

Also weighing on the shares is the bank's announcement of an $11.3 billion issuance in new shares. The proceeds from this share sale will help the bank payoff bailout funds it received from the Dutch government.

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