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Let's shop
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November 23, 2001: 2:54 p.m. ET
Russia cuts oil production. Lloyds claims from Sept. 11 expected to climb. Bin Laden Group hires PR help. Concern over Enron-Dynergy Deal.
Leslie Haggin Geary
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NEW YORK (CNN/Money) - Thursday we give thanks for what we already have. Friday we go get more stuff on what's supposed to be the biggest shopping day of the year. Of course, this year it's going to take inducements to get consumers to part with their cash, which these days seems harder to come by. Turns out we will bite for the right price -- and that applies to stocks as well as stocking stuffers. Investors seemed back in a buying mood today after selling off winners earlier in the week. The market closed early, but there was enough time for the Dow to climb 125 to 9,959. The Nasdaq added 27 to 1,902. The S&P 500 climbed 13 to 1,150.
NO PRICE WAR Russia has agreed to cut its oil production and exports by 50,000 barrels a day. Not huge but a start. OPEC has been pressuring the country to slow down on the production. What does this mean for the U.S.? For consumers, prices at the pump, which have dropped to under $1 in some places, should stabilize. And without a price war, investors may find opportunities with exploration and production companies, such as Remington Oil and Quicksilver Resources, says John Wilson, director of equity strategy at Morgan Keegan. "For a while we had a 'My dad can beat up your dad' situation with Russia and OPEC," says Wilson, adding that despite price drops of late, there are still shortages and reserves are low.
LLOYD'S LOSSES CLIMB The September 11 attacks dealt insurer Lloyd's of London its biggest losses ever, but now the British concern is warning that $1.9 billion in estimated claims could grow higher. Lloyd's is expected to publish its quarterly financial statement on Tuesday and it may include the new estimate, sources told Reuters. All told, insurance claims from the World Trade Center attacks are estimated to reach $70 billion, far surpassing the $20 billion in claims from Hurricane Andrew back in 1992
IT'S FLAT, DAMMIT! Goldman Sachs, which closed at $90.15, up $2, insisted again Friday that staffing levels would remain flat this year. The investment bank was responding to a research note put out by Merrill Lynch that Goldman was cutting 867 jobs, but Goldman noted those cuts already had been announced in the third quarter and weren't anything new. Goldman, which unlike rivals has not cut deeply into its ranks, will maintain about 22,627 jobs. Meanwhile, Merrill has slashed roughly 6,000 jobs and 2,600 employees have taken buy-out packages. Merrill added $1.51 to $52.64.
Not so powerful power company Enron shed 30 cents to $4.71 as investors showed concern over its deal with Dynergy. The two companies are expected to go over Enron's books this weekend and possibly renegotiate Dynergy's $9 billion deal to acquire Enron, for about $10.85 per share. Dynergy closed $40.40, up 64 cents.
LOOSE CHANGE
Osama who? Sure, no family is perfect, but what to do when one of your relatives is Osama Bin Laden? That's the dilemma for Bin Laden Group, the Saudi Arabian conglomerate owned by Bin Laden's relatives. The family business has hired a British public relations firm, WMC Communications, to help distance it from one of the world's most hated men. Bin Laden's family has condemned the attacks on September 11 and reminds the world that it disowned Osama. Still, companies have cut ties with its businesses, which include hotels, airports, media and other enterprises.
If you don't win gambling -- sue! That's what a Michigan slot-machine player is doing. Mary Kraft insists that the spin on "Wheel of Fortune" is programmed to pay out small wins instead of big jackpots. So she's suing Nevada-based International Game Technology, hoping to recoup millions owed to her and other players. The lawsuit charges "defendants are operating the equivalent of a 'crooked dice' game and have defrauded and continue to systematically defraud thousands of casino patrons." I don't know, I thought gambling was about having good time while you lose your money. IGT added 60 cents to close at $62. 
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