NEW YORK (Fortune) - Interesting to see what the implications of Al Zarqawi's death will be for markets (oil and stocks) and global politics. Hope it's good news, but we can't overreact. The markets need some good news right about now, since sentiment is turning ugly. Asian markets got slammed yesterday. Europe looks weak today but not as bad as it might have been without news of Zarqawi. And, of course, the Euro bank raised rates today, too.

ISHARES: MSCI S KOREA: Yup, (as Ellen DeGeneres likes to say) this is the South Korean ETF (ticker EWY (Research)). Yup, like many developing markets, this fund has gotten killed. (Although Korea is too developed to be called developing, but that's another story....) Since early May, shares have fallen from $53 to $43. Yup, we're back to where we were in March. There have been scandals and, of course, fears of higher interest rates, but this country and economy and its companies are in a good place. I'm sure there will be some more bloodletting here, but over time it's a good one I think.

NOVELLUS: Stock is on the move today. NVLS (Research) is out of San Jose, makes semi-conductor manufacturing equipment. Company was founded in '84, went public in '88 and was a high-flyer back in the day, climbing to more than $60 a share. Never really got killed in the aftermath---not that many shares outstanding. Company CFO said in a conference call that second quarter sales and profits will be more than previously anticipated. Not a cheap stock, but the company has some momentum.

LA-Z-BOY: Stock got creamed yesterday after it reported a loss and after brokerages soured on its prospects. Of course, LZB (Research) makes recliners. The problem here is, in theory, higher interest rates will make it more difficult for consumers to buy the company's wares, which will crimp sales. Its competitors--Ethan Allen, Furniture Brands and Stanley Furniture--got beat up too. You know, I'm not a big fan of conventional wisdom, but this time I have to agree. Not the right time to put your feet up and buy this stock.

Loose Change: Re sports: Both the Miami Heat and the Dallas Mavs play in arenas named for American Airlines. How strange is that?.... Also, the Mets are looking for naming rights for their new stadium. Paul A, wondered if Polo, Ralph Lauren would be interested. Call it the "Polo Grounds." Nice!

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